<SEC-DOCUMENT>0001144204-17-009070.txt : 20170214
<SEC-HEADER>0001144204-17-009070.hdr.sgml : 20170214
<ACCEPTANCE-DATETIME>20170214173501
ACCESSION NUMBER:		0001144204-17-009070
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20170214
DATE AS OF CHANGE:		20170214
EFFECTIVENESS DATE:		20170214

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:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36492
		FILM NUMBER:		17610893

	BUSINESS ADDRESS:	
		STREET 1:		4040 BROADWAY, SUITE 508
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209
		BUSINESS PHONE:		210-451-5545

	MAIL ADDRESS:	
		STREET 1:		4040 BROADWAY, SUITE 508
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209

	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>DEFA14A
<SEQUENCE>1
<FILENAME>v459370_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): February 10, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENERJEX RESOURCES, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as specified
in its charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nevada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of incorporation)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-30234</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-size: 10pt"><B>88-0422242</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commissioner File Number)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(IRS Employer Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4040 Broadway, Suite 508, San Antonio,
Texas 78209</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(210) 451-5545</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act of (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act of (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01</B>&nbsp;&nbsp;&nbsp;<B>Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Letter Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 10, 2017, EnerJex Resources,
Inc., a Nevada corporation (the &ldquo;Company&rdquo;) , EnerJex Kansas, Inc., a Nevada corporation (&quot;EnerJex Kansas&quot;),
Working Interest, LLC, a Texas limited liability company (&quot;Working Interest&quot;), Black Sable Energy, LLC, a Texas limited
liability company (&quot;Black Sable&quot;), Black Raven Energy, Inc., a Nevada corporation (&quot;Black Raven&quot;), and Adena,
LLC, a Colorado limited liability company (&quot;Adena&quot;, together with the Company, EnerJex Kansas, Working Interest, Black
Sable, and Black Raven, collectively, the &quot;Borrower&quot;), and PWCM Investment Company IC LLC, a Delaware limited liability
company and other Buyers (collectively, the &quot;Successor Lender&quot;), entered into a binding Letter Agreement dated February
10, 2017 (the &quot;Letter Agreement&quot;), pursuant to which (i) Borrower will transfer certain of its assets to Successor Lender
or the controlled affiliates of Successor Lender, and (ii) Successor Lender will agree to accept those assets in complete satisfaction
of the Company's secured indebtedness to the Successor Lender in the current aggregate unpaid principal amount of approximately
$17,925,000, plus all accrued and unpaid interest and other charges thereon (the &quot;Secured Indebtedness&quot;) arising under
that certain Amended and Restated Credit Agreement dated October 3, 2011, as amended (the &quot;Credit Agreement&quot;), by and
among Texas Capital Bank, N.A. (&quot;TCB&quot;) and IberiaBank (&quot;IberiaBank, together with TCB, the &quot;Original Lender&quot;),
Borrower, and DD Energy, Inc. (&quot;DD Energy&quot;), and all promissory notes, mortgages, collateral assignments, guaranties
and other documents and instruments evidencing such Secured Indebtedness (the &quot;Loan Documents&quot;). All rights of Original
Lender under the Credit Agreement and related Loan Documents were sold and assigned to Successor Lender pursuant to that certain
Loan Sale Agreement dated February 10, 2017, by and among Original Lender, Successor Lender and Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As consideration for the loan forgiveness,
and subject to obtaining shareholder approval prior to the Closing, Borrower shall convey to Successor Lender all right, title,
and interest, in and to all real property leases and oil and gas producing properties and other assets of Borrower situated in
the State of Colorado, the State of Texas and the State of Nebraska, including all equipment and tangible personal property owned
by Borrower, and used in connection with Borrower's ownership and operation of real property leases and oil and gas producing
properties, which assets (i) shall include Borrower's assets in the Adena Field, the NECO Project, Weld County, East Crown and
(ii) shall include the oil and gas plugging, lease and other bonds (the &quot;Oil and Gas Properties&quot;) as described in the
Letter Agreement. Subject to obtaining shareholder approval prior to the Closing, Borrower shall also transfer to Successor Lender
all right, title, and interest in and to all the Oakridge Energy, Inc. shares which is owns (&quot;Oakridge Shares&quot;), along
with a cash payment of $3,300,000 (&quot;Cash Payment&quot;) at Closing. The Kansas-based assets that the Company will retain
generate a majority of the Company&rsquo;s revenue and cash flow from operations. The Company will seek shareholder approval of
that transaction at the annual meeting of its shareholders scheduled for March 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Successor Lender agrees (a) to accept the
conveyance of the Oil and Gas Properties, Oakridge Shares and Cash Payment, in complete satisfaction of all amounts due under the
Loan Documents with respect to the Secured Indebtedness, and shall release Borrower and its remaining assets from any further obligation
to make any additional payments under the Credit Agreement or the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Borrower shall retain all of its existing
oil and gas properties located in Kansas, including equipment and tangible personal property related to those oil and gas properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Closing is to occur on or before April
30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the Closing, Borrower shall not
be obligated to make any payments to Successor Lender, and Successor Lender shall not enforce or exercise prior to Closing any
remedies available to Successor Lender, under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the Letter Agreement is attached
hereto as Exhibit 10.1 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Loan Sale Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 10, 2017, Borrowers, TCB
and IberiaBank (collectively, &quot;Sellers&quot;), and PWCM Investment Company IC LLC, and certain financial institutions
(collectively, &quot;Buyers&quot;) entered into that certain Loan Sale Agreement (&quot;LSA&quot;), pursuant to which Seller
sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit
Agreement and Loan Documents, in exchange for (i) a cash payment of $5,000,000 (the &quot;Cash Purchase Price&quot;), (ii) a
Synthetic Equity Interest equal to 10% of the Proceeds, after Buyer's realization of 150% return on the Cash Purchase Price
within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank,
and (iii) at any time prior to the five (5) years of February 10, 2017, Buyer may acquire the interest in clause (ii) above.
In connection with the LSA, Borrowers release Sellers and its successors as holders of the rights under the Credit Agreement
and Loan Documents, including Buyers, from any and all claims under the Credit Agreement and Loan Documents. The Company will
seek shareholder approval of that transaction at the annual meeting of its shareholders scheduled for March 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the LSA is attached hereto as
Exhibit 10.2 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 13, 2017, the Company issued a press release announcing the departure of Robert G. Watson, Jr. as a director of the
Company. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference. There were no
disagreements between Mr. Watson and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
February 10, 2017, Mr. Watson resigned from his position as President, Secretary, and Chief Executive Officer of the Company
and its subsidiaries: EnerJex Kansas, Inc., Adena, LLC, Black Sable Energy, LLC, and Black Raven Energy, Inc. (the
&quot;Subsidiaries&quot;). There were no disagreements between Mr. Watson and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 14, 2017, the Company
issued a press release announcing that, effective February 10, 2017, Douglas Wright, the Chief Financial Officer,
resigned from employment with the Company and became a consultant to the Company. Mr. Wright will continue to serve as the
Company's Chief Financial Officer, pursuant to a Consulting Agreement dated effective February 10, 2017. Mr. Wright will
focus his services as the Company's Chief Financial Officer on completion of the Company's Form 10-K for the year ended
December 31, 2016, and the preparation of materials for the Company's upcoming annual meeting of shareholders scheduled for
March 30, 2017. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference. There were
no disagreements between Mr. Wright and the Company. A copy of the Consulting Agreement with Mr. Wright is filed as Exhibit
10.3 hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
February 10, 2017, the board of directors (the &ldquo;Board&rdquo;) of the Company and the Subsidiaries appointed Louis  G.
Schott, as Interim Chief Executive Officer of the Company and its Subsidiaries. Mr. Schott, has served in the oil and gas
industry for 20 years and 24 years of legal and business experience. Mr. Schott was most recently General Counsel and
Treasurer of TexOak Petro Holdings LLC, and its subsidiaries, where he performed all legal functions, and negotiating oil and
gas acquisitions. Prior to working at TexOak Petro Holdings LLC, Mr. Schott served various roles with TDC Energy from 1996
through 2005, and was an oil and gas attorney with Liskow &amp; Lewis in New Orleans. Mr. Schott is a graduate of Tulane
University with a MBA and a Juris Doctorate, and is a non-practicing Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Interim Chief Executive Officer Employment
Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with Mr. Schott&rsquo;s appointment
as Interim Chief Executive Officer of the Company, the Company has entered into an Employment Agreement (the &ldquo;Employment
Agreement&rdquo;) with Mr. Schott, dated effective February 10, 2017, pursuant to which Mr. Schott will serve as Interim Chief
Executive Officer until Mr. Schott&rsquo;s resignation or the termination of his employment by the Company. Mr. Schott's employment
is terminable by him or the Company at any time (for any reason or for no reason).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Employment Agreement, Mr.
Schott will receive a annual base salary of $225,000. In the event that Mr. Schott&rsquo;s employment is terminated, Mr. Schott
will be entitled to receive only those wages (if any) that remain accrued and unpaid as of the effective date of such termination.
Mr. Schott will not be entitled to receive any severance pay or any other benefits or payments by reason of the termination of
his employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the Employment Agreement is filed
as Exhibit 10.4 hereto and incorporated herein by reference, and the Press Release announcing Mr. Watson's resignation and Mr.
Schott's appointment is filed as Exhibit 99.1 hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 88%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Letter Agreement dated February 10, 2017, by and among Texas Capital Bank, N.A., IberiaBank, PWCM Investment Company IC LLC, EnerJex Resources, Inc., EnerJex Kansas, Inc., Black Sable Energy, LLC, Black Raven Energy, Inc. and Adena, LLC.</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Loan Sale Agreement dated February 10, 2017, by and among Texas Capital Bank, N.A., IberiaBank, PWCM Investment Company IC LLC, EnerJex Resources, Inc., EnerJex Kansas, Inc., Black Sable Energy, LLC, Black Raven Energy, Inc. and Adena, LLC. </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin: 0pt 0">Consulting Agreement dated February 10, 2017 by and between EnerJex Resources, Inc. and Douglas Wright.</P>


</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Employment Agreement dated February 10, 2017, by and between EnerJex Resources, Inc. and Louis Schott. </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Press Release dated February 13, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EnerJex plans to file with the SEC and mail to shareholders
a Proxy Statement in connection with the transactions described above. The Proxy Statement will contain important information about
EnerJex, the related transactions and other related matters. Investors and security holders are urged to read the Proxy Statement
carefully when it is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors and security holders will be able obtain free copies
of the Proxy Statement and other documents filed with the SEC by EnerJex through the website maintained by the SEC at www.sec.gov.
In addition, investors and security holders will be able to obtain a free copies of the Proxy Statement from EnerJex by contacting
EnerJex's Investor Relations at 210-451-5545, as well as a copy from the Company's website at www.enerjex.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EnerJex and its directors and executive officers may be deemed
to be participants in the solicitation of proxies with respect to the transactions contemplated by the related transactions. Information
regarding EnerJex's directors and executive officers is contained in EnerJex's Annual Report on Form 10-K for the year ended December
31, 2015, its proxy statement dated April 3, 2015, and this Current Report on Form 8-K, all of which are filed with the SEC. You
can obtain free copies of these documents from EnerJex using the contact information set forth above. Additional information regarding
interest of such participants will be included in the Proxy Statement that will be filed with the SEC and available free of charge
as indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statements in this Report regarding the proposed transactions,
the expected timetable for complete the transactions, future financial and operating results, benefits and synergies of the transactions,
management's future expectations, beliefs, goals, plans or prospective constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1994. Any statements that are not statements of historical fact (including
statements continuing the words &quot;believes,&quot; &quot;plans,&quot; &quot;anticipates,&quot; &quot;expects,&quot; &quot;estimates,&quot;
and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that
could cause actual results or events to differ materially from those indicated by such forward-lo9oking statements. Important
factors that might cause such a difference include, but are not limited to: the ability of the Company to obtain shareholder approval
of the transactions, the possibility that the transactions may not close or the closing may be delayed, and other events and factors
disclosed.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ENERJEX RESOURCES, INC.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: February 14, 2017</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Douglas Wright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Douglas Wright, Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v459370_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps"><B>EnerJex
Resources, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">4040 Broadway, Suite 508</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">San Antonio, Texas 78209</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(210) 451-5545</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">February 10, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>By Email</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PWCM Investment Company IC LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">614 Davis Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Evanston, IL 60201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Satisfaction of Secured Indebtedness</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><U>Confirmation of Terms</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are writing to summarize the terms and conditions
of the proposed transactions described below (the &quot;<B><I>Transactions</I></B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Parties
and Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">in which EnerJex Resources, Inc., a Nevada
corporation (the &quot;<B><I>Company</I></B>&quot;), EnerJex Kansas, Inc. (f/k/a Midwest Energy, Inc.), a Nevada corporation (&ldquo;<B><I>EnerJex
Kansas</I></B>&rdquo;), Working Interest, LLC, a Texas limited liability company (&ldquo;<B><I>Working Interest</I></B>&rdquo;),
Black Sable Energy, LLC, a Texas limited liability company (&ldquo;<B><I>Black Sable</I></B>&rdquo;), Black Raven Energy, Inc.,
a Nevada corporation (&ldquo;<B><I>Black Raven</I></B>&rdquo;), and Adena, LLC, a Colorado limited liability company (&ldquo;<B><I>Adena</I></B>&rdquo;
and, together with the Company, EnerJex Kansas, Working Interest, Black Sable, and Black Raven, collectively &ldquo;<B><I>Borrower</I></B>&rdquo;),
and PWCM Investment Company IC LLC, a Delaware limited liability company and the other Buyers listed in the Loan Sale Agreement
dated February 10, 2017 (collectively, the &quot;<B><I>Successor Lender</I></B>&quot; and, together with Borrower, individually
a &quot;<B><I>Party</I></B>&quot; and together the &quot;<B><I>Parties</I></B>&quot;), in which (i) Borrower will transfer certain
of its assets to Successor Lender or the controlled affiliates of Successor Lender, and (ii) Successor Lender will agree to accept
those assets in complete satisfaction of the Company's secured indebtedness to the Successor Lender in the current aggregate unpaid
principal amount of approximately $<B>17,925,000</B> plus all accrued and unpaid interest and other charges thereon and thereunder
and all other costs and claims (collectively, the &quot;<B><I>Secured Indebtedness</I></B>&quot;) arising under that certain Amended
and Restated Credit Agreement dated October 3, 2011, as amended prior to the date hereof (as so amended, the &ldquo;<B><I>Credit
Agreement</I></B>&rdquo;), by and among Texas Capital Bank, N.A. (&ldquo;<B><I>TCB</I></B>&rdquo;) and IberiaBank (&ldquo;<B><I>IberiaBank</I></B>&rdquo;
and, together with TCM, &ldquo;<B><I>Original Lender</I></B>&rdquo;); Borrower; TCB, in its capacity as &quot;Administrative Agent&quot;
under the Credit Agreement; and DD Energy, Inc., a Nevada corporation (&ldquo;<B><I>DD Energy</I></B>&rdquo;), and all promissory
notes, mortgages, collateral assignments, guaranties, and other documents and instruments evidencing or securing such Secured Indebtedness,
as further described on <B><U>Appendix 1</U></B> hereto (collectively, the &quot;<B><I>Loan Documents</I></B>&quot;). All rights
of Original Lender under the Credit Agreement and other documents and instruments evidencing and securing the indebtedness of Borrower
under the Credit Agreement have been sold and assigned to Successor Lender pursuant to that certain Loan Sale Agreement dated February
10, 2017, by and among Original Lender (as &quot;Seller&quot;), Successor Lender, and Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: normal; text-transform: uppercase">BINDING
AND ENFORCEABLE AGREEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon execution of counterparts of this Letter
Agreement by Successor Lender, the following numbered Sections shall constitute the legally binding and enforceable agreement of
Borrower and Successor Lender (in recognition of the significant costs to be borne by Successor Lender and Borrower in pursuing
the Transactions and further in consideration of their mutual undertakings as to the matters described herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Consideration
for Loan Forgiveness.</FONT></B> In Transactions that will close concurrently at the &quot;Closing&quot; described in <U>Section
5</U>, below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Conveyance
of Colorado and Texas Assets</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Oil
and Gas Properties</FONT></B></FONT>. Borrower shall convey to Successor Lender all right, title, and interest in and to all real
property leases and oil and gas producing properties and other assets of Borrower situated in the State of Colorado, the State
of Texas and the State of Nebraska including all equipment and tangible personal property owned by Borrower, situated in such States,
and used by Borrower in connection with the ownership and operation of Borrower's real property leases and oil and gas producing
properties located in such states, which assets (i) for the avoidance of doubt, shall include Borrower's assets in the Adena Field,
the NECO Project, Weld County, East Crown, and (ii) also shall include the Oil and Gas Plugging, Lease and other Bonds associated
therewith, as described in more detail on <B><U>Appendix 2</U></B> to this Agreement the Operating Bonds (the assets described
in this <U>Section 1.1(a)</U> collectively, the &quot;<B><I>Oil and Gas Properties</I></B>&quot;). Prior to the Closing, the parties
will evaluate whether it may be more efficient to structure the conveyance of such Oil and Gas Properties as a transfer of the
ownership interests in the Company subsidiaries (<I>i.e.</I>, Black Sable Energy, LLC; Black Raven Energy, Inc.; and Adena, LLC)
(the &quot;<B><I>CO and Texas Operating Subsidiaries</I></B>&quot;) that own record title to those Oil and Gas Properties, excluding
therefrom any cash assets of such CO and Texas Operating Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Effective
Date; Adjusting Payment</FONT></B></FONT>. The conveyance of such Oil and Gas Properties shall occur as of January 1, 2017 (the
&ldquo;Effective Date&rdquo;), and at the Closing pursuant to <U>Section 5</U>, below, the Parties shall prorate the income from
and direct expenses of such Oil and Gas Properties (or, if applicable, the CO and Texas Operating Subsidiaries) for the period
from the Effective Date to the Closing Date (the &quot;<B><I>Adjusting Period</I></B>&quot;), and if, with respect to such Adjusting
Period, (i) the income from such Oil and Gas Properties exceeded the direct expenses of such Oil and Gas Properties, then at the
Closing, Borrower shall pay to Seller an amount equal to the amount of such income, or (ii) the direct expenses of such Oil and
Gas Properties exceeded the income from such Oil and Gas Properties, then at the Closing, Seller shall pay to Borrower (or credit
against the Cash Payment due under <U>Section 1.3</U>, below) an amount equal to the amount of such income (the payment due between
the Parties under this <U>Section 1.1(b)</U>, the &quot;<B><I>Adjusting Payment</I></B>&quot;). Expenses incurred prior to the
Effective Date but paid during the Adjusting Period are to be excluded from the calculation of the Adjusting Payment. If any information
with respect to the income from and direct expenses of the Oil and Gas Properties in the Adjusting Period is not available until
after the Closing, then as promptly as practicable following the first date as of which such information becomes available, the
Parties shall provide to each other a summary thereof and agree upon the Adjusting Payment due with respect thereto (which shall
be paid within 30 days after the date on which the Parties agree upon the amount of such Adjusting Payment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Oakridge
Energy Shares</FONT></B>. Borrower shall transfer to Successor Lender all right, title, and interest in and to all shares of Oakridge
Energy, Inc. (the &quot;<B><I>Oakridge Shares</I></B>&quot; and, together with the Oil and Gas Properties, the &quot;<B><I>Transferred
Assets</I></B>&quot;), that are owned by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Cash
Payment</FONT></B>. Borrower shall pay to Successor Lender by wire transfer of immediately available funds the sum of $3,300,000,
subject to adjustment pursuant to <U>Section 1.1(b)</U>, above (the &quot;<B><I>Cash Payment</I></B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Forgiveness
of Secured Loan</FONT></B>. Successor Lender (a) agrees to accept the conveyances, transfers, and payments described in <U>Section
1</U>, above, in complete satisfaction of all amounts due under the Loan Documents and with respect to the Secured Loan, and (b)
agrees that at the Closing pursuant to <U>Section 5</U>, below, and in consideration of Borrower's conveyances, transfers, and
payments described in <U>Section 1</U>, above, Successor Lender shall make, execute and deliver such documents and instruments
as may be necessary or appropriate for evidencing the release of Borrower and its assets from any further obligation to make any
additional payments under the Credit Agreement or any of the other Loan Documents or otherwise with respect to the Secured Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Additional
Agreements of Parties. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Retention
of Kansas Assets</FONT></B>. For the avoidance of doubt, from and after the Closing, Borrower shall retain its existing oil and
gas properties situated in the State of Kansas (and all equipment and tangible personal property then owned by Borrower, situated
in such States, and used by Borrower in connection with the ownership and operation of Borrower's real property leases and oil
and gas producing properties located in Kansas), and Successor Lender shall not have any claim against or with respect to any such
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Forbearance</FONT></B>.
The Parties agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Suspension
in Payments</FONT></B></FONT>. Borrower shall not be obligated to make any payments to Successor Lender under the Loan Documents
or with respect to the Secured Loan prior to the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Forbearance</FONT></B></FONT>.
Successor Lender shall not enforce or exercise prior to the Closing any remedies available to Successor Lender under the Loan Documents
by reason of any default by Borrower of any of its obligations under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Company
Shareholder Approval</FONT></B>. The Company covenants and agrees to (a) schedule a meeting of its shareholders to occur on or
before March 31, 2017, and (b) at such meeting, to seek approval of its shareholders for the Transactions contemplated by this
Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">ASEN
Service Agreement</FONT></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Successor
Lender hereby (i) acknowledges that (A) pursuant to a letter agreement dated April 1, 2016 (the &quot;<B><I>ASEN Service Agreement</I></B>&quot;),
American Standard Energy (&quot;<B><I>ASEN</I></B>&quot;), an affiliate of Successor Lender, engaged the Company to provide certain
services to ASEN and agreed to compensate the Company for such services at a rate of $60,000 per month, and (B) ASEN is delinquent
in paying amounts due to the Company under that ASEN Service Agreement, (ii) agrees that (A) concurrently with the execution of
this Letter Agreement, ASEN shall pay to the Company the sum of $120,000 in satisfaction of the monies due to the Company with
respect to December 2016 and January 2017, and (B) ASEN shall pay on or before the last day of each calendar month ending on or
prior to the Closing the $60,000 monthly fee due to the Company under the ASEN Agreement with respect to such respective previous
calendar month, and (iii) guaranties the due, full, and punctual payment of the amounts that ASEN is obligated to pay to the Company
under the preceding clause &quot;(ii)&quot; and the ASEN Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Subject
to ASEN (or Successor Lender) timely paying all amounts due to the Company under clause &quot;(ii)&quot; of <U>Section 3.4(a)</U>,
above, and to Successor Lender's performance of its obligations under this Letter Agreement, the Company agrees that, at the Closing,
the Company shall forgive ASEN's obligation to pay any additional amounts under the ASEN Service Agreement with respect to all
periods prior to December 1, 2016. In the event of a termination of this agreement, provided ASEN (or Successor Lender) have performed
its obligations under 3.4 (a) and 3.4 (b), the Company shall forgive ASEN's obligation to pay any additional amounts under the
ASEN Service Agreement with respect to all periods prior to December 1, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Employment
Offers</FONT></B><I>. </I>Effective as of the date of the Closing, Successor Lender may extend (but shall not be obligated to extend)
(a) to any of Borrower's employees an offer to commence employment with (or an offer to be engaged as a consultant or advisor to)
Successor Lender from and after the Closing, and will assume accrued benefit costs for any such employees that accept that offer,
and (b) to each consultant or other person then engaged by Borrower to provide services to Borrower and offer to provide services
to Successor Lender or its affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Alternative
Transactions</FONT></B>. Borrower covenants and agrees that if the Company is unable to obtain on or before March 31, 2017, the
shareholder approval contemplated by <U>Section 3.3</U>, above, then Borrower shall take such commercially reasonable actions as
may be necessary or appropriate for enabling the Parties to effectuate in compliance with applicable law as promptly as reasonably
practicable thereafter and as efficiently as reasonably practicable, the Transactions contemplated by this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Reasonable
Best Efforts</FONT></B></FONT>. Borrower covenants and agrees to use reasonable best efforts to assist Successor Lender in correcting
any deficiencies in title or security interest related to the assets of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Satisfaction
of Conditions</FONT></B></FONT>. Each Party covenants and agrees to take such commercially reasonable actions as may be reasonably
necessary in order to satisfy the conditions to and to facilitate the Closing of the Transactions on or before April 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Daily
Operations</FONT></B></FONT>. Borrower shall use commercial reasonable efforts to (a) maintain, preserve and protect all of its
properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear
excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could
not reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement); (c) use the standard of care
typical in the industry in the operation and maintenance of its facilities; and (d) cause its tangible property relating to the
Oil and Gas Properties to be maintained in good repair and condition, cause all necessary replacements thereof to be made, and
cause such property to be operated in a good and workmanlike manner in accordance with standard industry practices, unless the
failure to do so could not reasonably be expected to have a Material Adverse Effect, provided that, notwithstanding the foregoing
or any other provision hereof or of the Loan Documents to the contrary, Borrower shall not be obligated to pay or incur any costs
for any capital improvements to the Oil and Gas Properties that are to be transferred to Successor Lender hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Representations
and Warranties of Parties</FONT></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Borrower
Representations and Warranties</FONT></B></FONT>. Borrower represents and warrants to Successor Lender that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Authorization;
Enforceability</FONT></B>. Except for the approval of the Company's shareholders as contemplated by <U>Section 3.3</U>, above,
the execution and delivery by Borrower of this Letter Agreement, the performance by Borrower of its respective obligations under
this Letter Agreement, and the consummation of the Transactions contemplated hereby have been duly authorized by all necessary
corporate or limited liability action, as applicable, and no other proceedings on the part of Borrower, its Board of Directors,
shareholders, members, or managers, as applicable, are necessary to approve and adopt this Letter Agreement or to approve the consummation
of the transactions contemplated hereby. This Letter Agreement has been duly executed and delivered by Borrower, and, when approved
by the Company's shareholders as contemplated by <U>Section 3.3</U>, above, and executed and delivered by the Successor Lender,
will be, the legal, valid and binding obligations of Borrower, enforceable against it in accordance with its terms, except as such
enforceability may be limited by (A)&nbsp;general principles of equity (whether considered in a proceeding at law or in equity),
and (B)&nbsp;bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Ownership</FONT></B>.
Borrower is the sole legal and beneficial owner of the Transferred Assets, free and clear of all liens, security interests, claims,
and encumbrances (other than (i) the liens securing the Secured Loan, and (ii) with respect to the Adena Oil and Gas Property,
an existing after-payout reversionary working interest evidenced in documents of records, and (iii) a lien securing taxes not yet
due and payable). Subject to obtaining the approval of the Company's shareholders as contemplated by <U>Section 3.3</U>, above,
Borrower has full power and every right and lawful authority, without the consent of any other Person, to make, execute, and deliver
this Letter Agreement and perform its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Title</FONT></B>.
No Person (other than Successor Lender pursuant to this Letter Agreement) has any option or other right to acquire the Transferred
Assets. Upon execution and delivery of this Letter Agreement and the performance by Successor Lender of its respective obligations
hereunder, Successor Lender shall acquire title to the Transferred Assets, free and clear of all liens, security interests, claims,
and encumbrances whatsoever arising by or through Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Brokers
and Finders. </FONT></B>Borrower has not engaged and is not obligated to pay any fees to any broker or finder or other agent in
connection with the Transactions contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Successor
Lender Representations and Warranties</FONT></B>. Successor Lender hereby represents and warrants to Borrower that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Authorization;
Enforceability</FONT></B>. The execution and delivery by Successor Lender of this Letter Agreement, the performance by Successor
Lender of its respective obligations under this Letter Agreement, and the consummation of the transactions contemplated hereby
have been duly authorized by all necessary limited liability action, and no other proceedings on the part of Successor Lender,
its members or managers are necessary to approve and adopt this Letter Agreement or to approve the consummation of the transactions
contemplated hereby. This Letter Agreement has been duly executed and delivered by Successor Lender, and when executed and delivered
by Borrower will be, the legal, valid and binding obligations of Successor Lender, enforceable against it in accordance with its
terms, except as such enforceability may be limited by (A)&nbsp;general principles of equity (whether considered in a proceeding
at law or in equity), and (B)&nbsp;bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights
generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Ownership</FONT></B>.
Successor Lender is the sole legal and beneficial owner of all rights of the lender (including those of all &quot;Banks&quot;)
under the Credit Agreement and all other Loan Documents, free and clear of all liens, security interests, claims, and encumbrances
(other than the liens securing the Secured Loan). Successor Lender has full power and every right and lawful authority, without
the consent of any other Person, to make, execute, and deliver this Letter Agreement and perform its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Brokers
and Finders. </FONT></B>Successor Lender has not engaged and is not obligated to pay any fees to any broker or finder or other
agent in connection with the Transactions contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Conditions
to Closing</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Conditions
to Borrower Obligations</FONT></B>. The obligations of Borrower under this Letter Agreement are subject to satisfaction or waiver
by Borrower of the following conditions at or prior to the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Each
of the representations and warranties of Successor Lender contained in <U>Section 4.2</U> shall be true and correct on and as of
the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Successor
Lender shall have performed and complied with all agreements and obligations contained in this Letter Agreement that are required
to be performed or complied with by Successor Lender on or before such Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
shareholders of the Company shall have approved the Transactions contemplated by this Letter Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>ASEN
(or Successor Lender) shall have paid prior to delinquency all payments due to the Company in accordance with <U>Section 3.4(a)</U>,
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
Company shall have received from the issuance of debt or equity securities or from another source after the date hereof and prior
to the Closing at least $5,000,000 of net offering proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>No
injunction or order must be in effect by any Court or other governmental agency prohibiting the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Conditions
to Successor Lender's Obligations</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Each
of the representations and warranties of Borrower contained in <U>Section 4.1</U> shall be true and correct on and as of the Closing
with the same effect as though such representations and warranties had been made on and as of the date of the Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Borrower
shall have performed and complied with all agreements and obligations contained in this Letter Agreement that are required to be
performed or complied with by Borrower on or before such Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>There
shall not have occurred any material adverse event with respect to the Oil and Gas Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>No
injunction or order must be in effect by any Court or other governmental agency prohibiting the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Closing</FONT></B>.
The closing of the Transactions contemplated by this Letter Agreement (the &quot;<B><I>Closing</I></B>&quot;) shall occur at the
offices of the Company, 4040 Broadway, Suite 508, San Antonio, Texas 78209, at 10:00 a.m., Central time, on or before April 30,
2017. At the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Borrower
Deliveries</FONT></B></FONT>. Borrower shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make,
execute and deliver such deeds, bills of sale, and other instruments of transfer as may be necessary to vest in Successor Lender
title to the Transferred Assets, free and clear of all liens, claims, and encumbrances (other than the liens under the Loan Documents);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Deliver
to Successor Lender the sum of $3,300,000 (as adjusted for Adjusting Payments) by wire transfer of immediately available funds;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make,
execute and deliver such other commercially reasonable documents and instruments, and take such other commercially reasonable actions,
as may be necessary or convenient for effectuating the Transactions in accordance with this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Successor
Lender Deliveries</FONT></B></FONT>. Successor Lender shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make,
execute and deliver in recordable form such reconveyances, releases, and other documents and instruments as may be necessary to
release all assets of the Company (other than the Transferred Assets) from the lien securing the Secured Loan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make,
execute and deliver an instrument in commercially reasonable form to memorialize the discharge of the Secured Loan in full and
the release of Borrower from all further claims under the Loan Documents; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make,
execute and deliver such other commercially reasonable documents and instruments, and take such other commercially reasonable actions,
as may be necessary or convenient for effectuating the Transactions in accordance with this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Make
all remaining payments, if any, that are due to the Company under <U>Section 3.4(a)</U>, above, with respect to all periods ending
on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Indemnification</FONT>.
</B>Successor Lender hereby agrees to indemnify, defend, and hold Borrower free and harmless from any and all claims arising from
or related to Successor Lender's operation of the Oil and Gas Properties arising after the Closing Date, including the cost of
defense of any such claims, and further indemnifies Borrower from any and all claims arising from or related to the environmental
condition of the Oil and Gas Properties, whether arising before or after the Closing Date. Buyer shall assume all obligations and
liabilities for the proper plugging of all wells at the Oil and Gas Properties and any other unplugged wells located on the leases
for any portion of the Oil and Gas Properties. Successor Lender's obligations under this <U>Section 7</U> shall survive the Closing
of the Transactions pursuant to this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Termination
of Agreement</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Termination</FONT></B></FONT>.
This Letter Agreement may be terminated prior to the Closing as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>by
written consent of Borrower and Successor Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>by
either of the Parties, if any order of any Governmental Authority permanently restraining, enjoining or otherwise prohibiting the
consummation of the Transaction shall have become final and non-appealable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>by
Borrower, if there shall be a breach by Successor Lender of any representation or warranty or any covenant or agreement contained
in this Letter Agreement which would result in a failure of a condition set forth in <U>Section 4.1</U> and which breach cannot
be cured or has not been cured within 15 calendar days after the giving of written notice to Successor Lender of such breach;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>by
Successor Lender, if there shall be a breach by Seller of any representation or warranty or any covenant or agreement contained
in this Letter Agreement which would result in a failure of a condition set forth in <U>Section 4.2</U> and which breach cannot
be cured or has not been cured within 15 calendar days after the giving of written notice to Borrower of such breach;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>by
Borrower, on the one hand, or Successor Lender, on the other hand, if the Closing does not occur by the close of business on April
30, 2017 (the &quot;<B><I>Termination Date</I></B>&quot;); <I>provided</I> <I>that</I>, notwithstanding the foregoing, Borrower
may not terminate this Letter Agreement pursuant to this <U>Section 8.1(e)</U> if Borrower is, and Successor Lender may not terminate
this Letter Agreement pursuant to this <U>Section 8.1(e)</U> if Successor Lender is, in material breach of any of its respective
obligations or representations, warranties, covenants or agreements contained in this Letter Agreement. For the avoidance of doubt,
a Party not then in breach of its obligations hereunder may terminate this Letter Agreement pursuant to this <U>Section 8.1(e)</U>
if any of the conditions to such Party&rsquo;s obligations shall not have been satisfied by the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The termination
of this Letter Agreement shall be effectuated by the delivery by the Party terminating this Letter Agreement to each other Party
of a written notice of such termination. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Survival
after Termination</FONT></B></FONT>. If this Letter Agreement is terminated in accordance with <U>Section 8.1</U>, above, then
(a) no Party thereafter shall have any further obligations to consummate the Transactions pursuant to this Letter Agreement and
(b) each Party shall retain all claims arising from a breach by such Party of its obligations under this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Miscellaneous</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Notices</FONT>.</B>
All notices, requests, demands or other communications permitted or required under this Letter Agreement shall be effective only
if in writing, and shall be deemed to have been given, received and delivered (a) when personally delivered; (b) on the third (3<SUP>rd</SUP>)
business day after the date on which mailed by certified or registered United States mail, postage prepaid and return receipt requested;
or (c) on the same date on which transmitted by facsimile or other similar electronic means generating a receipt evidencing a successful
transmission; or (d) on the next business day after the business day on which deposited with a public carrier regulated under United
States laws for the fastest commercially available delivery (e.g., overnight), with a return receipt (or equivalent thereof administered
by such regulated public carrier) requested, in a sealed envelope addressed to the Party for whom intended at the address set forth
on the signature page of this Letter Agreement or such other address, notice of which is given as provided in this <U>Section 9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Severability</FONT></B>.
If any provision of this Letter Agreement is for any reason found to be ineffective, unenforceable, or illegal by any court having
jurisdiction, such condition shall not affect the validity or enforceability of any of the remaining portions hereof, unless it
deprives any Party hereto of any material right or license held by such Party under this Letter Agreement. The Parties shall negotiate
in good faith to replace any such ineffective, unenforceable or illegal provisions as soon as is practicable, and the substituted
provision shall, as closely as possible, have the same economic effect as the eliminated provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Independent
Contractors</FONT></B>. Performance by the Parties under this Letter Agreement shall be as independent contractors. This Letter
Agreement is not intended and shall not be construed as creating a joint venture or partnership, or as causing either Party to
be treated as the agent of the other Party for any purpose or in any sense whatsoever, or to create any fiduciary or any other
obligations other than those expressly imposed by this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Binding
Effect</FONT></B>. This Letter Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Force
Majeure</FONT></B>. Neither Party shall be liable for any default or delay in performance of any of its obligations under this
Letter Agreement if such default or delay is caused, directly or indirectly, by fire, flood, earthquake or other acts of God; labor
disputes, strikes or lockouts; wars, rebellions or revolutions; riots or civil disorder; accidents or unavoidable casualties; interruptions
in transportation or communications facilities or delays in transit or communication; supply shortages or the failure of any Person
to perform any commitment to such Party related to this Letter Agreement; or any other cause (whether similar or dissimilar to
those expressly enumerated in this <U>Section 9.5</U>) beyond such Party's reasonable control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Entire
Agreement; Amendments</FONT>. </B>This Letter Agreement, and the exhibits hereto (a) set forth the entire understanding of the
Parties concerning the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings relating
to the subject matter hereof, whether oral or written, and (b) may not be modified or amended, except by a written instrument executed
after the effective date of this Letter Agreement by the Party sought to be charged by the amendment or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Governing
Law; Jurisdiction; Venue</FONT></B>. This Letter Agreement shall be governed by and construed in accordance with applicable provisions
of the laws of the State of Texas (without regard to application of its conflict-of-law principles), and each Party hereby consents
to the jurisdiction of the courts of the State of Texas for purposes of all actions commenced to construe or enforce this Letter
Agreement. This Letter Agreement has been negotiated, executed, and delivered in Bexar County, Texas, and shall be performed in
such County, and the exclusive venue for all actions arising under with this Letter Agreement shall be the District Court in and
for Bexar, Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Attorneys'
Fees</FONT>.</B> If any action or proceeding is commenced to construe this Letter Agreement or enforce the rights and duties set
forth herein, then the Party prevailing in that action shall be entitled to recover its costs and fees in that action, as well
as the costs and fees of enforcing any judgment entered therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Waiver</FONT></B>.
No waiver of any term, provision or condition of this Letter Agreement, the breach or default thereof, by conduct or otherwise,
in one or more instances shall be deemed to be either a continuing waiver or a waiver of a subsequent breach or default of any
such term, provision or condition of this Letter Agreement. The failure of any Party hereto to enforce at any time any provision
of this Letter Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this
Letter Agreement or any part hereof or the right of any Party thereafter to enforce each and every such provision. No waiver of
any breach of this Letter Agreement shall be held to constitute a waiver of any other or subsequent breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Construction</FONT></B>.
This Letter Agreement is the result of negotiations between the Parties and neither of the Parties entering into this Letter Agreement
has acted under any duress or compulsion, whether legal, economic or otherwise. The Parties hereby waive the application of any
rule of law that ambiguous or conflicting terms or provisions should be construed against the Party who (or whose attorney) prepared
this Letter Agreement or any earlier draft of the same. In this Letter Agreement, the word &quot;<I>Person</I>&quot; includes any
individual, company, trust or other legal entity of any kind, and the word &quot;<I>include(s)</I>&quot; means &quot;include(s),
without limitation,&quot; and the word &quot;<I>including</I>&quot; means &quot;including, but not limited to.&quot; Unless the
context of this Letter Agreement otherwise clearly requires, references to the plural include the singular and the singular the
plural. Unless otherwise expressly indicated herein, the words &quot;<I>hereof,</I>&quot; &quot;<I>hereunder,</I>&quot; and similar
terms in this Letter Agreement refer to this Letter Agreement as a whole and not to any particular provision of this Letter Agreement.
All references to &quot;<I>Section</I>&quot; herein shall refer to the sections and paragraphs of this Letter Agreement unless
specifically stated otherwise. The section and other headings, if any, contained in this Letter Agreement are inserted for convenience
of reference only, and they neither form a part of this Letter Agreement nor are they to be used in the construction or interpretation
of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Counterparts;
Electronic Signatures. </FONT></B>This Letter Agreement may be executed in counterparts, each of which shall be deemed an original
and all of which, taken together, shall constitute one and the same instrument, binding on each signatory thereto. This Letter
Agreement may be executed by signatures delivered by facsimile or email, and a copy hereof that is executed and delivered by a
Party by facsimile or email will be binding upon that Party to the same extent as a copy hereof containing that Party's original
signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Acceptance
of Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the provisions of this Letter Agreement
are acceptable, then please sign and date this Letter Agreement in the spaces provided below and return a copy to me by facsimile
or email. If we do not receive from you prior 11:59 p.m., Central Time, on February 10, 2017, a copy of this Letter Agreement that
you have executed to indicate your acceptance, then the offer memorialized above will expire at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signatures appear on following page</I>.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We look forward to hearing from you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>EnerJex Resources, Inc., </B></FONT><FONT STYLE="font-size: 10pt">a Nevada corporation</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>EnerJex Kansas, Inc</B></FONT><FONT STYLE="font-size: 10pt">. (f/k/a Midwest Energy, Inc.), a Nevada corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 46%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 46%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Working Interest, LLC</B></FONT><FONT STYLE="font-size: 10pt">, a Texas limited liability company</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Black Sable Energy, LLC</B></FONT><FONT STYLE="font-size: 10pt">, a Texas limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Black Raven Energy, Inc</B></FONT><FONT STYLE="font-size: 10pt">., a Nevada corporation</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Adena, LLC</B></FONT><FONT STYLE="font-size: 10pt">, a Colorado limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Acceptance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned agrees
to and accepts the foregoing terms and conditions of this Letter Agreement, and agrees to be legally bound by the provisions of
the lettered paragraphs under the heading &quot;Binding and Enforceable Provisions,&quot; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>PWCM Investment Company IC LLC</B></FONT>,&nbsp;&nbsp;a Delaware limited liability company </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 46%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Appendix
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>to</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Letter
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>List
of Loan Documents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amended and Restated Credit Agreement among Texas Capital Bank, N.A.,
as Administrative Agent (&ldquo;<U>TCB</U>&rdquo;), the other financial institutions and banks Party thereto from time to time,
EnerJex Resources, Inc. (&ldquo;<U>EnerJex</U>&rdquo;), EnerJex Kansas, Inc. (&ldquo;<U>EnerJex Kansas</U>&rdquo;), DD Energy,
Inc. (&ldquo;<U>DD Energy</U>&rdquo;), Working Interest, LLC (&ldquo;<U>Working Interest</U>&rdquo;, and Black Sable Energy, LLC
(&ldquo;<I>Black Sable</I>,&rdquo; together with EnerJex, EnerJex Kansas, DD Energy and Working Interest, &ldquo;<U>Borrowers</U>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amended and Restated Mortgage, Security Agreement, Financing Statement
and Assignment of Production and Revenues from Working Interest to and in favor of TCB (&ldquo;<U>Amended and Restated Mortgage</U>&rdquo;)
with Mortgage Tax Affidavit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Second Amended and Restated Mortgage, Security Agreement, Financing
Statement and Assignment of Production and Revenues from EnerJex Kansas and DD Energy to and in favor of TCB (&ldquo;<U>Second
Amended and Restated Mortgage</U>&rdquo;) with Mortgage Tax Affidavit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Master Amendment to, and Ratification of, Collateral Documents dated
August 13, 2014 (recorded in Anderson, Douglas, Franklin, Greenwood, Johnson, Linn, Miami and Woodson Counties, KS).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">First Amendment to Amended and Restated Credit Agreement dated December 4, 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">First Amendment to Second Amended and Restated Mortgage; Ratification
of Liens; and Release of Liens dated December 4, 2011 among EnerJex Kansas, DD Energy, Rantoul Partners (&ldquo;<U>Rantoul</U>&rdquo;)
and TCB (&ldquo;<U>First Amendment</U>&rdquo;) with Mortgage Tax Affidavit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">Second Amendment to Amended and Restated Credit Agreement dated August 31, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mortgage, Security Agreement, Financing Statement and Assignment
of Production and Revenues dated August 31, 2012 from Working Interest, LLC to TCB (with Mortgage Registration Tax Affidavit).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deed of Trust, Mortgage, Security Agreement, Financing Statement
and Assignment of Production and Revenues dated August 31, 2012 from Black Sable Energy, LLC to TCB.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">Third Amendment to Amended and Restated Credit Agreement dated November 2, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Fourth Amendment to Amended and Restated Credit Agreement dated January 24, 2014, but effective
December 31, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">First Amendment to Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment
of Production and Revenues by Working Interest, as Mortgagor, and TCB, as Mortgagee (&ldquo;<U>First Amendment to WI A&amp;R Mortgage</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from
Working Interest to TCB (&ldquo;<U>WI Mortgage</U>&rdquo;), with Mortgage Registration Tax Certificate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

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                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">1, Page&nbsp;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><FONT STYLE="font-variant: small-caps">1</FONT><!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">Fifth Amendment to Amended and Restated Credit Agreement dated September 30, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and
Revenues dated September 30, 2013 from Adena to Chris D. Cowan, trustee, for the benefit of Agent (in such capacity, the &ldquo;<U>Collateral
Agent</U>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Morgan County, CO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Phillips County, CO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sedgwick County, CO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">Sixth Amendment to Amended and Restated Credit Agreement dated November 19, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Third Amended and Restated Note dated November 19, 2013 by Borrowers
and made payable to Texas Capital Bank, N.A. in the original principal amount of $65,789,473.68.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">Note dated November 19, 2013 by Borrowers and made payable to IBERIABANK in the original principal
amount of $34,210,526.32.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">Seventh Amendment to Amended and Restated Credit Agreement dated June 16, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify">Eighth Amendment to Amended and Restated Credit Agreement dated as of August 13, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify">Master Amendment to, and Ratification of, Collateral Documents dated as of August 13, 2014 (recorded
in Anderson, Douglas, Franklin, Greenwood, Johnson, Linn, Miami, and Woodson Counties, Kansas).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">22.</TD><TD STYLE="text-align: justify">Ninth Amendment to Amended and Restated Credit Agreement dated as of April 29, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">23.</TD><TD STYLE="text-align: justify">Tenth Amendment to Amended and Restated Credit Agreement dated effective as of August 12, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">24.</TD><TD STYLE="text-align: justify">First Amendment to Mortgage, Security Agreement, Financing Statement and Assignment of Production
and Revenues dated effective October 2, 2015 among Working Interest and Agent (recorded in Woodson County, KS).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mortgage Registration Tax Affidavit dated October 16, 2015 executed
by Working Interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">25.</TD><TD STYLE="text-align: justify">Second Amendment to Second Amended and Restated Mortgage, Security Agreement, Financing Statement
and Assignment of Production and Revenues dated effective October 2, 2015 among EnerJex Kansas and Agent (recorded in Woodson County,
KS).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">26.</TD><TD STYLE="text-align: justify">First Amendment to Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment
of Production and Revenues dated effective October 2, 2015 among Black Sable and Agent (recorded in Atascosa County, TX).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">27.</TD><TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and
Revenues dated effective October 2, 2015 from Black Sable to Agent (recorded in Frio County, TX).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

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                                         1, Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">28.</TD><TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and
Revenues dated effective October 2, 2015 from Black Raven to Agent (recorded in Weld County, CO).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">29.</TD><TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and
Revenues dated effective October 2, 2015 from Black Raven to Agent (recorded in Phillips and Sedgwick Counties, CO).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">30.</TD><TD STYLE="text-align: justify">Eleventh Amendment to Amended and Restated Credit Agreement dated effective as of November 13,
2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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                                         1, Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Appendix
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>to</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Letter
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Description
of Colorado Bonds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>To Follow</I>.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->


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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v459370_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LOAN SALE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS LOAN SALE AGREEMENT<B>
</B>(this &ldquo;<B><I>Agreement</I></B>&rdquo;), dated as of February&nbsp;10, 2017 is between PWCM Master Fund, Ltd. (parent
of PWCM Investment Company IC LLC), as an indemnitor hereunder (&ldquo;<B><I>PWCM</I></B>&rdquo;), the certain financial institutions
listed on the signature pages hereto (each, individually, a &ldquo;<B><I>Buyer</I></B>&rdquo; and collectively, the &ldquo;<B><I>Buyers</I></B>&rdquo;);
Texas Capital Bank, N.A. (&ldquo;<B><I>TCB</I></B>&rdquo;) and IberiaBank (&ldquo;<B><I>IberiaBank</I></B>&rdquo;) (collectively,
&ldquo;<B><I>Seller</I></B>&rdquo;); and EnerJex Resources, Inc., a Nevada corporation (&ldquo;<B><I>Parent</I></B>&rdquo;), EnerJex
Kansas, Inc. (f/k/a Midwest Energy, Inc.), a Nevada corporation (&ldquo;<B><I>EnerJex Kansas</I></B>&rdquo;), Working Interest,
LLC, a Texas limited liability company (&ldquo;<B><I>Working Interest</I></B>&rdquo;), and Black Sable Energy, LLC, a Texas limited
liability company (&ldquo;<B><I>Black Sable</I></B>&rdquo;), Black Raven Energy, Inc., a Nevada corporation (&ldquo;<B><I>Black
Raven</I></B>&rdquo;) and Adena, LLC, a Colorado limited liability company (&ldquo;<B><I>Adena</I></B>&rdquo;) (collectively, the
&ldquo;<B><I>Borrower</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><U>Recitals:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Seller made
the loan or loans to the Borrower under the promissory note or notes referred to on <B><U>Schedule&nbsp;One</U></B> of the Assignment
of Loan Documents (hereinafter defined) (the &ldquo;<B><I>Loan</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, TCB is the
Administrative Agent (the &ldquo;<B><I>Administrative Agent</I></B>&rdquo;) for itself and IberiaBank under an Amended and Restated
Credit Agreement dated October 3, 2011 (as amended prior to the date hereof) (the &ldquo;<B><I>Credit Agreement</I></B>&rdquo;),
between the Borrower, DD Energy, Inc., a Nevada corporation (&ldquo;<B><I>DD Energy</I></B>&rdquo;), the Administrative Agent and
the Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Seller desires
to sell to Buyers, and Buyers desire to purchase from Seller, Seller&rsquo;s right, title, and interest in, to and under the Loan
under the Loan Documents, on the terms and conditions set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, DD Energy
was released from its obligations under the Credit Agreement and other Loan Documents by the Eighth Amendment to Amended and Restated
Credit Agreement dated August 13, 2014;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, IN
CONSIDERATION of the premises and of the mutual representations, warranties, and covenants which are made and to be performed by
the respective parties, it is agreed as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
I</U><BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.<B>
</B>The following capitalized terms shall have the meanings ascribed to such terms in this <B>Section&nbsp;1.01</B> for all purposes
of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Administrative
Agent</I></B>&rdquo; shall have the meaning assigned in the second Recital of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Agreement</I></B>&rdquo;
shall have the meaning assigned in the preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Allonge</I></B>&rdquo;
means an allonge in all material respects in the form of <B><U>Exhibit&nbsp;B</U></B> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Assignment
of Loan Documents</I></B>&rdquo; shall mean the Assignment of Loan Documents, in all material respects in the form of <B><U>Exhibit&nbsp;A</U></B>
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Assignment
of Mortgage</I></B>&rdquo; shall mean an assignment of a mortgage or deed of trust which secures the Note substantially in the
form of <B><U>Exhibit&nbsp;D</U></B> hereto, executed by TCB as the Administrative Agent in favor of the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Buyer&rdquo;
and &ldquo;Buyers</I></B>&rdquo; shall have the respective meanings referenced in the preamble of this Agreement and listed specifically
on the signature pages of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Borrower</I></B>&rdquo;
shall have the meaning referenced in the preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Borrower
Affiliate</I></B>&rdquo; shall have the meaning assigned in <B>Section&nbsp;3.02(j)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Business
Day</I></B>&rdquo; shall mean any day other than Saturday, Sunday or holiday on which the Seller is authorized by law to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Cash</I></B>
<B><I>Purchase Price</I></B>&rdquo; shall have the meaning assigned in <B>Section&nbsp;2.01(b)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Closing</I></B>&rdquo;
shall have the meaning assigned in <B>Section&nbsp;7.012</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Closing
Date</I></B>&rdquo; shall have the meaning assigned in <B>Section&nbsp;7.012</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Collateral</I></B>&rdquo;
has the meaning assigned in the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Credit
Agreement</I></B>&rdquo; shall have the meaning assigned in the second Recital of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>DD Energy</I></B>&rdquo;
shall have the meaning assigned in the second Recital of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Effective
Date</I></B>&rdquo; shall be February 17, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Excluded
Documents</I></B>&rdquo; shall have the meaning assigned in <B>Section&nbsp;2.01(e)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Investment
Letter</I></B>&rdquo; means investment letters from each Buyer in all material respects in the form of <B><U>Exhibit&nbsp;C</U></B>
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Liability</I></B>&rdquo;
shall have the meaning assigned in <B>Section&nbsp;5.01</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&ldquo;Lien&rdquo;</I></B>
shall have the meaning assigned in the Credit Agreement (as defined in the Recitals hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan</I></B>&rdquo;
shall have the meaning assigned in the first Recital of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan Documents</I></B>&rdquo;
shall mean the documents identified on <B><U>Schedule One</U></B> of the Assignment of Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loan Rights</I></B>&rdquo;
shall mean all of Seller&rsquo;s right, title and interests in, to and under the Loan Documents, excluding the Reserved Obligations
(as defined in the Assignment of Loan Documents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>New Administrative
Agent</I></B>&rdquo; shall have the meaning assigned such terms in <B>Section</B> <B>2.01(a)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Note</I></B>&rdquo;
shall have the meaning assigned in <B>Section&nbsp;7.03(a)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>OFAC</I></B>&rdquo;
shall mean the U.S. Department of the Treasury Office of Foreign Assets Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, or a governmental entity (or any department, agency, or political subdivision
thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Real Property</I></B>&rdquo;
shall mean the real property described in the mortgages and deeds of trust (and amendments thereto) listed on <B><U>Schedule&nbsp;One</U></B>
of the Assignment of Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Released
Claims</I></B>&rdquo; shall have the meaning assigned in <B>Section 6.01(a)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Released
Parties</I></B>&rdquo; shall have the meaning assigned in <B>Section 6.01(a)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Releasing
Parties</I></B>&rdquo; shall have the meaning assigned in <B>Section 6.01(a)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Sanctioned
Country</I></B>&rdquo; shall mean a country subject to a sanctions program identified on the list maintained by OFAC and available
online at <U>http://www.treas.gov/offices/enforcement/ ofac/programs/index.shtml</U>, or as otherwise published from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Sanctioned
Person</I></B>&rdquo; shall mean (i) a person named on the list of Specially Designated Nationals or Blocked Persons maintained
by OFAC available online at <U>http://www.treas.gov/ offices/enforcement/ofac/sdn</U>, or as otherwise published from time to time,
or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or (C)
a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities
Act</I></B>&rdquo; shall have the meaning assigned in <B>Section&nbsp;3.02(f)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Seller</I></B>&rdquo;
shall have the meaning assigned in the preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Seller
Parties</I></B>&rdquo; shall mean the Administrative Agent, each bank comprising the Seller, and their respective officers, directors,
partners, employees, investors, shareholders and affiliates, and the attorneys and agents of each of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Synthetic
Equity Interest</I></B>&rdquo; shall have the meaning assigned in <B>Section 2.01(b)(ii)</B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">1.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Rules
of Interpretation</U>. Singular terms shall include the plural, and vice versa, unless the context otherwise requires. Exhibits,
schedules and addendums referenced in this Agreement are deemed to be incorporated herein by reference. The term &ldquo;including&rdquo;
shall mean &ldquo;including without limitation.&rdquo; The provisions of the exhibits attached hereto are incorporated herein by
reference and form a part of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
II</U><BR>
<BR>
PURCHASE AND SALE OF LOAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale of Loan; Assumption of Obligations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase,
Sale, and Transfer</U>. With effect on and after the Closing Date and subject to the terms and conditions set forth herein, Seller
shall assign, transfer and convey to Buyers, and Buyers shall purchase and acquire from Seller, all of Seller&rsquo;s right, title,
and interest in, to and under the Loan Rights. The conveyance shall be made pursuant to documents substantially in the form of
the assignment documents annexed hereto as <B><U>Exhibit&nbsp;A</U></B> (Assignment of Loan Documents) and <B><U>Exhibit&nbsp;B</U></B>
(Allonge). Moreover, on the Closing Date, the Administrative Agent shall be deemed to have resigned its position as administrative
agent under the Amended and Restated Credit Agreement dated October 3, 2011, between the Borrower, DD Energy, and upon such resignation,
Cortland Capital Market Services LLC (the &ldquo;<B><I>New Administrative Agent</I></B>&rdquo;) shall assume the role as administrative
agent thereunder. On or before the Effective Date, (i) each of the parties shall have executed and delivered a counterpart to this
Agreement and (ii) the parties shall have executed and delivered all other documents required to effect a transfer of the Loan
Rights from Seller to Buyers, including, without limitation, all requisite documentation set forth in this Section 2.01(a), Section
7.03 and Section 7.04. On the Effective Date, Buyers shall deliver the Cash Purchase Price to Seller. Upon payment of the Cash
Purchase Price, Buyers shall be deemed to have assumed all of Seller&rsquo;s liabilities and obligations of every nature whatsoever
with respect to the Loan, the Loan Rights and the Loan Documents existing as of the Closing Date. Without limiting the foregoing,
effective as of Closing, Buyers shall be solely responsible for the existence of any and all insurance pertaining to the Loan Rights,
including casualty and liability insurance coverage relating to the Real Property. The obligations of the parties to consummate
the transactions contemplated hereby are subject to the following conditions, any and all of which may be waived in writing, in
whole or in part, by each party to the extent permitted by applicable law: (i) each party shall have performed in all material
respects all of its obligations set forth herein required to be performed by it on or prior to the Effective Date and (ii) the
representations of each party set forth herein shall be true in all material respects as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash
Purchase Price; Synthetic Equity</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyers
shall, collectively, pay to the Administrative Agent for the benefit of Seller the amount of Five Million and No/100 Dollars ($5,000,000)
(the &ldquo;<B><I>Cash</I></B> <B><I>Purchase Price</I></B>&rdquo;) by wire transfer for the Loan Rights, in accordance with the
requirements of <B>Article VII</B> of this Agreement (which shall be paid to Seller via wire transfer(s), but will be funded according
to the amounts indicated in Exhibit E).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall be entitled to a Synthetic Equity Interest (as more specifically defined in <B><U>Addendum&nbsp;One</U></B> hereto)
(the &ldquo;<B><I>Synthetic Equity Interest</I></B>&rdquo;), equal to 10% of the Proceeds (also as defined in <B><U>Addendum&nbsp;One</U></B>
hereto), after Buyer&rsquo;s realization of a 150% return on the Cash Purchase Price within five (5) years of the Closing Date.
The payment on the Synthetic Equity Interest shall be distributed 65.78947368% to TCB and 34.21052632% to IberiaBank within 10
days following the last day of the calendar month in which such Net Proceeds were realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to the expiration of five years from the Effective Date, Buyers may acquire the interest described in <U>clause
(ii)</U> preceding by the payment of $2,500,000 in immediately available funds consisting of a payment of $1,644,736.84 to TCB
and a payment of $855,263.16 to IberiaBank. Upon the timely payment of such $2,500,000.00, the interest described in <U>clause&nbsp;(ii)</U>
preceding shall be deemed transferred to Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyers
shall provide Seller notice within three (3) business days of the occurrence of an event giving rise to payment under Section 2.01(b)(ii),
and notice no later than three (3) business days prior to Buyers&rsquo; exercise of its rights under Section 2.01(b)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No
Recourse</U>. The conveyance of the Loan Rights is made by Seller to Buyers without recourse and, except as set forth in Section&nbsp;3.01
of this Agreement, without representation or warranty, express or implied, oral or written. Without limiting the preceding sentence,
Seller parties shall not be liable to any Buyer, or such Buyer&rsquo;s successors, successors-in-title, legal representatives,
or assigns, should Borrower fail to perform any of Borrower&rsquo;s obligations under the Loan Documents or otherwise. As of the
Effective Date, one or more defaults or events of default by Borrower have occurred and are continuing under the Loan Documents.
Buyers are purchasing the Loan Rights (i) subject to all defaults and events of default that have occurred and which will exist
as of the Closing Date, and (ii) with the Loan Documents, in their &ldquo;as is&rdquo; and &ldquo;with all faults, defaults and
events of default&rdquo; condition. Upon the Closing, Seller parties shall have no further responsibility or liability for the
Loan or under the Loan Documents and all risk of loss or damage with respect to the Loan, the Loan Rights and the Loan Documents
shall be assumed and borne by Buyers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guaranties</U>.
No guaranties of the Loans are being conveyed to Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excluded
Documents</U>. Buyers acknowledge that the only documents included in the Loan Documents are those described in <B><U>Schedule&nbsp;One</U></B>
of the Assignment of Loan Documents and that other documents, certificates, reports, analyses and other information concerning
the Loan Rights are excluded from the Loan Documents. These excluded documents, referred to herein as &ldquo;<B><I>Excluded Documents,</I></B>&rdquo;
may include material information which, if known to Buyers, could have a material influence upon Buyers&rsquo; assessment of the
(i)&nbsp;value, (ii) merits, (iii) risks, and (iv) hazards inherent with the Loan Rights, and Buyers accept such risks by entering
into this Agreement and such risks shall be borne solely by Buyers. The Excluded Documents are not sold, transferred, assigned
or conveyed by Seller to Buyers. In no event shall Buyers at any time be entitled to review or have access to Seller&rsquo;s assessments
of the Loan and the Real Property, attorney-client privileged materials, and internal communications or strategies of Seller for
the Loan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
III</U><BR>
<BR>
Representations and Warranties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seller
Representations and Warranties</U>. Seller represents and warrants to Buyers, as of the Effective Date and as of the Closing Date,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
is the owner of the Loan Rights free and clear of any Lien, and Seller shall have the right on the Closing Date to assign the Loan
Rights to Buyers free and clear of any Lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
has full power and authority, and has taken all action necessary to authorize it, to enter into and perform its obligations under
this Agreement and all other documents or instruments contemplated hereby. This Agreement has been duly authorized, executed and
delivered by Seller and the execution, delivery and performance of this Agreement by Seller does not conflict with the organizational
documents of Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to TCB&rsquo;s computer loan system (i) as of January&nbsp;24, 2017, the outstanding principal balance of the Loan is $17,925,000.00
and (ii) the Loan has matured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
proceedings are pending against Seller or, to the best of Seller&rsquo;s knowledge, threatened against Seller that, in the aggregate,
will materially and adversely affect (i) the Loan Rights or (ii) any action taken or to be taken by Seller under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Buyer
Representations and Warranties</U>. Each Buyer represents and warrants to Seller, as of the Effective Date and as of the Closing
Date, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer has full power and authority and has taken all action necessary to authorize it to enter into and perform its obligations
under this Agreement and all other documents or instruments contemplated hereby. This Agreement has been duly authorized, executed
and delivered by each Buyer, constitutes the legal, valid and binding obligation of each Buyer, and is enforceable against each
Buyer in accordance with its terms. The execution, delivery and performance of this Agreement by each Buyer does not conflict with
the organizational documents of each Buyer, or with any law, statute or regulation applicable to each Buyer, or any mortgage, indenture
or other contract or agreement to which each Buyer is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer is a sophisticated investor having such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks relating to its purchase of the Loan Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer is a &ldquo;United States person&rdquo; within the meaning of Paragraph 7701(a)(30) of the Internal Revenue Code of 1986,
as amended. Neither Buyer nor any affiliate of Buyer is a Sanctioned Person, (i) has assets in Sanctioned Countries, or (ii) derives
any of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has provided all data and information regarding the Loan Rights and all matters relating thereto requested by each Buyer,
including information satisfactory to each Buyer relating to any Collateral, including the Loan Documents. Other than Seller&rsquo;s
representations and warranties in <B>Section&nbsp;3.01</B> of this Agreement, each Buyer has in no way relied on data and information
provided by the Seller. The decision of each Buyer to purchase the Loan Rights is, and will be, based solely upon each Buyer&rsquo;s
independent evaluation of all such information and materials supplied by the Borrower. Each Buyer acknowledges that prior to the
Closing Date, it shall have conducted sufficient due diligence, with access to expert technical and legal advice, to enable each
Buyer to evaluate the merits and risks of acquiring and assuming the Loan Rights. Each Buyer has relied and shall rely solely on
its own investigation and other than Seller&rsquo;s representations and warranties in <B>Section&nbsp;3.01</B> of this Agreement,
each Buyer has not relied and will not rely upon any information supplied by the Seller, nor on any oral or written statements
or representations by Seller or any of the Seller Parties. Without limiting the foregoing, except as may be set forth in <B>Section&nbsp;3.01</B>,
no representations or warranties are or have been made to any Buyer regarding (i) the collectability or value of the Loan Rights;
(ii) the credit worthiness of Borrower or the ability of Borrower to perform pursuant to the terms and conditions of the Loan Documents;
(iii) the value of any collateral described in the Loan Documents; (iv) Borrower&rsquo;s ownership of or title to the Real Property
and any other property, real or personal, securing the payment of the Loan, or (v) the extent, validity, priority or perfection
of any mortgage, security interest or other lien relating to the Loan Rights. Each Buyer accepts all risk of monetary loss arising
from or relating to its purchase and enforcement of the Loan Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer acknowledges that (i) Seller and the other Seller Parties make no warranties or representations as to the accuracy or completeness
of any information relating to any Collateral, including, but not limited to any reserve reports or assessments which Seller and
the other Seller Parties may have, and any such reserve reports, analyses or assessments, to the extent provided to each Buyer,
is for information purposes only without any assurance that such reports, analyses or assessments are accurate, complete or timely
in any respect; (ii) each Buyer has not relied and will not rely upon any representations or warranties of Seller and the other
Seller Parties, express or implied, concerning the information relating to any Collateral, including, but not limited to any reserve
reports, analyses or assessments referred to in the immediately preceding sentence; (iii) Seller and the other Seller Parties make
no warranties or representations as to the quality, quantity or functionality of any real or personal property that serves as Collateral
for the payment of any of the Loan, including the Real Property; and (iv) each Buyer will rely solely upon its own investigation
of the Collateral. Upon Closing, each Buyer will assume the risk that adverse matters, including adverse physical and environmental
conditions, may not have been revealed by the inspections and investigations performed by each Buyer or by any of the Loan Documents
or other materials provided to or examined by each Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer is acquiring the Loan Rights for its own account and not with a view toward any public sale or distribution thereof and Buyer
does not intend to sell, offer for sale or syndicate the Loan Rights or fractional interests in the Loan Rights or in any Buyer
in connection with the purchase of the Loan Rights. No Buyer nor anyone acting on behalf of any Buyer has offered, transferred,
pledged, sold, or otherwise disposed of the Loan Rights or any interest in the Loan Rights or solicited any offer to buy or accept
a transfer, pledge or other disposition of the Loan Rights or any interest in the Loan Rights, or otherwise negotiated with respect
to the Loan Rights, any interest in the Loan Rights with any Person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action that would constitute a distribution of the Loan Rights under
the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), or that would render the disposition of
the Loan Rights a violation of <B>Section&nbsp;5</B> of the Securities Act or require registration pursuant thereto, nor will it
act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Loan Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer acknowledges that its obligations under this Agreement are not conditioned upon, or qualified by, the ability of that Buyer
to obtain any debt or equity financing of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Buyer has dealt with any broker, investment banker, agent, or other similar Person, who may be entitled to any commission, or other
similar compensation or payment in connection with the sale of the Loan Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer acknowledges that Seller shall have no responsibility or liability to any Buyer arising out of or related to the failure
of any Person to assist or cooperate with any Buyer. No Buyer is relying upon the continued actions or efforts of Seller or any
third party in connection with its decision to purchase the Loan Rights. All risks attendant to the potential failure or refusal
of any Person that is not a party to this Agreement to assist or cooperate with either any Buyer or Seller in the effective transfer
and assignment of the Loan Rights shall be borne solely by each Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the shareholders, members, partners, officers, directors or managers of any of the Buyers is either (i) the Borrower (ii) a
shareholder, member, partner, officer, director, manager, employee or agent of the Borrower or any entity directly or indirectly
controlling or under direct or indirect control of Borrower, or (iii) Robert Watson (each, a &ldquo;<B><I>Borrower Affiliate</I></B>&rdquo;).
It is not anticipated that any Borrower Affiliate will have any interest in any Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Buyer has reason to believe that it has received directly or indirectly from any Borrower Affiliate any material information relating
to the Borrower, the Loan Rights or the Collateral that the Borrower Affiliate in question has not made available to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Buyer is not now, and immediately after giving effect to the transactions contemplated hereby, shall not be insolvent within the
meaning given that term under 11 U.S.C.&sect;101(32) and other applicable laws relating to fraudulent transfers and conveyances
and each Buyer shall: (a) be able to pay their respective debts as they become due; (b) own property that has a fair saleable value
greater than the amounts required to pay their respective debts (including a reasonable estimate of the amount of all contingent
liabilities, which shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability); and (c) have adequate capital
to carry on their respective businesses. No transfer of property is being made and no obligation is being incurred in connection
with the transactions contemplated hereby with the intent to hinder, delay or defraud either present or future creditors of <FONT STYLE="font-size: 10pt">each
</FONT>Buyer or Seller. In connection with the transactions contemplated hereby, each Buyer has not incurred, nor plans to incur,
debts beyond its respective ability to pay as they become absolute and matured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PWCM
Representations and Warranties as Indemnitor</U>. PWCM represents and warrants to Seller, as of the Effective Date and as of the
Closing Date, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWCM
has full power and authority and has taken all action necessary to authorize it to enter into and perform under Section 6.01(b)
of this Agreement.&nbsp; The indemnification by PWCM has been duly authorized, executed and delivered by PWCM, constitutes the
legal, valid and binding obligation of PWCM, and is enforceable against PWCM in accordance with its terms.&nbsp; The execution,
delivery and performance of the indemnification by PWCM does not conflict with the organizational documents of PWCM, or with any
law, statute or regulation applicable to PWCM, or any mortgage, indenture or other contract or agreement to which PWCM is a party.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has provided any data and information as requested by PWCM, and PWCM has in no way relied on data and information provided
by the Seller.&nbsp; PWCM acknowledges that (i) Seller and the other Seller Parties make no warranties or representations as to
the accuracy or completeness of any information to the extent provided to PWCM; (ii) PWCM has not relied and will not rely upon
any representations or warranties of Seller and the other Seller Parties, express or implied; and (iv) PWCM will rely solely upon
its own investigation relative to its indemnification under this Agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWCM
is not now, and immediately after giving effect to the indemnification contemplated hereby, shall not be insolvent within the meaning
given that term under 11 U.S.C.&sect;101(32) and other applicable laws relating to fraudulent transfers and conveyances and PWCM
shall: (a) be able to pay its respective debts as they become due; (b) own property that has a fair saleable value greater than
the amounts required to pay their respective debts (including a reasonable estimate of the amount of all contingent liabilities,
which shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability); and (c) have adequate capital to carry on its
respective businesses. In undertaking the indemnity hereunder, PWCM is in no way incurring an obligation with the intent to hinder,
delay or defraud either present or future creditors of <FONT STYLE="font-size: 10pt">PWCM, each </FONT>Buyer or Seller. In connection
with the transactions contemplated hereby, PWCM has &nbsp;not incurred, nor plans to incur, debts beyond their respective ability
to pay as they become absolute and matured.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
IV</U><BR>
<BR>
Covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of Seller</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. During the 60 days after the Closing Date, Seller will execute and deliver, at the sole cost and expense of Buyers
(including Seller&rsquo;s reasonable attorneys&rsquo; fees), such additional instruments as Buyers may, during such time, reasonably
request in order to effectuate the purpose and terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of Buyers and Borrower</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Name of Seller</U>.<B> </B>No<B> </B>Buyer shall (i) institute any enforcement or legal action or proceeding in the name of
Seller; (ii) refer to Seller in any correspondence to or discussion with Borrower regarding enforcement or collection of the Loan
except as is reasonably required to evidence such Buyer&rsquo;s ownership of the Loan Rights; (iii) misrepresent, mislead, deceive,
or otherwise fail to adequately disclose to Borrower the identity of such Buyer and its ownership of the Loan Rights; or (iv) use
Seller&rsquo;s name, or any name derived from or confusingly similar with the name of Seller in connection with such Buyer&rsquo;s
enforcement, collection, or management of the Loan Rights, except as required to evidence such Buyer&rsquo;s purchase of the Loan
Rights. Each Buyer acknowledges that there may be no adequate remedy at law for a violation of the terms of this <B>Section&nbsp;4.02(a)</B>,
and Seller shall have the right to seek the entry of an order by a court of competent jurisdiction enjoining any violation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U>.<U></U>
Each Buyer shall deliver or cause to be delivered to TCB and IberiaBank the reports described in <B><U>Addendum&nbsp;One</U></B>
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit
Rights</U>.<U STYLE="text-decoration: none"> </U>To the extent reasonably related to the Synthetic Equity
Interest, each of the Buyers and the entities comprising the Borrower shall permit any officer, employee or representative of TCB
or IberiaBank (i) to examine its books of account (and to make copies thereof and take extracts therefrom) and to discuss the affairs,
finances and accounts with and to be advised as to the same by its officers and independent accountants from time to time upon
two Business Days&rsquo; notice and (ii) to inspect the oil and gas properties of each entity comprising the Borrower from time
to time upon three Business Days&rsquo; notice, for the period of time the Sellers have the Synthetic Equity Interest and such
Synthetic Equity Interest is outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. Each Buyer shall execute and deliver such additional instruments and take such further actions as Seller may, from
time to time, reasonably request, in order to effectuate the purpose and to carry out the terms of this Agreement. In this regard,
each party shall pay its own fees and expenses.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
V</U><BR>
<BR>
Limitation of Liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U>. If Seller Parties for any reason ever becomes liable to any Buyer under any circumstances, resulting from or
related to this Agreement, for any claim, loss, cost, damage, judgment, expense or other liability of any kind, whether sounding
in tort, fraudulent inducement, contract, strict liability, statute or other theory, including reasonable attorneys&rsquo; fees
(collectively, a &ldquo;<B><I>Liability</I></B>&rdquo;), then such Buyer&rsquo;s recourse against Seller Parties for such Liability
shall be limited to the lesser of: (i) the Cash Purchase Price, less payments and the value of all other consideration received
by such Buyer in respect of the Note and other Loan Rights, including the value of the Real Property; and (ii) the actual loss
or damage sustained by such Buyer. Seller Parties shall have no liability to any Buyer, and no Buyer shall have recourse against
Seller Parties, if any Buyer has taken any action, or omitted to take any action, the consequence of which is to materially alter
or amend, or to compromise, impair or otherwise adversely affect, any of the Loan Rights. In no event shall Seller Parties have
any responsibility for a Liability occurring or reported in writing to Seller more than sixty (60) days after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repurchase
Option</U>. Only upon the occurrence of a Liability, Seller shall have the option, but not the obligation, to purchase the Loan
Rights from Buyers for an amount equal to the Cash Purchase Price minus any payments and the value of other consideration received
by Buyers in respect of the Note and other Loan Rights, and Buyers shall execute all documents Seller may request, and paid for
at Seller&rsquo;s sole cost and expense, to effectuate such purchase and transfer, free and clear and clear of any Lien. If Seller
exercises its option to purchase the Loan Rights pursuant to this <B>Section&nbsp;5.02</B>, Seller shall not be liable to Buyers
for any Liability.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
VI</U><BR>
<BR>
INDEMNIFICATION AND RELEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Release</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><B><U>waiver
and release</U>. </B></FONT><B>Each of the entities comprising the Borrower for itself, its successors and assigns and all those
at interest therewith (collectively, the &ldquo;<U>Releasing Parties</U>&rdquo;), jointly and severally, hereby voluntarily and
forever, RELEASES, DISCHARGES AND ACQUITS each of the Administrative Agent, TCB, IberiaBank and the other Seller Parties and their
respective officers, directors, shareholders, employees, agents, successors, assigns (including, without limitation, the Buyers),
representatives, affiliates and insurers (sometimes referred to below collectively as the &ldquo;<U>Released Parties</U>&rdquo;)
and all those at interest therewith of and from any and all claims, demands, actions, remedies, causes of action, debts, liabilities,
contracts, damages, costs (including, without limitation, attorneys&rsquo; fees and all costs of court or other proceedings), expenses
and losses of every kind or nature (INCLUDING, WITHOUT LIMITATION, OFFSETS, REDUCTIONS, REBATES OR CLAIMS OF USURY OR CLAIMS WITH
RESPECT TO THE NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY OF THE RELEASED PARTIES) at this time known or unknown, direct or indirect,
fixed or contingent, in law, by statute, in admiralty or equity which the Releasing Parties, for themselves, their successors and
assigns, and all those at interest therewith, ever had, now have, or hereafter can, shall or may have, for, upon or by reason or
arising out of any act, occurrence, transaction, or omission occurring from the beginning of time to the date of execution of this
Agreement if directly or indirectly related to this Agreement, the Note or the other Loan Documents (the &ldquo;<U>Released Claims</U>&rdquo;).
It is the express intent of the Releasing Parties after consultation with an attorney selected by the Releasing Parties that the
Released Claims shall include, but shall not be limited to, any and all claims and causes of action based on (a)&nbsp;breach of
fiduciary duty, (b)&nbsp;fraud, (c)&nbsp;deceit, (d)&nbsp;duress, (e)&nbsp;breach of contract, (f)&nbsp;fraud in the inducement,
(g)&nbsp;economic duress, (h)&nbsp;misrepresentation, (i)&nbsp;negligence, (j)&nbsp;negligent misrepresentation, (k)&nbsp;wrongful
foreclosure, (l)&nbsp;impairment of recourse, (m)&nbsp;impairment of collateral, (n)&nbsp;breach of warranty of any kind, (o)&nbsp;conversion,
(p)&nbsp;breach of any duty to use due care, (q)&nbsp;libel, (r)&nbsp;slander, (s)&nbsp;usury, (t)&nbsp;interference with business
or business opportunities, (u)&nbsp;constructive trust, (v)&nbsp;contribution, (w)&nbsp;indemnity, (x)&nbsp;liability for any acts
or omissions of any officers, directors, employees or agents of the Released Parties, (y)&nbsp;failure to act in accordance with
any duty of good faith and/or fair dealing, (z)&nbsp;self-dealing, (aa)&nbsp;unreasonable and/or unfair debt collection, (bb)&nbsp;breach
of any duty of confidentiality, (cc)&nbsp;breach of any duties with respect to trust funds, (dd)&nbsp;breach of any obligations
or duties with respect to credit disclosures, (ee)&nbsp;wrongful or negligent handling of any collateral or security existing at
any time for any item of indebtedness including, without limitation, any wrongful or negligent handling of rents or proceeds of
production, (ff)&nbsp;willful and malicious conduct of any kind, (gg)&nbsp;punitive and exemplary damages, (hh)&nbsp;unjust enrichment,
(ii)&nbsp;mental suffering, (jj)&nbsp;damage to real and/or personal property, (kk)&nbsp;respondeat superior, (ll)&nbsp;any duty
with respect to equal credit opportunity, (mm)&nbsp;any irregularity in any foreclosure sale under deed of trust and/or security
agreement, (nn)&nbsp;imputed negligence, (oo)&nbsp;gross negligence, (pp)&nbsp;mental anguish, (qq)&nbsp;premises liability, (rr)&nbsp;products
liability, (ss)&nbsp;liability for the payment or non-payment of any property tax, (tt)&nbsp;wrongful or negligent repossession,
(uu)&nbsp;lack of commercial reasonableness in connection with any foreclosure sale in connection with any or other transaction,
(vv)&nbsp;impairment of security, intentional torts of any kind, (ww)&nbsp; negligent or wrongful handling of any funds, including
without limitation, trust funds, (xx)&nbsp;unconscionable conduct of any kind, (yy)&nbsp;unclean hands, or (zz)&nbsp;any cause
of action whatsoever. The claims and causes hereby released by the Releasing Parties shall include, but shall not be limited to,
any and all claims and causes of action based on or arising directly or indirectly from the Note or any real or personal property
pledged to secure the Note or any document executed in connection with the Note and shall additionally include, but shall not be
limited to, any claims and causes arising directly or indirectly from any business relationship or other transaction between any
one or more of the Releasing Parties and the Administrative Agent or the Seller. IT IS THE EXPRESS INTENT OF THE RELEASING PARTIES
THAT THE RELEASED CLAIMS SHALL INCLUDE ANY CLAIMS OR CAUSES OF ACTION ARISING FROM, OR ATTRIBUTABLE TO, THE NEGLIGENCE, <FONT STYLE="text-transform: uppercase">gross
negligence or willful misconduct</FONT> OF ANY OF THE RELEASED PARTIES. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-variant: small-caps">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Indemnification
by PWCM and Buyers</U>. PWCM and each Buyer shall and does hereby agree to defend, indemnify and hold harmless the Seller Parties
on a current basis from and against all losses, causes of action, liabilities, claims, demands, obligations, damages, costs and
expenses, including attorneys&rsquo; fees and costs, to which the Seller Parties (or any one or more of them) may become subject
on account of (</B></FONT><B>i<FONT STYLE="font-variant: small-caps">) any breach by PWCM or any Buyer of its obligations, representations,
warranties or covenants under this Agreement, (</FONT>ii<FONT STYLE="font-variant: small-caps">)&nbsp;actions or omissions by any
Buyer, its agents, affiliates, or assignees in connection with or related to the Loan Rights, the Loan Documents, the collateral
described in the Loan Documents, or otherwise, including causes of action or remedies commenced, prosecuted or otherwise claimed
against Borrower, or any other obligor with respect to obligations related to the Loan Rights or the collateral described in the
Loan Documents, (</FONT>iii<FONT STYLE="font-variant: small-caps">) Seller&rsquo;s actions in cooperating with any Buyer pursuant
to <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.01(a) of this Agreement, (</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv<FONT STYLE="font-variant: small-caps">)
actions by any Buyer or any of its affiliates or agents related to the Loan or the Real Property, or (</FONT>v<FONT STYLE="font-variant: small-caps">)
actions undertaken by the Seller Parties in enforcing their rights and remedies hereunder against any Buyer, and in all cases under
clauses (</FONT>i<FONT STYLE="font-variant: small-caps">) through (</FONT>v<FONT STYLE="font-variant: small-caps">) preceding,
whether sounding in or under tort (including the negligence, but not the gross negligence or willful misconduct, of any of the
Seller Parties), contract, strict liability, statute or other theory. This indemnity is an irrevocable, absolute, continuing indemnity,
may not be revoked by any Buyer, may be enforced by any of the Seller Parties, and shall not be discharged by the assignment or
sale of all or any part of the Loan Rights.</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
VII</U><BR>
<BR>
CLOSING and post-closing proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Closing</U>. The effectiveness of this Agreement and Closing shall be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolution
by the Board of Directors of Borrower approving the transactions related to this Agreement, in a form reasonable acceptable to
Seller and Buyers shall be provided on or prior to Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
to Seller of certain of Seller&rsquo;s outstanding legal fees and expenses owed to Jackson Walker, LLP, incurred in connection
with the Loan prior to the negotiation, preparation, and execution of this Agreement in the amount of $32,539.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirmatory
due diligence with respect to the assets secured by the Credit Agreement, to be completed within five (5) Business Days of execution
by PWCM Investment Company IC LLC of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceedings
at Closing</U>. The closing (the &ldquo;<B><I>Closing</I></B>&rdquo;) of the transactions contemplated by this Agreement shall
occur at the offices of Seller, or at such other place as Seller and Buyers may agree in writing, no later than February&nbsp;17,
2017 (the &ldquo;<B><I>Closing Date</I></B>&rdquo;). On the Closing Date and upon the payment of the Cash Purchase Price, Seller
shall sell, assign and convey the Loan Rights to Buyers in accordance with <B><U>Exhibit&nbsp;A</U></B> (Assignment of Loan Documents)
and <B><U>Exhibit&nbsp;B</U></B> (Allonge) of this Agreement. All payments to Seller shall be by wire transfer pursuant to the
following instructions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">BANK:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bank, NA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Riverway,
Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston, Texas
77056<BR>
ABA/ROUTING #: 111017979</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">CREDIT TO: Loan Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">CREDIT ACCOUNT 160020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">FURTHER CREDIT TO LN#: 9900030626
/ 0000660399</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">REFERENCE: EnerJex Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">ATTENTION: Loan Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">PLEASE NOTIFY: W. David McCarver,
IV, 832/308-7059 and Steve Moon,<B> </B>469/399-8596</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All actions to be taken and all documents
to be executed and delivered by the parties hereto at the Closing shall be deemed to have been taken and executed and delivered
simultaneously, and no action shall be deemed taken nor any document executed or delivered until all have been taken, executed
and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliveries by Seller</U>. On or before the Closing Date, Seller shall deliver the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
two promissory notes related to the Loan Rights identified as item numbers&nbsp;17 and 18 of <B><U>Schedule&nbsp;One</U></B> of
the Assignment of Loan Documents hereto (collectively, the &ldquo;<B><I>Note</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignment of Loan Documents, signed by Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Allonges endorsing the Note to Buyers, signed by TCB and IberiaBank, as applicable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignments of Mortgage on those mortgages and deeds of trust securing the Note identified by Seller or Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliveries by Buyers</U>. On or before the Closing Date, Buyers shall deliver the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cash Purchase Price by wire transfer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Investment Letter, signed by each Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliveries by Borrowers</U>. On or before the Closing Date, Borrowers shall deliver the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
or other appropriate confirmation that the governing authority of Parent, EnerJex Kansas, Working Interest, Black Sable, Black
Raven and Adena have approved to terms of this Loan Sale Agreement and have authorized its execution by such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-closing
Deliveries</U>. Within 30 days following a request from Buyers therefor, the Administrative Agent shall deliver the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignments
of Mortgage prepared by the Buyers for each additional recorded counterpart of the mortgages or deeds of trust referred to on <B><U>Schedule&nbsp;One</U></B>
of the Assignment of Loan Documents and identified by Buyers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
VIII</U><BR>
<BR>
GENERAL PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
Buyers and Seller may amend, modify, or supplement this Agreement only by an instrument in writing signed by Buyers and Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers</U>.
Either party to this Agreement may, by written notice to the other, (a)&nbsp;extend the time for the performance of any of the
obligations or other actions of the other party; (b) waive any inaccuracies in the representations or warranties of the other party
contained in this Agreement or in any document delivered pursuant to this Agreement; (c) waive compliance with any of the covenants
of the other party contained in this Agreement; and (d)&nbsp;waive or modify performance of any of the obligations of the other
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Except as provided for in <B>Section 7.01(b)</B> herein, each party shall pay its own fees and expenses incident to the negotiation,
preparation, execution, performance and enforcement of this Agreement, including counsel fees and any commission owed to any broker,
agent or other similar entity retained by such party in this transaction. All recording fees, transfer taxes, documentary taxes
or other transfer costs necessitated by the sale and the assignment of the Loan and the Loan Documents shall be paid by Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed
conclusively to have been duly given if personally delivered, sent by overnight courier, or mailed by registered mail, postage
prepaid, and return receipt requested or transmitted by facsimile and confirmed by a similar mailed writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: justify">If to Seller:</TD>
    <TD STYLE="width: 66%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Texas Capital Bank, N.A.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: W. David McCarver, IV<BR>
        One Riverway, Suite 200<BR>
        Houston, Texas 77056</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 832/308-7059</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>With copy to:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jackson Walker LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Frank P. McEachern</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2323 Ross Avenue, Suite&nbsp;600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, Texas 75201</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 214/953-5717</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">If to Buyers:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please see signature page for each respective Buyer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>With copies to:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cortland Capital Market Services LLC<BR>
        225 West Washington Street, 21<SUP>st</SUP> Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60606</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">If to Borrowers:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EnerJex Resources, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4040 Broadway, Ste. 508</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Antonio, TX 78209</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone:&nbsp; (210) 451-5546</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No:&nbsp; (210) 829-1224</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>With copy to:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael E. Pfau, Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reicker, Pfau, Pyle &amp; McRoy LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1421 State Street, Suite B</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Santa Barbara, California 93101</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: Telephone: (805) 966-2440</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No:&nbsp; (805) 966-3320</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: justify">If to PWCM</TD>
    <TD STYLE="width: 66%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PWCM Investment Company IC LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">614 Davis Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evanston, IL&nbsp; 60201</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Max Itkin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (312) 589-6430</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: <U>ops@pwcm.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>With a copy to:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stanley Lim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sabhwarwal, Globus &amp; Lim LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Crosfield Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 303</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">West Nyack, NY 10994</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (845) 634-2250</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other Person or address as either
party shall furnish the other party in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
Effect</U>. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns but any such assignment shall not relieve Buyers, of their obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
The representations, covenants, indemnifications and agreements contained in this Agreement shall survive the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">8.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing
Law; Jurisdiction; Venue</U>. The provisions of this Agreement and any issues related to it (including the validity, enforceability,
interpretation and construction of this Agreement and any issues related to it) and the legal relations between the parties arising
therefrom shall be governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict
of laws principles. Each Buyer and PWCM submits itself to jurisdiction in the State of Texas for any action or cause of action
arising out of or in connection with this Agreement or the sale of the Loan Rights to Buyers, agrees that venue for any such action
shall be in Dallas County, Texas, and waives any and all rights under the laws of any state to object to jurisdiction in the State
of Texas or venue within Dallas County, Texas.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">8.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Buyers</U>. This Agreement may be executed by one or more parties. Notwithstanding the execution and delivery of this Agreement
as of the date hereof by one or more Buyers, additional parties may join as a &ldquo;Buyer&rdquo; prior to the Closing Date with
the consent of the Seller by executing and delivering a counterpart signature page hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Facsimile or photocopies of signatures may be accepted as originals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings of Sections contained in this Agreement are for convenience of reference only and do not form a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement, including the Exhibits, when taken together with the confidentiality agreement (if any, which shall
remain in full force and effect) embodies the entire agreement and understanding of the parties hereto in respect of the subject
matter contained herein. There are no (and no Buyer is relying on any) restrictions, promises, representations, warranties, covenants
or undertakings, whether oral or written, other than those expressly set forth or referred to herein. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third Party Beneficiaries</U>. Nothing in this Agreement is intended to confer any rights or remedies upon any Person, other than
the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
In the event any portion of this Agreement may be determined by any court of competent jurisdiction to be unenforceable, the balance
of the Agreement shall be severed therefrom and shall continue in full force and effect unless a failure of consideration would
thereby result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intent</U>.
Buyers and Seller intend that the transaction is a sale by Seller and a purchase by Buyers and not a pledge of security for a loan,
including for purposes of federal income tax. Seller and Buyers shall treat the transaction contemplated hereby as a sale and purchase
for accounting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dates.</U>
If any date or deadline contained in this Agreement falls on a Saturday, Sunday or legal holiday, then such date or deadline shall
be extended to the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Time</U>.
