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<SEC-DOCUMENT>0001077048-07-000348.txt : 20070629
<SEC-HEADER>0001077048-07-000348.hdr.sgml : 20070629
<ACCEPTANCE-DATETIME>20070629132528
ACCESSION NUMBER:		0001077048-07-000348
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070619
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070629
DATE AS OF CHANGE:		20070629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EnerJex Resources, Inc.
		CENTRAL INDEX KEY:			0000008504
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				880422242
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30234
		FILM NUMBER:		07949762

	BUSINESS ADDRESS:	
		STREET 1:		7300 WEST 110TH
		STREET 2:		7TH FLOOR
		CITY:			OVERLAND PARK
		STATE:			KS
		ZIP:			66210
		BUSINESS PHONE:		913-693-4600

	MAIL ADDRESS:	
		STREET 1:		7300 WEST 110TH
		STREET 2:		7TH FLOOR
		CITY:			OVERLAND PARK
		STATE:			KS
		ZIP:			66210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MILLENNIUM PLASTICS CORP
		DATE OF NAME CHANGE:	20000525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AURORA CORP
		DATE OF NAME CHANGE:	19990825
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ejxr-8k_061907.htm
<TEXT>
<HTML>
<HEAD>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Form 8-K</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Date of Report (Date of earliest event reported) </font></b><u><b><font size=2>June 19, 2007 </font></b></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;border-bottom:solid 0.5pt;padding-bottom:1;'><B><font SIZE=2>ENERJEX RESOURCES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Name of small business issuer in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="990" style='border-collapse:collapse'>
    <tr >
        <td width="310" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Nevada</font></p> </td>
        <td width="328" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>000-30234</font></p> </td>
        <td width="311" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>13-3349556</font></p> </td> </tr>
    <tr >
        <td width="310" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction of incorporation)</font></p> </td>
        <td width="328" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission File Number)</font></p> </td>
        <td width="311" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer Identification No.)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="990" style='border-collapse:collapse'>
    <tr style='height:4.0pt'>
        <td width="483" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:4.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7300 W. 110<sup>th</sup>, 7<sup>th</sup> Floor </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Overland Park, KS</font></p> </td>
        <td width="479" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:4.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>66210</font></p> </td> </tr>
    <tr >
        <td width="483" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of Principal Executive Offices)</font></p> </td>
        <td width="479" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s telephone number, including area code: </font><u><font size=2>(913) 693-4600</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Copies of Communications to: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Stoecklein Law Group </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>402 West Broadway, Suite 400</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>San Diego, CA 92101</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(619) 595-4882</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Fax (619) 595-4883 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:-0.38in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:-0.38in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:-0.38in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 5 &#150; Corporate Governance and Management</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On June 19, 2007, the Registrant and Mr. Todd Bart entered into a Separation Agreement, effective June 26, 2007, whereby the Registrant and Mr. Bart mutually agreed to the termination of Mr. Bart&#146;s employment as the Registrant&#146;s Chief Financial Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The Registrant is not aware of any disagreement Mr. Bart may have with the Registrant on any matter relating to the Registrant&#146;s operations, policies or practices. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Concurrent with the effectiveness of the Separation Agreement, the Registrant&#146;s President and Chief Executive Officer, Steve Cochennet, became the Registrant&#146;s Principal Accounting Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the Separation Agreement the Registrant agreed to pay Mr. Bart, $56,000, contingent upon full repayment of Mr. Bart&#146;s outstanding loan with the Registrant&#146;s wholly owned subsidiary, Midwest Energy, Inc., of $22,000 including any accrued and unpaid interest.  All amounts due under the loan will be automatically deducted from the $56,000 and the net amount will be paid to Mr. Bart.  In addition, Mr. Bart has the right to exercise his vested options to purchase shares of the Registrant&#146;s common stock for three months after the date of June 14, 2007.  A copy of the Separation Agreement is attached hereto as Exhibit 10.31.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Section 8 &#150; Other Events. </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
<font size="2">Item 8.01 Other Events.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On June 28, 2007, the Registrant issued a press release announcing the completion of the remaining $2.7 million private placement of Senior Secured Debentures.  A copy of the press release is attached hereto as Exhibit 99.7.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Section 9 &#150; Financial Statements and Exhibits</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Item 9.01 Financial Statements and Exhibits.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=1 cellpadding=0 width="590" >
