EnerJex completes 50th new well in Rantoul Project

Source: EnerJex Resources, Inc.

EnerJex Resources, Inc. (OTCMarkets: ENRJ.OB) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has completed drilling 50 new wells in its Rantoul Project located in Eastern Kansas. In addition, the Company provided the following update on its Rantoul Project operations.

During the past three months, EnerJex has drilled 35 new production wells and 15 new water injection wells with a 100% success rate. Sixteen of the new production wells encountered a secondary oil zone deeper than the primary target zone, and the Company intends to commingle and produce both zones together. Of significance, the secondary zone appears to increase in thickness and reservoir quality under a portion of EnerJex's acreage which had never been tested.

Twelve of the new production wells were recently completed and have begun producing oil, and the remaining 38 wells are in various stages of completion. EnerJex is actively drilling with two rigs and is scheduled to drill at least 20 additional wells during the next six weeks if weather cooperates. Production from the Rantoul Project is currently in excess of 100 barrels of oil per day (BOPD), and management expects this figure to increase significantly in the coming months as additional wells are brought online.

The Company expects to drill at least 100 additional wells in the Rantoul Project and achieve stabilized production in excess of 200 BOPD, not including any new potential from the prospective deeper zone. EnerJex owns an 88.25% interest in the Rantoul Project through its interest in "Rantoul Partners", a general partnership further described in the Company's press release dated December 19, 2011 .

Management Comments

EnerJex's CEO, Robert Watson, Jr. , commented, "I am very pleased with our drilling results and the rapid progress we have made over the past three months, during a season which is typically limited by severe weather conditions. The deeper oil zone we encountered in this drilling program is certainly encouraging, and I look forward to updating investors on our progress in the coming weeks as we continue to develop this project."


Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs