EnerJex announces increase in borrowing

EnerJex Resources, Inc., an independent exploration and production company focused on the acquisition and development of oil and natural gas properties located in the mid-continent region of the US, has announced that the borrowing base under its US$ 100 million senior secured revolving line of credit with Texas Capital Bank, N.A. has been increased from US$ 38 million to US$ 40 million and the maturity of this facility has been extended by three years to 3rd October, 2018. The current interest rate associated with this facility remains 3.3%.

As of 30^th June, 2014, the Company had US$ 19 million borrowed under this credit facility, resulting in US$ 21 million of immediately available liquidity which EnerJex is actively deploying across its vast portfolio of drilling and development opportunities in Colorado and Kansas. In addition, management expects the Company's borrowing base to increase significantly over time as EnerJex increases its oil and natural gas production and associated reserve value.

EnerJex's Chief Executive Officer, Robert Watson, Jr., commented, "I am pleased to announce the expansion and extension of EnerJex's credit facility with TCB, which has been an outstanding long-term partner for the Company. This facility provides a very attractive source of capital which EnerJex can utilise to develop its existing assets and acquire new assets in an accretive manner for shareholders."

Adapted from press release by Hannah Priestley-Eaton

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