Note 10 – Pro Forma Condensed Consolidated Statement of Operations

The following selected pro forma condensed financial information of EnerJex and Black Raven combines the consolidated financial information of EnerJex for the three month periods ended September 30, 2013 and September 30, 2012 with the financial information of Black Raven for the three months ended September 30, 2013 and September 30, 2012.

EnerJex and Black Raven present the unaudited pro forma condensed consolidated financial information for informational purposes only. The pro forma information is not necessarily indicative of what the combined company’s financial position or results of operations actually would have been had EnerJex and Black Raven completed the merger on January 1, 2012. In addition the unaudited pro forma condensed consolidated financial information does not purport to project the future financial position or operating results of the combined company. The unaudited pro forma condensed consolidated financial information does not give effect to any potential cost savings or other operating efficiencies that could result from the merger. The unaudited pro forma condensed consolidated financial information is not adjusted for any merger related transaction costs or other non-recurring expenses.

The unaudited pro forma condensed consolidated financial information includes estimates of Black Raven had it accounted for its investments in oil and gas assets using the full cost method of accounting and not the successful efforts method of accounting. The unaudited pro forma consolidated financial information was prepared using the full cost method of accounting for oil and gas activities.

Pro Forma Consolidated Combined Statements of Operations (Unaudited)
For the Three Months Ended September 30,

	2013		2012
Revenues	$	3,831,903	$	3,411,772
Income from operations	$	491,551	$	440,049
Net (loss)	$	(1,392,633)	$	(1,335,905)
Net (loss) per share	$	(.02)	$	(.02)