    <tr style='height:.75pt'>
        <td width="66" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><u><b><font size=2>Exhibit Number</font></b></u></p> </td>
        <td width="521" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center; '><u><b><font size=2>Description</font></b></u></p> </td> </tr>
    <tr style='height:.75pt'>
        <td width="66" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="521" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center; '><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.75pt'>
        <td width="66" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.31</font></p> </td>
        <td width="521" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Separation Agreement dated June 14, 2007</font></p> </td> </tr>
    <tr style='height:.75pt'>
        <td width="66" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.7</font></p> </td>
        <td width="521" valign=top style='padding:.75pt .75pt .75pt .75pt; height:.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release dated June 28, 2007</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENERJEX RESOURCES, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: </font><u><font size=2>/s/Steve Cochennet</font></u><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.25in;text-align:left;'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steve Cochennet, Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:  June 29, 2007</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10-31separation_agreement.htm
<DESCRIPTION>SEPARATION AGREEMENT DATED JUNE 14, 2007
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SEPARATION AGREEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Separation Agreement (&#147;Agreement&#148;), dated as of June 14, 2007, is between </font><b><font size=2>EnerJex Resources, Inc.</font></b><font size=2>, a Nevada corporation (the &#147;Company&#148;), and </font><b><font size=2>Todd R. Bart</font></b><font size=2>, an individual resident of the State of Kansas (&#147;Bart&#148;). The Company and Bart are hereinafter referred to as the &#147;Parties.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Bart has been employed by the Company as its Chief Financial Officer and as Chief Financial Officer of Midwest Energy, Inc., the Company&#146;s direct subsidiary (&#147;Midwest&#148;);</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Bart is ceasing his employment with the Company and service to Midwest on the date of this Agreement (the &#147;Separation Date&#148;);</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, the Parties desire to settle fully and finally, in the manner set forth herein, all differences between them which have arisen, or which may arise, prior to, or at the time of, the execution of this Agreement, including (without limitation) any and all claims and controversies arising out of the employment relationship between the Parties and the cessation thereof;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the foregoing and the covenants set forth in this Agreement, the Parties hereby agree as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Cessation of Service</font></u><font size=2>. On the Separation Date Bart resigns from, and ceases, his employment with the Company and his service to Midwest. The preceding sentence shall also serve as Bart&#146;s concurrent resignation from each office that he has or has had with the Company and Midwest.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>2.&nbsp;&nbsp;</font></p> </td>
        <td width="305" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>General Releases and Covenants Not to Sue</font></u><font size=2>:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Bart, for himself and on behalf of his agents, attorneys-in-fact, heirs, assigns, successors, executors, and administrators, IRREVOCABLY AND UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES the Company, any subsidiary, affiliated, and related corporations, firms, associations, partnerships, and other entities (including, without limitation, Midwest), their successors and assigns, and the current and former owners, shareholders, directors, officers, partners, managers, members, employees, agents, attorneys, representatives, and insurers of such corporations, firms, associations, partnerships, and entites, and their guardians, successors, assigns, heirs, executors, and administrators (collectively, &#147;Company Releasees&#148;) from any and all claims, liabilities, obligations, agreements, damages, causes of action, costs, losses, and attorneys&#146;
fees and expenses whatsoever, whether known or unknown, whether connected with Bart&#146;s employment by the Company and service to Midwest or not, including (without limitation) any dispute, claim, charge, or cause of action arising under Title VII of the Civil Rights Act of 1964, as </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.38in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-1-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.38in;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.38in;text-align:justify;'><font size=2>amended, 42 U.S.C. &sect; 2000e, </font><i><font size=2>et seq</font></i><font size=2>., the Americans with Disabilities Act of 1990, 42 U.S.C. &sect; 12101, </font><i><font size=2>et seq</font></i><font size=2>., the Texas Commission on Human Rights Act, Tex. Labor Code &sect; 21.001, </font><i><font size=2>et seq.,</font></i><font size=2> the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. &sect; 621 </font><i><font size=2>et seq.</font></i><font size=2>, the Bart Retirement Income Security Act of 1974, as amended, 29 U.S.C. &sect; 1001, </font><i><font size=2>et seq</font></i><font size=2>., and any other municipal, local, state, or federal law, common or statutory, which may have arisen, or which may arise, prior to or at the time of the execution of this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company, for itself and on behalf of its agents, attorneys-in-fact, assigns, and successors and Midwest and their respective agents, attorneys-in-fact, assigns, and successors, IRREVOCABLY AND UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES Bart and his agents, attorneys-in-fact, guardians, successors, assigns, heirs, executors, and administrators (collectively, &#147;Bart Releasees&#148;) from any and all claims, liabilities, obligations, agreements, causes of action, costs, losses, damages, and attorneys&#146; fees and expenses whatsoever, whether known or unknown, whether connected with Bart&#146;s employment by the Company and service to Midwest or not, which may have arisen, or which may arise, prior to or at the time of the execution of this Agreement; </font><i><font size=2>excluding</font></i><font size=2> from the foregoing release,
