For the three month quarter ended December 31, 2007, EnerJex Resources delivered a 258% increase in quarter to quarter oil and gas revenues -- from $418,590 for the three months ended September 30, 2007, to $1,498,202 for the quarter ended December 31, 2007.
In addition, there was a fifty-six-fold increase in the three month oil and gas revenues for the quarter ended December 31, 2007 -- from $26,491 for the quarter ended December 31, 2006. For the nine month period ended December 31, 2007, EnerJex reported oil and gas revenues of $1,982,119, as compared to $76,314 for the same quarter in 2006.
The revenue increase for both the third quarter and the nine months ended December 31, 2007 reflects the aggressive implementation of EnerJex's business model, resulting in growth in crude oil production volumes from leases acquired and developed during these periods as well as increased commodity prices. EnerJex began acquiring oil leases in April 2007.
For the three and nine months ended December 31, 2007, net oil sales volumes were 16,854 and 25,674 barrels respectively, compared to zero barrels for those same periods in 2006. The average commodity price received by EnerJex was $88.89 per barrel of oil for the quarter ended, and $77.20 for the nine months ended, December 31, 2007.
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