Exploration & Production
EnerJex's Cherokee Project Set for New Wells
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EnerJex Resources, Inc. has received its final capital contribution of $650,000 ahead of schedule. The Company will use these proceeds to drill and complete at least 20 new wells on the partnership's acreage during the current quarter.
In addition, EnerJex continues to actively exploit its Cherokee Project expansion acreage which surrounds the partnership's assets. The Company expects to fund the future development of this project through cash flow generated from operations and its senior credit facility with Texas Capital Bank.
Rantoul Partners is a general partnership that was created in December 2011 to fund the development of a portion of EnerJex's Cherokee Project in an accretive manner that results in no share dilution or capital requirements for the Company. Rantoul Partners has…
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