After initially raising $2.1 million in the first quarter of 2006 and successfully completing a reverse merger in August 2006, EnerJex began trading on the OTC:BB in March 2007 under the stock symbol EJXR. In July 2008 the symbol changed to OTC:BB ENRJ with the implementation of a 1:5 reverse stock split.

During fiscal year 2008 and throughout fiscal 2009, ENRJ deployed approximately $12 million in capital resources to acquire and develop five operating projects and drill 179 new wells. As a result EnerJex’s barrel of oil equivalent per day (BOPDE) continued to increase during this period of development

In July 2009 EnerJex announced its estimated total proved oil reserves of 1.3 million barrels of oil equivalent (BOE) as of its fiscal year ended March 31, 2009. Of the 1.3 million BOE 39% were proved developed and 61% were proved undeveloped. The proved developed reserves consist of proved developed producing (82%) and proved developed non-producing (18%). The PV 10 as of March 31, 2009, as was evaluated in accordance with rules and definitions required by the U.S. Securities and Exchange Commission ("SEC case"), was $10.63 million based upon an estimated average price per barrel of $42.65. The reserves were also evaluated based on conformity with standards of the Society of Petroleum Engineers ("SPE case"). The proved PV10 of this SPE case was $30.3 million at March 31, 2009 based upon an estimated average oil price of $71.31 per barrel.

EnerJex is focused on the Mid-continent Region. We believe that a confluence of the following events in the mid-continent region, make it an attractive area for acquisitions:

• Traditional roll up strategy utilizing capital, operations, technology, and partnership with Haas Petroleum;
• Diamond in the Rough: opportunity to acquire producing properties at below market prices;
• Grass roots presence giving the company access to negotiated transactions vs. competitive bidding on fundamentally sound assets; and
• Extremely inefficient and fragmented ownership structure. Opportunity to materially capture value for companies with access to capital from public markets.