EnerJex Resources, Inc. has completed drilling 5 new wells in its Rantoul Project with a 100% success rate. These wells were funded by the Company's recently formed general partnership, which is expected to fund approximately 100 additional wells over the next 12 months.
Production from this project is now in excess of 150 barrels of oil per day (BOPD), up 400% from approximately 30 BOPD at this time last year, and 15 recently completed wells remain to be brought online. EnerJex presently owns 88.25% of the general partnership that was formed to develop this project, and it will own 75% if the remaining $2.65 million is funded by its partners over the next 12 months as scheduled.
EnerJex's CEO, Robert Watson, Jr., commented, "I am very pleased with these results, and I am also happy to report that the Company's cost reduction efforts have resulted in significantly lower operating expenses and higher profits per barrel of oil produced in this project."