EnerJex Resources, Inc. has completed 7 new oil wells and 1 new secondary recovery water injection well in its Mississippian Project located in Southeast Kansas. Year-to-date, the Company has drilled 12 new oil wells and 1 new injection well with a 100% success rate. Nine of the 12 new oil wells have begun producing and the remaining wells are expected to be placed online in the near term.
Results from this drilling program have exceeded management's expectations, and production from this project has increased by 50% since the end of 2011 to approximately 150 barrels of oil per day. EnerJex intends to accelerate its drilling program in this project, where it has identified approximately 500 additional low-risk oil drilling locations.