EnerJex Resources Inc. - 2011-01-12

Received $5 million in proceeds through the sale of restricted common stock in a private placement offering at $0.40 per share.

The private placement was completed concurrent with the conversion of 100% of EnerJex's remaining senior secured debentures, in the aggregate amount of approximately $2.7 million, into EnerJex common stock based on a price of $0.80 per share; the acquisition of multiple oil related assets for equity and cash valued at approximately $25 million; and the reconstitution of EnerJex's board and management.