EnerJex Resources Inc. - 2011-04-04

Completed two transactions concurrently on March 31, in which the company sold approximately 5.7 million shares of common stock at $0.60 per share and repurchased 3.75 million shares of common stock at $0.40 per share.

These transactions resulted in some 1.9 million net shares being issued for net proceeds to EnerJex of approximately $1.9 million, resulting in a net issuance price of $0.99 per share. As part of the transaction, the company issued to investors common stock purchase warrants for the purchase, in the aggregate, of 2.8 million shares of common stock. The warrants have a cash strike price of $0.90 and expire at the end of 2011.