Black Oaks Project
In September 2006, EnerJex entered into an agreement to purchase and participate in a joint venture in Woodson and Greenwood Counties in Kansas, which includes approximately 1,980 acres of producing oil leases.

The $4.0 million investment in Phase 1 of the development program was substantially completed by year end 2007.

Black Oaks Potential

• 2.3 million to 3.0 million in potential recoverable reserves;
• $20 million additional capital investment;
• Managment projections based on results from the ARCO water flood project; and
• Potential PV 10 enhancement $39 million to $63 million @ $70 a barrel.

Secondary Recovery Waterflood
A topical view depicting a traditional five spot

50% of all oil production in Eastern Kansas has come from secondary recovery