however, any claim that the Company or Midwest may hereafter have arising from or relating to any third-party claims made against the Company or Midwest because of any actions taken by Bart, or any commitments or representations made by Bart, that violated any of Bart&#146;s fiduciary obligations to the Company or Midwest.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Each of the Parties acknowledges and agrees that it or he is expressly releasing all claims known and suspected as well as all those unknown or not suspected and that its or his release includes and contemplates the extinguishment of all claims under any and all applicable laws.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Bart also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ANY ACTION OR CLASS ACTION against, any of the Company Releasees based upon any of the claims released in paragraph 2(a) above.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ACTION OR CLASS ACTION against, any of the Bart Releasees based upon any of the claims released in paragraph 2(b) above.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3. </font><u><font size=2>Complete and Absolute Defense</font></u><font size=2>. This Agreement constitutes, among other things, a full and complete release of any and all claims released by either party, and it is the intention of the parties hereto that this Agreement is and shall be a complete and absolute defense to anything released hereunder. The parties expressly and knowingly waive their respective rights to assert any claims against the other which are released hereunder, and covenant not to sue the other party or Released Parties based upon any claims released hereunder. The parties further represent </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-2-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>and warrant that no charges, claims or suits of any kind have been filed by either against the other as of the date of this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Revocation</font></u><font size=2>: Bart may revoke this Agreement by written notice to the Company within seven days after his execution hereof (the &#147;Revocation Period&#148;). Bart agrees that he will not receive the payments and benefits provided by this Agreement if he revokes this Agreement. Bart also acknowledges and agrees that if written notice of revocation of this Agreement has not been received by the Company before the expiration of the Revocation Period, he will have forever waived his right to revoke this Agreement, and this Agreement shall thereupon and thereafter be enforceable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Non-Admission</font></u><font size=2>: Bart acknowledges and agrees that by entering into this Agreement, the Company does not admit, but specifically denies, any violation of any local, state, or federal law.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Return of Company Property</font></u><font size=2>: Bart agrees that he shall return all property belonging to the Company or Midwest in his possession, custody, or control on, or as soon as practicable after, the Separation Date.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>7.&nbsp;&nbsp;</font></p> </td>
        <td width="376" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Confidentiality</font></u><font size=2>. Bart hereby agrees and covenants, that:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)&nbsp;&nbsp;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>he shall not divulge to any person or entity other than the Company, without express written authorization of the Company&#146;s Chief Executive Officer, any proprietary or confidential information, whether written or oral, received or gained by him in the course of his employment by the Company or Midwest or of his duties with the Company or Midwest (&#147;Confidential Information&#148;), nor shall he make use of any such Confidential Information on his own behalf or on behalf of any other person or entity, for so long as such Confidential Information is not known to the general public; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>he shall return or cause to be returned to the Company&#146;s Chief Executive Officer any and all property of the Company or Midwest of any kind or description whatsoever, including, but not limited to, any Confidential Information, which has been furnished to him or is held by him, at his residence or elsewhere, and shall not retain any copies, duplicates, reproductions or excerpts thereof.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Mutual Non-Disparagement</font></u><font size=2>: Bart, solely on behalf of himself and his attorneys, and the Company, solely on behalf of its officers, directors, partners, managers, members, employees, agents, and attorneys who are managing agents with actual authority to speak for the Company, with regard to Bart and his employment with the Company and his service to Midwest, expressly acknowledge, agree, and covenant that they will not make any statements, comments, or communications that could constitute disparagement of one another or that may be considered to be derogatory or detrimental to the good name or business reputation of one another; </font><i><font size=2>provided, however</font></i><font size=2>, that the terms of this paragraph shall not apply to communications between Bart and his spouse, mental health
