EnerJex Resources Announces Appointment Of Chief Financial Officer
SAN ANTONIO, Aug. 22, 2012 /PRNewswire/ -- EnerJex Resources, Inc. (ENRJ) ("EnerJex" or the "Company"), a domestic onshore oil company, announced today that it has appointed Douglas M. Wright as its Chief Financial Officer.
Mr. Wright is a Certified Public Accountant with more than 25 years of management experience. Most recently, he served as the Corporate Controller and Chief Accounting Officer of Nations Petroleum Company, Ltd., from 2006 to present. Nations Petroleum is a privately held multi-national oil and gas company that grew the production of its core U.S. asset from 300 barrels of oil per day (BOPD) to approximately 5,000 BOPD over a five year period before selling it to Occidental Petroleum, Inc. In this role, Doug built the company's accounting staff and developed its financial accounting and reporting procedures while arranging $250 million of mezzanine financing.
In 2005 to 2006, Mr. Wright served as a Manager of Financial Reporting for Noble Energy, Inc., where he was responsible for Securities and Exchange Commission (SEC) reporting related to its $3.4 billion acquisition of Patina Oil & Gas Corp. Doug also served in various managerial roles from 1986 to 1996 at Oryx Energy Co., which was purchased by Kerr McGee Corp. for $3.1 billion in 1999. During his tenure at Oryx, Mr. Wright was responsible for preparing the company's SEC filings and led its corporate planning department.
Doug began his career at Deloitte & Touche where he served as a manager from 1977 to 1986 and was the firm's designated specialist in the energy field. In this role he was responsible for accounting and audit services of major public corporations. Mr. Wright received a Bachelor's degree from the University of Pittsburgh and a Master of Business Administration Degree from the University of North Texas.
EnerJex's CEO, Robert Watson, Jr., commented, "I am extremely pleased to welcome Doug as our new Chief Financial Officer. EnerJex's board of directors is focused on significantly accelerating the development of its vast asset base in an accretive manner, and I believe that Doug's experience will prove invaluable in helping the Company achieve its potential."
About EnerJex Resources, Inc.
EnerJex is a domestic onshore oil company with assets located in Eastern Kansas and South Texas. The Company's primary business is to acquire, develop, explore and produce oil properties onshore in the United States. Additional information is available on the Company's web site at www.enerjex.com.
This press release and the materials referenced herein include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give EnerJex's current expectations or forecasts of future events. The statements in this press release regarding the acquisition of operating assets and related agreements; any implied or perceived benefits from any current or future transaction, and any other effects resulting from any of the above, are forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: whether acquired properties will produce at levels consistent with management's expectations; market conditions; the ability of EnerJex to obtain financing for continued drilling; the costs of operations; delays, and any other difficulties related to producing oil; the ability of EnerJex to integrate the newly purchased assets and any newly acquired employees; the price of oil; EnerJex's ability to market and sell produced minerals; the risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our Form 10-K filed with the United States Securities and Exchange Commission and our Form 10-Q. EnerJex undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. EnerJex's production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although EnerJex believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.
EnerJex Resources, Inc.
Robert Watson, Jr., CEO
Phone: (210) 451-5545
Portage Equity Market Advisors, LLC
Jack Zedlitz, Managing Advisor
Phone: (405) 230-1182