Exploration & Production
EnerJex Resources Unveils Cherokee Oil Resource Play And Announces New Production Milestone
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EnerJex Resources, announced that it has expanded its Rantoul Project, which will hereafter be referred to as its "Cherokee Project", by 6,700 acres. This represents an increase of 600% from 1,100 to 7,800 acres since the beginning of 2011, and the Company's working interest in the majority of this new acreage ranges from 55% to 80%.
Production from this project has reached a new milestone of approximately 250 barrels of oil per day (BOPD), representing a 150% increase since the beginning of 2012 and a 750% increase since the beginning of 2011. In addition, 26 new oil wells and 22 new secondary recovery water injection wells have been drilled in recent weeks that are in various stages of completion.
EnerJex's Cherokee Project targets oil at a depth of 650 to 750 feet from Middle…
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