professional, clergy, or attorneys, or between the Company and its </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-3-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>advisors and attorneys, to the extent (in any such case) that such communications are subject to a claim of privilege existing under common law, statute, or rule of procedure. Where applicable, this mutual non-disparagement covenant applies to any public or private statements, comments, or communications in any form, whether oral, written, or electronic. The Parties further agree that they will not in any way solicit any such statements, comments, or communications.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>9.&nbsp;&nbsp;</font></p> </td>
        <td width="545" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Payments and Benefits to Bart</font></u><font size=2>: In consideration for all of Bart&#146;s covenants herein:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company shall pay Bart, upon expiration of the Revocation Period (if this Agreement has not been revoked by Bart) and subject to subparagraph (b) below, $56,000. Such amount shall be paid by check drawn on an account of the Company.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The payment specified in subparagraph (a) above is contingent upon the full repayment of Bart&#146;s promissory note in the principal amount of $22,000 (&#147;Loan&#148;), including accrued and unpaid interest. All amounts due under the Loan will be automatically deducted from the payment set forth in subparagraph (a) and the net amount shall be remitted to Bart upon expiration of the Revocation Period. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company shall provide Bart, as a former officer of the Company and a former officer Midwest, rights to indemnification under the applicable corporate documents of the Company and Midwest and coverage under any directors&#146; and officers&#146; insurance policy maintained by the Company for itself and Midwest.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company shall accelerate, upon the expiration of the Revocation Period, the vesting of all outstanding and unvested options to purchase shares of the Company&#146;s Common Stock granted to Bart under the Company&#146;s applicable stock option plans and held by him as of the Separation Date. Each existing option agreement between the Company and Bart regarding those outstanding options shall be deemed amended by the preceding sentence.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

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    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company shall afford Bart three months after the Separation Date to exercise his vested options to purchase shares of the Company&#146;s Common Stock under the Company&#146;s applicable stock option plans. The Company shall cooperate with Bart in the exercise of those options that he chooses to exercise (in accordance with the terms of the documents governing those options).</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(f)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The company will offer Bart six months of executive outplacement services with Right Management. The contact person is John Copeland and he can be reached at 913 323 2310.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-4-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style='page-break-before:always'></p>


<div align=left>

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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(g)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company will offer up to five sessions with Bill Tidd with Saint Luke&#146;s Health Systems for employee assistance during the transition process. Bill can be reached at 816 931 3073.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(h)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company shall inform Bart of, and cooperate with any exercise by Bart of, his rights under the Consolidated Omnibus Benefits Reconciliation Act (COBRA)&nbsp;on and after the Separation Date.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.  </font><u><font size=2>Tax Consequences of Payments</font></u><font size=2>: The Parties acknowledge and agree that the Company shall not withhold taxes or FICA from any of the payments and benefits described in paragraph 9 above and shall only report those proceeds as income as required by law. Bart, in consultation with his tax advisor, shall determine issues respecting the tax consequences of these payments. Bart agrees to indemnify the Company against, and hold the Company harmless from taxes, if any, and any penalties and interest assessed against the Company resulting from the Parties&#146; tax treatment of the payments and benefits described in paragraph 9 above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law</font></u><font size=2>: This Agreement shall be governed by, enforced under, and construed in accordance with the laws of the State of Kansas, except only to the extent preempted by federal law. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Statement of Understanding</font></u><font size=2>: By executing this Agreement, Bart acknowledges that (a)&nbsp;he has had at least 21&nbsp;days to consider the terms of this Agreement and has considered its terms for that period of time or has knowingly and voluntarily waived his right to do so; (b)&nbsp;he has consulted with, or has had sufficient opportunity to consult with, an attorney of his own choosing regarding the terms of this Agreement; (c)&nbsp;he has read this Agreement and fully understands its terms and their import; (d)&nbsp;except as provided by this Agreement, he has no contractual right or claim to the benefits described herein; (e)&nbsp;the consideration provided for herein is good and valuable; and (f) he is entering into this Agreement voluntarily, of his own free will, and without any coercion, undue