Time is of the essence in Buyers&rsquo; obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
Each Buyer hereby represents and warrants to Seller that such Buyer is in full compliance with its obligations under the terms
of any confidentiality agreement that such Buyer executed and delivered to Seller or the Borrower.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[signature page follows]</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="text-decoration: underline"><B><U>BUYERS:</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>PWCM Investment Company IC LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2">614 Davis Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Evanston, IL &nbsp;60201</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2">(312) 589-6430</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2"><U>ops@pwcm.com</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 2</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______&nbsp;</U>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 3</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: ___________,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 4</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: <U STYLE="text-decoration: none">___________</U>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 5</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: <U STYLE="text-decoration: none">___________</U>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 6</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: <U STYLE="text-decoration: none">___________,</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Buyer 7</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: <U STYLE="text-decoration: none">___________,</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Phone:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>E-Mail:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><B><U>PWCM MASTER FUND, LTD.:</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PWCM Master Fund, Ltd.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: white"><B>Error! Missing test condition.</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><B><U>SELLER:</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Texas Capital Bank, N.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IberiaBank</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><B><U>BORROWERS</U></B><U>:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>EnerJex Resources, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>EnerJex Kansas, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Working Interest, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Black Sable Energy, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Black Raven Energy, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Adena, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signature Page to Loan Sale Agreement<BR>
(PWCM Master Fund, Ltd)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U>ASSIGNMENT
OF loan documents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Assignment of Loan Documents (&ldquo;<B>Assignment</B>&rdquo;)
is made as of February&nbsp;__, 2017 by TEXAS CAPITAL BANK, N.A. (&ldquo;<B>TCB</B>&rdquo;) and IBERIABANK (&ldquo;<B>IberiaBank</B>&rdquo;)
(collectively, &ldquo;<B>Assignor</B>&rdquo;), whose addresses for purposes hereof are One Riverway, Suite 200, Houston, Texas
77056 for TCB and 11 E. Greenway Plaza, Suite 2900, Houston, Texas 77046 for IberiaBank in favor of certain financial institutions
listed on the signature pages hereto (each, individually, an &ldquo;<B>Assignee,</B>&rdquo; and collectively, the &ldquo;<B>Assignees</B>&rdquo;),
whose addresses, for purposes hereof, are listed on the signature pages hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Recitals</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerJex
Resources, Inc., a Nevada corporation (&ldquo;<B>Parent</B>&rdquo;), EnerJex Kansas, Inc. (f/k/a Midwest Energy, Inc.), a Nevada
corporation (&ldquo;<B>EnerJex Kansas</B>&rdquo;), DD Energy, Inc., a Nevada corporation (&ldquo;<B>DD Energy</B>&rdquo;), Working
Interest, LLC, a Texas limited liability company (&ldquo;<B>Working Interest</B>&rdquo;), and Black Sable Energy, LLC, a Texas
limited liability company (&ldquo;<B>Black Sable</B>&rdquo;)<B>, Black Raven Energy, Inc., a Nevada corporation (&ldquo;Black Raven)
and Adena, LLC, a Colorado limited liability company (&ldquo;Adena&rdquo;)</B> (collectively, except for DD Energy, the &ldquo;<B>Borrower</B>&rdquo;)
entered into an Amended and Restated Credit Agreement with Assignor dated October&nbsp;3, 2011, (as amended from time to time,
the &ldquo;<B>Credit Agreement</B>&rdquo;), pursuant to which Borrower and DD Energy issued two promissory notes identified in
<B><U>Schedule&nbsp;One</U></B> hereto (collectively, the &ldquo;<B>Note</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
other documents described on <B><U>Schedule&nbsp;One</U></B> hereto were executed in connection with the Credit Agreement (together
with the Credit Agreement and the Note, the &ldquo;<B>Loan Documents</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor
and Assignees have entered into a Loan Sale Agreement dated February&nbsp;__, 2017 (the &ldquo;<B>Loan Sale Agreement</B>&rdquo;)
in which Assignor has agreed to sell and Assignees have agreed to purchase the Loan Rights (as defined in the Loan Sale Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD
Energy was released from its obligations under the Credit Agreement and other Loan Documents by the Eighth Amendment to Amended
and Restated Credit Agreement dated August 13, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Assignor has TRANSFERRED,
GRANTED, ASSIGNED, SOLD, SET OVER, BARGAINED, CONVEYED and DELIVERED, and does hereby TRANSFER, GRANT, ASSIGN, SELL, SET OVER,
BARGAIN, CONVEY and DELIVER, unto Assignees and their legal representatives, successors and assigns the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Assignor&rsquo;s rights, titles and interests in, to and under those certain promissory notes dated November&nbsp;19, 2013,
the promissory note held by TCB being in the stated original principal amounts of $65,789,473.68, and the promissory note held
by IberiaBank being in the stated original amount of $34,210,526.32, with both promissory notes executed by the Borrower and DD
Energy, payable to the order of TCB and IberiaBank, respectively, together with interest thereon as therein provided in such promissory
notes and secured, in part, by the instruments and documents described in paragraph 2 below, which promissory notes were issued
pursuant to the Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Assignor&rsquo;s rights, titles and interests in, to or under the other Loan Documents, which documents shall be delivered to
Assignees within 30 days following the date hereof; but</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding
from the foregoing, the Reserved Obligations (hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">TO HAVE AND TO HOLD the
Note, together with all rights, titles, interests, liens, privileges, claims, priorities, demands and equities existing and to
exist under the Loan Documents, unto Assignees, their successors and assigns forever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment of Loan Documents (&ldquo;<B>Assignment</B>&rdquo;) is made without covenants, representations or warranties by, or
recourse to, Assignor, of any nature whatsoever, express or implied, including covenants, representations or warranties implied
by statute or common law through the use of the words &ldquo;Transfer,&rdquo; &ldquo;Grant,&rdquo; &ldquo;Assign,&rdquo; &ldquo;Sold,&rdquo;
&ldquo;Set Over,&rdquo; &ldquo;Bargain&rdquo; or &ldquo;Convey&rdquo;, or other similar words, all such covenants, representations
and warranties being disclaimed by Assignor and waived by Assignees, except as set forth in the Loan Sale Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor,
to further evidence said transfer, did endorse the Note, &ldquo;Pay to the order _____________________, without recourse and without
any warranties or representations, express or implied, whatsoever by _____________________ other than as expressly set forth in
that certain Loan Sale Agreement dated ____________, 2017,&rdquo; and did deliver the Note described in paragraph 1 above to Assignee,
expressly upon the same non-recourse, non-covenant, non-representation and non-warranty basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor
expressly releases to Assignee any and all rights that Assignor may have to establish or enforce any lien or security interest
arising under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment is executed by Assignor on the following basis: (i) that the Assignees have had a reasonable opportunity to review,
and have made, to their satisfaction and acceptance, its own review as to, the validity, enforceability, descriptions, adequacy,
scope and priority of each of the Loan Documents and the liens and security interests being assigned hereunder, and that Assignor
has made no covenant, representation or warranty (in either case, express or implied) whatsoever with regard to the validity, enforceability,
descriptions, adequacy, scope and priority of any such Loan Documents or such liens and security interests; (ii) that the Assignees
have seen all data and information deemed necessary or appropriate by Assignees, and Assignees have made their own independent
credit decision of the Borrower&rsquo;s ability to perform its obligations under the respective Loan Documents, and it has not
relied in any regard upon the Assignor with respect to any such matters; and (iii) Assignees assume all obligations of Assignor
under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;<B>Reserved Obligations</B>&rdquo; means all obligations and agreements of Borrower to and with Assignor or to any
successor, assignee, officer, director, employee, representative, agent or affiliate of Assignor (each herein called &ldquo;<B>Indemnified
Party</B>&rdquo;): to indemnify or hold harmless any Indemnified Party or reimburse any Indemnified Party for any costs or expenses
incurred under or in connection with the Loan Documents or the transactions related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Assignment is being
executed in multiple counterpart originals, all of which when construed together, or when construed alone, shall constitute but
one original, but, in making proof of this Assignment, it shall not be necessary to produce or account for more than one counterpart
original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS ASSIGNMENT HAS
BEEN NEGOTIATED, IS BEING EXECUTED AND DELIVERED, AND WILL BE PERFORMED, IN WHOLE OR IN PART, IN THE STATE OF TEXAS, AND THE SUBSTANTIVE
LAWS OF SUCH STATE AND THE APPLICABLE FEDERAL LAWS OF THE UNITED STATES OF AMERICA SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT
AND INTERPRETATION OF THIS ASSIGNMENT AND THE LOAN DOCUMENTS, EXCEPT TO THE EXTENT THE LAWS OF ANY JURISDICTION WHERE PROPERTY
IS LOCATED REQUIRE APPLICATION OF SUCH LAWS WITH RESPECT TO SUCH PROPERTY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
undersigned agree to this Assignment, effective as of February&nbsp;__, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ASSIGNOR:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">TEXAS CAPITAL BANK, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Printed Name:&nbsp;</TD>
    <TD>W. David McCarver, IV</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">IBERIABANK</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Printed Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ASSIGNEES:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PWCM INVESTMENT COMPANY IC LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Printed Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD>PWCM Investment Company IC LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>614 Davis Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Evanston, IL&nbsp;&nbsp;60201</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[ADD BLOCKS FOR EACH BUYER/ASSIGNEE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Exhibit A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U>SCHEDULE&nbsp;ONE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U>loan documents</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>TAB</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><B>DOCUMENT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Amended and Restated Credit Agreement among Texas Capital Bank, N.A., as Administrative Agent (&ldquo;<U>TCB</U>&rdquo;), the other financial institutions and banks party thereto from time to time, EnerJex Resources, Inc. (&ldquo;<U>EnerJex</U>&rdquo;), EnerJex Kansas, Inc. (&ldquo;<U>EnerJex Kansas</U>&rdquo;), DD Energy, Inc. (&ldquo;<U>DD Energy</U>&rdquo;), Working Interest, LLC (&ldquo;<U>Working Interest</U>&rdquo;, and Black Sable Energy, LLC (&ldquo;<B><I>Black Sable</I></B>,&rdquo; together with EnerJex, EnerJex Kansas, DD Energy and Working Interest, &ldquo;<U>Borrowers</U>&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest to and in favor of TCB (&ldquo;<U>Amended and Restated Mortgage</U>&rdquo;) with Mortgage Tax Affidavit.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Second Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from EnerJex Kansas and DD Energy to and in favor of TCB (&ldquo;<U>Second Amended and Restated Mortgage</U>&rdquo;) with Mortgage Tax Affidavit.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Master Amendment to, and Ratification of, Collateral Documents dated August 13, 2014 (recorded in Anderson, Douglas, Franklin, Greenwood, Johnson, Linn, Miami and Woodson Counties, KS).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>First Amendment to Amended and Restated Credit Agreement </B>dated December 4, 2011.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">First Amendment to Second Amended and Restated Mortgage; Ratification of Liens; and Release of Liens dated December 4, 2011 among EnerJex Kansas, DD Energy, Rantoul Partners (&ldquo;<U>Rantoul</U>&rdquo;) and TCB (&ldquo;<U>First Amendment</U>&rdquo;) with Mortgage Tax Affidavit.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Second Amendment to Amended and Restated Credit Agreement </B>dated August 31, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated August 31, 2012 from Working Interest, LLC to TCB (with Mortgage Registration Tax Affidavit).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated August 31, 2012 from Black Sable Energy, LLC to TCB.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Third Amendment to Amended and Restated Credit Agreement </B>dated November 2, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fourth Amendment to Amended and Restated Credit Agreement </B>dated January 24, 2014, but effective December 31, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">First Amendment to Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues by Working Interest, as Mortgagor, and TCB, as Mortgagee (&ldquo;<U>First Amendment to WI A&amp;R Mortgage</U>&rdquo;).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52.55pt; text-align: justify; text-indent: -0.65in">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: justify">Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest to TCB (&ldquo;<U>WI Mortgage</U>&rdquo;), with Mortgage Registration Tax Certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Fifth Amendment to Amended and Restated Credit Agreement </B>dated September 30, 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated September 30, 2013 from Adena to Chris D. Cowan, trustee, for the benefit of Agent (in such capacity, the &ldquo;<U>Collateral Agent</U>&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan County, CO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips County, CO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County, CO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Sixth Amendment to Amended and Restated Credit Agreement </B>dated November 19, 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Third Amended and Restated Note dated November 19, 2013 by Borrowers and made payable to Texas Capital Bank, N.A. in the original principal amount of $65,789,473.68.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">18.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Note dated November 19, 2013 by Borrowers and made payable to IBERIABANK in the original principal amount of $34,210,526.32.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Seventh Amendment to Amended and Restated Credit Agreement </B>dated June 16, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Eighth Amendment to Amended and Restated Credit Agreement </B>dated as of August 13, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">21.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Master Amendment to, and Ratification of, Collateral Documents dated as of August 13, 2014 (recorded in Anderson, Douglas, Franklin, Greenwood, Johnson, Linn, Miami, and Woodson Counties, Kansas).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">22.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Ninth Amendment to Amended and Restated Credit Agreement </B>dated as of April 29, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tenth Amendment to Amended and Restated Credit Agreement </B>dated effective as of August 12, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">First Amendment to Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 among Working Interest and Agent (recorded in Woodson County, KS).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Registration Tax Affidavit dated October 16, 2015 executed by Working Interest.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Second Amendment to Second Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 among EnerJex Kansas and Agent (recorded in Woodson County, KS).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">26.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">First Amendment to Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 among Black Sable and Agent (recorded in Atascosa County, TX).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">27.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 from Black Sable to Agent (recorded in Frio County, TX).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">28.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 from Black Raven to Agent (recorded in Weld County, CO).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Schedule One &ndash; Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">29.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: justify">Deed of Trust, Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues dated effective October 2, 2015 from Black Raven to Agent (recorded in Phillips and Sedgwick Counties, CO).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Eleventh Amendment to Amended and Restated Credit Agreement </B>dated effective as of November 13, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Schedule One &ndash; Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT&nbsp;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM OF ALLONGE TO PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to the
promissory note dated October&nbsp;3, 2011 payable to the order of __________________________. This Allonge is attached to and
made a permanent part of such note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pay to the order of the
Buyers listed in the Loan Sale Agreement, their successors and assigns, without recourse, representations or warranties of any
kind except as set forth in the Loan Sale Agreement dated February, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Executed as of the ________
day of February, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[Texas Capital Bank, N.A</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><B>By:</B></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="width: 5%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP><B>Name:</B>&nbsp;</TD>
    <TD><B>W. David McCarver, IV</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Its:</B></TD>
    <TD><B>Executive Vice President]</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[IberiaBank</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>By:</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP><B>Name:&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Its:</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD><B>]</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 41; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit B</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT&nbsp;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM OF INVESTMENT LETTER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">February&nbsp;__, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Texas Capital Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One Riverway, Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: W. David McCarver, IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IberiaBank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11 E. Greenway Plaza, Suite 2900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77046</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: ______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">RE:&#9;EnerJex Resources, Inc., a Nevada corporation
(&ldquo;<B><I>Parent</I></B>&rdquo;), EnerJex Kansas, Inc. (f/k/a Midwest Energy, Inc.), a Nevada corporation (&ldquo;<B><I>EnerJex
Kansas</I></B>&rdquo;), Working Interest, LLC, a Texas limited liability company (&ldquo;<B><I>Working Interest</I></B>&rdquo;),
and Black Sable Energy, LLC, a Texas limited liability company (&ldquo;<B><I>Black Sable</I></B>&rdquo;), Black Raven Energy, Inc.,
a Nevada corporation (&ldquo;<I>Black Raven</I>&rdquo;) and Adena, LLC, a Colorado limited liability company<B> </B>(&ldquo;<B><I>Adena</I></B>&rdquo;)
(collectively, the &ldquo;<B>Borrower</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purpose of this Investment
Letter is to set forth certain understandings and agreements relating to the acquisition by the undersigned of two promissory notes
(collectively, the &ldquo;<B>Note</B>&rdquo;) of the Borrower pursuant to that certain Loan Sale Agreement dated as of February&nbsp;__,
2017 (the &ldquo;<B><I>LSA</I></B>&rdquo;) between, among other parties, the undersigned and Texas Capital Bank, N.A. and IberiaBank
(collectively, the &ldquo;<B>Lender</B>&rdquo;) and that certain Assignment of Loan Documents, both of even date herewith, (collectively,
the &ldquo;<B>Assignment</B>&rdquo;) from the Lender to the undersigned. As a condition to the Lender&rsquo;s willingness to deliver
the Assignment and consummate the transactions contemplated thereby, the undersigned has executed and delivered this Investment
Letter (&ldquo;<B>Letter</B>&rdquo;) to the Lender with the expectation that the Lender will rely thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
represents to, and covenants with, the Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accredited
Investor</U>. The undersigned is an &ldquo;accredited investor&rdquo; as that term is defined under Rule 501(a)(3) promulgated
under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Intent</U>. The undersigned is acquiring the Note and the Lender&rsquo;s rights, title and interests in, to or under the Loan Documents
(as defined in the Assignment), to the extent provided for in the Assignment, for its own account and not with a view to the syndication,
resale or other distribution thereof, other than in connection with a bona fide pledge to a secured lender to the undersigned or
its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
of the Acquiror</U>. The undersigned is in the business of making venture capital investments in companies like the Borrower and,
by virtue of its expertise and that of its affiliates, believes itself well informed regarding the business of exploring for and
producing oil and natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 20%">&nbsp;</TD><TD STYLE="width: 60%; text-align: center">Exhibit C &ndash; Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 20%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Status
of the Note</U>. The undersigned confirms to the Lender that it is aware that the Note has been in default from time to time and
has matured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lending
Agreements</U>. The undersigned has carefully examined each of the Loan Documents (as defined in the Assignment), and has the requisite
understanding of the rights, duties and obligations of the Borrower and the Lender thereunder, and the effect of the transactions
contemplated in the Assignment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information
Regarding Borrower</U>. The undersigned has obtained all of the information necessary to the making of an informed decision to
acquire the Note and the rights under the Loan Documents being acquired and has not relied upon the Lender or any of its employees,
officers, agents or attorneys for any information material thereto, other than as specifically set forth in the Assignment. The
undersigned has reviewed or had an opportunity to review public records relating to the Borrower and the Loan Documents and has
had an opportunity to conduct such additional due diligence as it has deemed necessary to the making of an informed decision to
acquire the Note and the rights under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties set forth in <B>Section&nbsp;3.02</B> of the LSA are true and correct as to the undersigned as of
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ordinary
Course of Business</U>. The undersigned is consummating the transactions contemplated in the Assignment in the ordinary course
of its business and that of its affiliates and none of such transactions can reasonably be expected to be material to the financial
condition or results of operations of the undersigned and its consolidated affiliates taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">Yours very truly,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in"><B>PWCM Investment Company IC LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; text-indent: 0in">Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[CHANGE SIGNATURE BLOCK AS
APPROPRIATE FOR EACH BUYER&rsquo;S LETTER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT&nbsp;D</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ASSIGNMENT OF MORTGAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned hereby assigns to _________________
the mortgage instrument(s) identified on <U>Attachment&nbsp;One</U> hereto <B>[, which cover the leases and properties described
on <U>Exhibit&nbsp;A</U> hereto]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-decoration: none"><B>Texas Capital Bank, N.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a national banking association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name:&nbsp;</TD>
    <TD>W. David McCarver, IV</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>Executive Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MORTGAGEE ACKNOWLEDGMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">THE STATE OF TEXAS</TD>
    <TD STYLE="width: 78%">&sect;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&sect;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COUNTY OF DALLAS</TD>
    <TD>&sect;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This instrument was acknowledged
before me on February&nbsp;__, 2017, by W. David McCarver, IV, Executive Vice President of Texas Capital Bank, N.A., a national
banking association, on behalf of the banking association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Before me, ________________________,
a Notary Public, on this day personally appeared W. David McCarver, IV, Executive Vice President of Texas Capital Bank, N.A., a
national banking association,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>known to me</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>proved to me on the oath of _________________________</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>proved to me through Texas Driver License No. __________
expiring _______.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">to be the person whose name is subscribed to
the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Given under my hand and
seal of office this _____ day of ___________, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Personalized Seal)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Notary Public in and for the State of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Texas</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>ADDENDUM&nbsp;ONE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Synthetic Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Seller shall retain a right
to a portion of any <B>&ldquo;Proceeds&rdquo;</B>, as defined in this <B><U>Addendum&nbsp;One</U></B>, attributable to the interests
resulting from the Cash Purchase Price paid under this Loan Sale Agreement (the <B>&ldquo;<I>Synthetic Equity Interest</I>&rdquo;</B>),
occurring within the five year period beginning from the date of the closing of this Loan Sale (the <B>&ldquo;<I>Term</I>&rdquo;</B>).
