EnerJex Reaches 100 Wells Drilled, 98% Drilling Success Rate
EnerJex Resources, Inc. reported key operating activities completed by its wholly owned operating subsidiaries, EnerJex Kansas (EJK) and DD Energy (DD), through the period ended January 31, 2008.
The company has drilled a total of 100 wells since April 2007, achieving a 98% success rate. Gross oil production for January was 266 barrels of oil per day (BOPD). Through the partnership agreement and development agreement with Euramerica Energy, the Gas City project also produced 198 million cubic feet (mcf) of gas per day (equivalent to 33 BOPD) during the same time period.
EnerJex's Chairman and CEO Steve Cochennet stated, "We continue to be very pleased with our progress at EnerJex. Our monthly barrels of oil per day equivalent (BOPDE) to-date has steadily increased and is setting a new production record during a very difficult month from a weather perspective, which is testament to the experience and dedication of our field operating staff. Exceeding our lender's first debt covenant hurdle of 180 BOPDE by January 15 reflects the strides that EnerJex has made since our last capital raise."