influence, threat, or intimidation of any kind or type whatsoever.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>13. </font><u><font size=2>Executed Counterparts</font></u><font size=2>. This Agreement may be executed in one or more counterparts, and any executed copy of this Agreement shall be valid and have the same force and effect as the originally-executed Agreement. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>14. </font><u><font size=2>Modification</font></u><font size=2>. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Bart and the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>15. </font><u><font size=2>Assignability</font></u><font size=2>. Bart&#146;s obligations and agreements under this Agreement shall be binding on Bart&#146;s heirs, executors, legal representatives and assigns and shall inure to the benefit of any successors and assigns of the Company. The Company may assign this Agreement or any of its rights or obligations arising hereunder to any party, as part of a sale of its assets or other similar change of control.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-5-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>16. </font><u><font size=2>Entire Agreement</font></u><font size=2>. This Agreement constitutes the entire agreement between the parties hereto in respect of the subject matter hereof, and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter hereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>17. </font><u><font size=2>Severability</font></u><font size=2>. Should any portion of this Agreement be found void or unenforceable for any reason by a court of competent jurisdiction, the parties intend that such provision be limited or modified so as to make it enforceable, and if such provision cannot be modified to be enforceable, the unenforceable portion shall be deemed severed from the remaining portions of this Agreement, which shall otherwise remain in full force and effect. If any portion of this Agreement is so found to be void or unenforceable for any reason in regard to any one or more persons, entities, or subject matters, such portion shall remain in full force and effect with respect to all other persons, entities, and subject matters. This paragraph shall not operate, however, to sever the Executive's obligation to provide the binding release to all entities intended to
be released hereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>[Signature Page Follows]</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-6-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>EXECUTED in Overland Park, Kansas, this 19<sup>th</sup> day of June, 2007.</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="624" >
    <tr >
        <td width="281" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="31" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="312" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="31" valign=bottom >
            <p style='margin-left:6.0pt;text-indent:-6.0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BART:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="312" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Todd R. Bart</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TODD R. BART</font></p> </td> </tr>
    <tr >
        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>EXECUTED in Overland Park, Kansas, this 14<sup>th</sup> day of June, 2007.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="31" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="312" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ENERJEX RESOURCES, INC.</font></p> </td> </tr>
    <tr >
        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="31" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="312" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
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        <td width="281" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="31" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="312" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Steve Cochennet</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Steve Cochennet, Chief Executive Officer</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>-7-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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<DESCRIPTION>PRESS RELEASE DATED JUNE 28, 2007
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Press Release</font></b></p> </td>
        <td width="804" >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Source: EnerJex Resources, Inc.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'><b><font size=3>EnerJex Resources, Inc. Completes $2.7 Million Second Closing of Private Placement</font></b></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=1>Wednesday June 27, 3:26 pm ET</font><font size=2> </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><b><font size=2>Net Proceeds to be used to develop various oil and gas properties in Eastern Kansas and for general corporate purposes</font></b><font size=2> </font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>OVERLAND PARK, Kan., June 27 /PRNewswire-FirstCall/ -- EnerJex Resources, Inc. (OTC Bulletin Board: </font><font COLOR="#0000FF"><U><font SIZE=2>EJXR</font></U></font><font size=2> - </font><font color="#0000FF"><u><font size=2>News</font></u></font><b><font size=2>;</font></b><font size=2> "EnerJex") today announced the completion of the remaining $2.7 million private placement of Senior Secured Debentures (the Debentures) issued by Midwest Energy, Inc. (Midwest), the wholly owned operating subsidiary of EnerJex. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>In accordance with the terms of the Debentures, EnerJex received $2,650,358 million (after expenses and placement fees) at closing. The proceeds from the placement will be used for the development of oil and natural gas assets and for general corporate purposes. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>The Debentures have a term of three years, carry an interest rate of 10%, and are secured by all of Midwest's and EnerJex's assets. In addition, the Lenders will be issued 2.7 million shares of EnerJex's common stock. The Debentures contain certain covenants, including a covenant requiring Midwest to meet certain average daily bpd at various future dates. The Debentures can be prepaid at any time at 100% of the principal amount. C. K. Cooper &amp; Company served as placement agent for the debentures and continues to provide support in the company's growth strategy. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Steve Cochennet, EnerJex's Chairman and CEO, noted, "This additional investment will allow us to continue our current pace of drilling. We are beginning to see initial results and remain excited about the continued opportunities." </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>The debentures and common stock have not been registered under the Securities Act of 1933, or any state securities laws, and were sold in a private transaction. These securities may not be re-offered or resold in the United States unless the re-offer or resale is registered or unless exceptions from the registration requirements of the Securities Act of 1933 and applicable state laws are available. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Operational Update: </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Black Oaks Project </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>EnerJex (the "Company") finished drilling its twelfth well, bringing the total new well inventory to seven water injection wells and five producing wells. Two of the new producing wells have been put on line. It is anticipated that EnerJex will drill a minimum of five additional enhanced recovery wells and twenty-five additional producing wells for this project in the next twelve months. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>The Company has nine applications for water injection wells waiting for approval by the KCC UIC department. The Company in conjunction with Hass Petroleum has completed the water plant and laid injection lines and is ready to proceed with water injection, once necessary approval is received. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Thoren Project </font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>&nbsp;</font></p>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always; margin-top:0; margin-bottom:0'></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>The Company finished drilling its twelfth new well which includes five enhanced recovery wells and seven producing wells. Projections are to bring the seven producers on-line by July 15. Plans include adding an additional three enhanced recovery wells and six producing wells. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Design approvals have been filed with the KCC for the first four water injectors. The company expects necessary approval in 30 - 45 days. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Iola Project </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>EnerJex has re-completed the Wilson 1-25 in the Summit/Mulky and the Kramer 2-25 in the Weir. Due to weather issues the company has not commenced operations on the Kramer well; however the Wilson well has been operational for several days. We are waiting to bring this well on line. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>


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        <td width="227" nowrap valign=top >
            <p style="margin-top: 0; margin-bottom: 0" ><font size=1>Total production all projects:</font></p></td> </tr></table>
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        <td width="220" nowrap valign=top >
            <p style="margin-top: 0; margin-bottom: 0" ><font size=1>63 barrels per day equivalent</font></p></td> </tr></table>
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<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>About EnerJex Resources, Inc. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>EnerJex is an oil and gas exploration and development company focused on the aggregation and enhancement of oil and natural gas properties, primarily in the mid continent. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Forward-Looking Statement </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>The statements in this press release regarding the debt financing, operational efficiencies, actual and anticipated market conditions, any implied or perceived benefits from the financing and/or EnerJex's or Midwest's assets, 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: the continued production of gas at historical rates; costs of operations; delays, and any other difficulties related to producing minerals such as oil or gas; continued maintenance of the oil field and properties located on the Black Oaks property; price of oil or gas; marketing and sales of produced minerals; 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. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>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 EnerJex makes in this news release include market conditions and those factors set forth in reports or documents EnerJex files from time to time 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. </font></p>
<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>A copy of the second closing debentures were filed as exhibits to a Form 8-K, which was filed with the SEC on June 25, 2007, and which is available through the SEC's website (</font><font color="#0000FF"><u><font size=2>http://www.sec.gov</font></u></font><font size=2>). </font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>Source: EnerJex Resources, Inc.</font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0; margin-top:0;text-align:left'>&nbsp;</p>



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