ENRJ News EnerJex Announces Major Acceleration of
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ENRJ News EnerJex Announces Major Acceleration of Rantoul Oil Project Development
2012-04-05 09:15 ET - News Release
SAN ANTONIO, Texas, April 5, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (OTCMarkets: ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that Rantoul Partners has received funding of $1 million from one of its investors approximately four months ahead of schedule. In addition, the partnership has received a binding commitment from that investor for $1 million of funding by May 1, 2012, nearly one year ahead of schedule, plus a non-binding commitment for $650,000 of funding on December 1, 2012, approximately three months ahead of schedule.
As a result, the Company will be able to fund the development of a major portion of its Rantoul Project well ahead of schedule. EnerJex expects to complete approximately 75 new wells in this project during the next three months, and it has already contracted two rigs and begun drilling.
Rantoul Partners is a general partnership that was created to fund the development of the Rantoul Project in an accretive manner that results in no share dilution or capital requirements for the Company. The partnership has received $3.35 million of funding from its investors over the past four months, and is scheduled to receive an additional $1.65 million over the next eight months. EnerJex's ownership interest in the partnership was reduced from 88.25% to 83.25% effective April 1, 2012, and will be reduced to 75% once the remaining $1.65 million is funded as scheduled.
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