|By Marketwired .||
|July 9, 2014 03:00 PM EDT||
SAN ANTONIO, TX -- (Marketwired) -- 07/09/14 -- EnerJex Resources, Inc. (NYSE MKT: ENRJ) (NYSE MKT: ENRJ.PR) ("EnerJex" or the "Company") announced today that it has declared a monthly cash dividend on its non-convertible 10.0% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock"). The dividend is for the period beginning on June 20, 2014 (the date of the first issuance of shares of the Series A Preferred Stock) through July 31, 2014, and it is payable on July 31, 2014 to holders of record at the close of business on July 15, 2014.
The July dividend payment will be based on an annualized rate of 10.00% per share, which is equivalent to $0.277778 per share (including the partial June period), based on the $25.00 per share liquidation preference of the Series A Preferred Stock. EnerJex's Series A Preferred Stock is listed on the NYSE MKT under the ticker symbol "ENRJ.PR".
Expected Tax Treatment
For EnerJex's fiscal year ending December 31, 2014, some or all of the monthly preferred stock dividends may be treated for tax purposes as return of capital to shareholders. To the extent such dividends are treated as return of capital, they will not be reported as taxable income to the recipients, but will instead generally be treated as a reduction in the shareholder's basis in the stock. The Company will not be able to make a final determination regarding the tax treatment of dividends for the current fiscal year until it reports this information to recipients on Form 1099.
About EnerJex Resources
EnerJex Resources, Inc. is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties located in the mid-continent region of the United States. The Company owns oil and gas leases covering nearly 100,000 net acres in multiple prolific hydrocarbon basins located in four states including Colorado, Kansas, Nebraska, and Texas.
EnerJex's operations are focused in five distinct projects where the company produces oil and natural gas from reservoirs that are characterized by long lived reserves with low production decline rates. Within these projects, the Company has identified more than 500 low-risk drilling locations. Through its large acreage footprint in the Denver-Julesburg ("DJ") Basin, EnerJex also has significant exposure to emerging oil resource plays that are being pursued by competitors on trend with the Company's properties. EnerJex's headquarters are located in San Antonio, Texas, and additional information is available on its website 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 potential listing on the NYSE MKT and offering of preferred stock, and any other effects resulting from any of those matters, are forward-looking statements. Such statements involve material risks and uncertainties, including but not limited to: whether newly drilled or newly acquired properties will produce at levels consistent with management's expectations; market conditions; whether we will experience equipment failures and, if they materialize, whether we will be able to fund repair work without materially impairing planned production levels or the availability of capital for further production increases; the ability of EnerJex to meet its loan covenants under the debt facility that is expected to fund the costs of the new wells and to obtain financing from other sources for continued drilling; the costs of operations; delays, and any other difficulties related to producing oil; the ability of EnerJex to integrate the newly producing assets; the ability to retain necessary skilled workers to operate the new producing wells; 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 and the registrations statement for the offering of the preferred stock filed with the SEC. 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 G. Watson, Jr.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Sep. 26, 2016 05:00 PM EDT Reads: 1,817
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 26, 2016 05:00 PM EDT Reads: 2,708
Sep. 26, 2016 04:30 PM EDT Reads: 1,614
Sep. 26, 2016 04:30 PM EDT Reads: 3,327
Sep. 26, 2016 04:30 PM EDT Reads: 2,070
Sep. 26, 2016 04:15 PM EDT Reads: 1,016
Sep. 26, 2016 04:00 PM EDT Reads: 2,819
Sep. 26, 2016 04:00 PM EDT Reads: 2,511
Sep. 26, 2016 03:45 PM EDT Reads: 2,898
Sep. 26, 2016 03:30 PM EDT Reads: 1,554
Sep. 26, 2016 03:00 PM EDT Reads: 1,551
Sep. 26, 2016 02:45 PM EDT Reads: 2,603
Sep. 26, 2016 02:30 PM EDT Reads: 2,544
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 26, 2016 02:15 PM EDT Reads: 2,100
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 26, 2016 02:00 PM EDT Reads: 1,716