These wells were funded by the Company’s recently formed general partnership, which is expected to fund about 100 additional wells over the next 12 months.
Production from this project is now in excess of 150 barrels of oil per day (BOPD), up 400% from about 30BOPD at this time last year, and 15 recently completed wells remain to be brought online.
Presently, EnerJex owns 88.25% of the general partnership, and it will own 75% if the remaining $2.65m is funded by its partners over the next 12 months as scheduled.
