EnerJex Resources, Inc. has entered into an agreement with Pharyn Resources (Pharyn) to begin a 20 well development program on EnerJex’s Brownrigg lease in Linn County, Kan. EnerJex will contribute the 320 acre property in exchange for a 10% carried working interest and a cost-plus management fee. Pharyn will contribute up to $700,000 in initial development capital. EnerJex will develop the project and remain the operator of the property.
“We are extremely pleased to be working with Pharyn in our first joint venture project,” said Steve Cochennet, Chairman and Chief Executive Officer of EnerJex. “We feel we have an agreement that pairs our drilling and operating background with Pharyn’s investment objectives, which is intended to build long-term sustainable earnings growth for both companies. We hope this is the first of many joint venture/farm out structures we can close to further our growth strategies.”
Phil Hudnall, President of Pharyn Resources stated, “We believe that there is tremendous opportunity in eastern Kansas. We look forward to working closely with the EnerJex team to add value through capital appreciation and to build an income stream for both our clients and EnerJex stockholders.”
About EnerJex Resources, Inc.
EnerJex is an oil and natural gas acquisition, exploration and development company formed in December 2005. Operations, conducted solely through EnerJex Kansas, its wholly owned operating subsidiary, are focused on the mid-continent region of the United States. EnerJex acquires oil and natural gas assets that have existing production and cash flows.
Once acquired, EnerJex implements an exploration and development program to accelerate the recovery of the existing oil and natural gas as well as explore for additional reserves.
More information on EnerJex and its operations can be found on its website: www.EnerJexResources.com.
About Pharyn Resources
Pharyn is an independent E&P company based in Kansas. Incorporated in Colorado in 2005, Pharyn is actively involved in enhancement of existing field reserves and developmental drilling in Southeast Texas and Eastern Kansas. Pharyn is focused on opportunities to fully exploit oil and gas reserves that have been left behind, but with minimal operating costs.
Contact:
EnerJex Resources, Inc.
Steve Cochennet, 913-754-7754
source: yahoo
“We are extremely pleased to be working with Pharyn in our first joint venture project,” said Steve Cochennet, Chairman and Chief Executive Officer of EnerJex. “We feel we have an agreement that pairs our drilling and operating background with Pharyn’s investment objectives, which is intended to build long-term sustainable earnings growth for both companies. We hope this is the first of many joint venture/farm out structures we can close to further our growth strategies.”
Phil Hudnall, President of Pharyn Resources stated, “We believe that there is tremendous opportunity in eastern Kansas. We look forward to working closely with the EnerJex team to add value through capital appreciation and to build an income stream for both our clients and EnerJex stockholders.”
About EnerJex Resources, Inc.
EnerJex is an oil and natural gas acquisition, exploration and development company formed in December 2005. Operations, conducted solely through EnerJex Kansas, its wholly owned operating subsidiary, are focused on the mid-continent region of the United States. EnerJex acquires oil and natural gas assets that have existing production and cash flows.
Once acquired, EnerJex implements an exploration and development program to accelerate the recovery of the existing oil and natural gas as well as explore for additional reserves.
More information on EnerJex and its operations can be found on its website: www.EnerJexResources.com.
About Pharyn Resources
Pharyn is an independent E&P company based in Kansas. Incorporated in Colorado in 2005, Pharyn is actively involved in enhancement of existing field reserves and developmental drilling in Southeast Texas and Eastern Kansas. Pharyn is focused on opportunities to fully exploit oil and gas reserves that have been left behind, but with minimal operating costs.
Contact:
EnerJex Resources, Inc.
Steve Cochennet, 913-754-7754
source: yahoo
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