For further clarity, interests resulting from the Cash Purchase Price paid under this Loan Sale Agreement shall include any interests
resulting from a reorganization or restructuring of the Borrower received in exchange for the Loan Rights, but does not include
Proceeds attributable to any subsequent capital investments made by the Buyers or others. Subsequent capital investments made by
Buyers shall be on terms no less favorable than those offered by third parties. Such right shall represent 10% of such Proceeds
after Buyers have received Proceeds equal to 150% of the Cash Purchase Price (the <B>&ldquo;<I>Net Proceeds</I>&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&ldquo;<I>Proceeds</I>&rdquo;
</B>shall be defined as any payments, whether in the form of cash, securities or other property, promised to, and/or received by
Buyers attributable or related, directly or indirectly, to the sale or disposition of (a) the Loan Rights, and/or the (b) assets
now held by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the sale or disposition
is made on the basis of a deferred or contingent payment, the deferred or contingent amount shall be treated as received in the
month that the underlying transaction closes for purposes of determining if the Proceeds were received within the Term, and paid
within 30 days of receipt by Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In each case, any direct
costs incurred as a result of a transaction giving rise to Proceeds and paid to a third party shall be subtracted from the Proceeds
received in determining Net Proceeds, provided that in no event shall Net Proceeds from any such transaction be less than zero
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Seller&rsquo;s Synthetic
Equity Interest, as defined in this Addendum One, represents only a right to the Net Proceeds, if any, and shall not confer any
other ownership right in the Loan Rights or any assets now held by Borrower and does not confer any right to direct or otherwise
participate in the management of the Loan Rights or the assets now held by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v459370_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consulting Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>This
Consulting Agreement </B></FONT>(the &quot;<B><I>Agreement</I></B>&quot;) is made and entered into, dated as of February 10, 2017
(the &ldquo;<B><I>Agreement Date</I></B>&rdquo;), and effective on the date specified in <U>Section 10.2</U>, below (the &quot;<B><I>Effective
Date</I></B>&quot;), by and between <FONT STYLE="font-variant: small-caps"><B>EnerJex Resources, Inc., </B></FONT>a Nevada corporation
(the &quot;<B><I>Company</I></B>&quot;), and Douglas Wright, an individual (&quot;<B><I>Consultant</I></B>&quot;), with reference
to the following facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Recitals</B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is an oil and gas producer and shares of its common stock are listed for trading on the NYSE MKT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
has served as the Chief Financial Officer of the Company and as of the Effective Date of this Agreement, is resigning from employment
[and as Chief Financial Officer] in order to begin to pursue other commercial opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Consultant have agreed to execute this Agreement in order to memorialize the terms and conditions on which Consultant
shall resign as an employee and provide financial and accounting services to the Company as an independent contractor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Agreements</B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Now,
Therefore</B></FONT>, the parties hereto, intending to be legally bound, do hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Performance
of Services</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Engagement</FONT></B>.
The Company hereby engages Consultant on the terms and conditions set forth in this Agreement to perform in connection with the
Company's Business the services described in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Appendix
1</B></FONT> hereto (collectively, the &quot;<B><I>Services</I></B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Limited
Officer Responsibility</FONT></B></FONT>. Solely for purposes of enabling Consultant to execute the officer certification for the
Company&rsquo;s annual report on Form 10-K for the year ended December 31, 2016, Consultant shall continue to serve as Chief Financial
Officer of the Company through the date on which the Company files such Form 10-K. In his capacity as Chief Financial Officer,
Consultant&rsquo;s sole responsibility and duty shall be to supervise the preparation and filing, and sign the &ldquo;Chief Financial
Officer certification thereon. For the avoidance of doubt, all other duties and responsibilities customarily delegated to the chief
financial officer under Nevada law and the resolutions and practices of the Company with respect to periods commencing on and after
the Effective Date of this Agreement shall be delegated to and discharged by the Company&rsquo;s chief executive officer or other
designee of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Business
Time</FONT></B>. The parties agree that in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Appendix
1</B></FONT> hereto, Consultant shall devote to the performance of&nbsp;Services pursuant to this Agreement (i) substantially all
of his business time through March 31, 2017, and (ii) thereafter as much of his business time as needed for the performance of
his duties for the Company under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Location</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT>
Consultant shall perform the Services primarily from the Company's principal executive offices in San Antonio, Texas, and, with
the permission of the Company from time to time, from Consultant's own offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Reporting</FONT></B><FONT STYLE="font-variant: small-caps">.
</FONT>Consultant shall report to the Company's chief executive officer and to members of the Board of Directors or their designees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Acceptance</FONT></B>.
Consultant hereby accepts the engagement by the Company pursuant to <U>Section 1.1</U>, above, and agrees to perform the Services
in a competent, efficient, trustworthy, and businesslike manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Compensation</FONT></B><FONT STYLE="font-variant: small-caps">.
</FONT>The Company shall compensate Consultant for Consultant's Services pursuant to&nbsp;this Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Consulting
Fees</FONT></B>. The Company shall pay to Consultant consulting fees at the rate per&nbsp;month specified in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Appendix
1</B></FONT> hereto, payable in bi-monthly (<I>i.e</I>., twice monthly) installments in advance on the first (1<SUP>st</SUP>) day
and on the sixteenth (16<SUP>th</SUP>) day of each calendar month during the term hereof. If any portion of the term of this Agreement
commences or ends on a day other than the first or last day of any calendar month, then the consulting fees payable from the first
or last day of the term hereof until the next succeeding 1<SUP>st</SUP> or 16<SUP>th</SUP> day of the calendar month (whichever
occurs first) shall be pro rated based upon the number of days in such short period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Reimbursement
of Expenses</FONT></B>. The Company shall reimburse Consultant for authorized expenses paid or incurred by Consultant directly
in connection with performing the Services, including a reimbursement of up to $3,000 for expenses including, without limitation,
legal expenses incurred by Consultant in connection with negotiating and entering into this Agreement, <I>provided that </I>such
expenses are reasonable in amount and are supported by itemized accountings and expense receipts submitted to the Company prior
to any reimbursement therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Amounts
Owed for Prior Service</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT></FONT> The Company shall also immediately reimburse
Consultant for the amount of $21,000.00, which Consultant paid for health care coverage under the Company&rsquo;s policies of coverage,
which amounts per the terms of Consultant&rsquo;s employment agreement were to have been paid by the Company. The Company shall
also immediately pay Consultant for any previously accrued and unused vacation time accumulated during Consultant&rsquo;s prior
employment with the Company in the agreed amount of $15,000.00 consistent with the Company&rsquo;s employment practices and Consultant&rsquo;s
prior employment agreement with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Confidential
Information</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Improper Use of Third-Party Confidential Information</B></FONT>. Consultant acknowledges that the Company does not desire to obtain
improperly any proprietary or confidential information owned by any company or other person with whom Consultant now has or heretofore
has had a consulting engagement or employment relationship, and therefore agrees that (a) Consultant shall not bring to the Company
or share with any employee or other representative of the Company any written, electronic, or other materials containing any confidential
information belonging to any such current or former employer or other person, and (b) Consultant shall not provide any such information
in any other form to the Company (or any representative of the Company) in violation of any agreements or any other obligations
that Consultant may owe to any other persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nondisclosure
and Trade Secret Policy</B></FONT>. Consultant agrees, as a condition of Consultant's engagement hereunder, to abide by the terms
of the Company's Proprietary Information and Inventions Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Nondisclosure
and Non-Circumvention Agreement; Non-Competition; Non-Solicitation</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Nondisclosure
and Non-Circumvention Agreement</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> Consultant acknowledges that he and the
Company previously executed (i) an Employment Agreement and (ii) a Nondisclosure and Non-Circumvention Agreement but agrees that
this Agreement shall supersede and replace all prior and contemporaneous agreements and understandings to the extent the same relate
to the matters addressed in this <U>Section 4</U>, including the previously executed Employment Agreement and Nondisclosure and
Non-Circumvention Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Non-Competition</FONT></B>.
Subject to <U>Section 4.4</U>, below, Consultant acknowledges that the nature of the Company's business is such that if Consultant
were to become employed by, or substantially involved in, the business of a competitor of the Company during the period of one
(1) year following the Agreement Date, then it would be difficult for Consultant not to rely on or use the Company's trade secrets
and confidential information in connection with that employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Thus,
to avoid the inevitable disclosure of the Company's trade secrets and confidential information, Consultant acknowledges and agrees
that his right to receive the Separation and Consulting Consideration shall be conditioned upon Consultant not directly or indirectly
engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director
or otherwise), or having any ownership interest in or participating in the financing, operation, management or control of, any
person, firm, corporation or business that directly competes with Company or is a customer of the Company and has operations located
within a radius of five (5) miles from any property that is leased, owned, or operated by the Company as of the Agreement Date.
If Consultant engages, invests, or otherwise participates in any competitive activity described in this <U>Section 4.2</U>, then
the Company shall (i) not have any obligation to provide any further Separation and Consulting Consideration that has not been
provided as of the date on which the Company discovers such activity, and (ii) be entitled to recover or rescind the delivery of
any portion of the Separation and Consulting Consideration previously provided by the Company. This remedy shall be in addition
to all other remedies the Company may have for any such breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Notwithstanding
the foregoing, Consultant shall not be deemed to be in violation of the foregoing restriction solely by reason of Consultant's
owning not more than one percent (1.0%) of the equity securities of any corporation or other business enterprise, the equity securities
of which are listed for trading on a national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Non-Solicitation</FONT></B>.
Subject to <U>Section 4.4</U>, below, until the date that is one&nbsp;(1) year after the Agreement Date, Consultant agrees and
acknowledges that Consultant's right to receive the Separation and Consulting Consideration shall be conditioned upon Consultant
not either directly or indirectly soliciting, attempting to hire, recruiting, encouraging, taking away, hiring any employee of
the Company or inducing or otherwise causing an employee to leave his or her employment with the Company (regardless of whether
to commence employment with Consultant or with any other entity or person). If Consultant engages in any such activity, then the
Company shall (a) not have any obligation to provide any further Separation and Consulting Consideration that has not been provided
as of the date on which the Company discovers such activity, and (b) be entitled to recover or rescind the delivery of any portion
of the Separation and Consulting Consideration previously provided by the Company. This remedy shall be in addition to all other
remedies the Company may have for any such breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Exception</FONT></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Notwithstanding
anything in this <U>Section 4</U> to the contrary, (i) Consultant shall be permitted to work and (ii) shall not be deemed to be
in violation of his covenants under the foregoing provisions of <U>Section 4</U> by reason of working as an employee of or consultant
to (including in the circumstances where some portion of the compensation for such employment or consulting activity is paid in
any working interest, performance incentive bonus or other form of equity compensation) any entity that acquires any portion of
the Company's current assets located in Colorado and Texas (an &ldquo;<U>Excluded Entity</U>&rdquo;) following such Excluded Entity
or Excluded Entities&rsquo; purchase of such assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Notwithstanding
anything in this <U>Section 4</U> to the contrary, an Excluded Entity shall not be deemed in violation of this <U>Section 4</U>
if the Excluded Entity or Consultant, as a representative of Excluded Entity, directly or indirectly solicits, recruits or ultimately
employs any employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps; text-transform: uppercase"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps; text-transform: uppercase">Indemnification.
</FONT></B>The Consultant will be entitled to the continued right to indemnification, (i) in accordance with the terms of the Indemnification
Agreement between the Company and the Consultant dated May 10, 2013 (the &ldquo;<U>Indemnification Agreement</U>&rdquo;), (ii)
any and all rights to indemnification under the Articles of Incorporation and Bylaws of the Company and (iii) governing statutory
and common law. The Company agrees and acknowledges that the foregoing rights are vested contract rights of the Consultant and
may not be changed in a manner adverse to the Consultant. After the Effective Date, the Consultant&rsquo;s right to indemnification
and advancement of fees from the Company will continue in accordance with the Indemnification Agreement with respect to all current
matters and will be applicable with respect to any and all continuing and/or future investigations or matters that may arise on
or after the Effective Date that concern the Consultant&rsquo;s activities while an employee, consultant or director of the Company.
From and after the Effective Date of this Agreement, the Company will (a) maintain in force at all times directors&rsquo; and officers&rsquo;
liability insurance for the Employee in an amount and scope at least as favorable as the coverage presently applicable to directors
and officers of the Company, and (b) prior to the expiration of the term of any such policy, will procure, pay for, and have in
full force and effect either (i) an extended term for such policy, or (ii) a successor or replacement policy of directors&rsquo;
and officers&rsquo; liability insurance, or (iii) a six (6) year tail coverage policy in respect of the Company&rsquo;s current
directors&rsquo; and officers&rsquo; liability insurance policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Release
of Claims</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Representations
and Covenants</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">No
Injuries</FONT></B>. Consultant hereby represents and warrants to the Company that, as of the Effective Date, Consultant is not
suffering from any physical or mental injury incurred through work performed in the course and scope of his employment with the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Ownership
of Claims</FONT></B>. Consultant hereby represents and warrants to the Company that Consultant is the sole owner of, and has not
assigned to any other person any rights with respect to, any of the claims that Consultant is waiving under <U>Section 6.2(a)</U>,
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">No
Suits, Etc</FONT></B>. Consultant hereby (i) represents and warrants to the Company that Consultant has not filed any complaints,
charges or lawsuits against the Company or any of its affiliates or any of their respective officers, directors, shareholders,
or other agents, or with any governmental agency or in any court based upon Consultant's employment with the Company, or the termination
of such employment, or the prior ownership of the stock of the Company; and (ii) covenants and agrees that he will not file any
such complaints, charges, or lawsuits at any time hereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Release
and Waiver</FONT></B>. Except for &quot;Excluded Claims&quot; (as defined below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Release
by Consultant</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> Consultant hereby releases and discharges the Company and
its affiliates, and their respective shareholders, officers, directors, Consultants, insurance carriers, other agents, vendors,
consultants, successors and assigns (all such parties collectively are hereinafter referred to as the &quot;<U>Company Released
Parties</U>&quot;), of and from any and all claims, costs, damages, expenses, liabilities, obligations and causes of action, whether
known or unknown, of every type and kind whatsoever, which Consultant has or may hereafter learn of against any or all of the Company
Released Parties, arising from or relating in any way to his employment with the Company or the termination of such employment,
including but not limited to claims based upon or relating to: (a)&nbsp;any express or implied employment contract (including but
not limited to all Consultant compensation and benefit plans); (b) wrongful discharge; (c) claims of discrimination under Title&nbsp;VII
of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and
the Texas Labor Code, including Chapter 21 of the Texas Labor Code, which prohibit discrimination based on race, color, age, ancestry,
national origin, sex, religion, mental or physical disabilities, or marital status; (d) any other federal, state or local laws
or regulations prohibiting employment discrimination; or (e) claims for additional wages, compensation, retirement benefits or
other entitlements or benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Release
by the Company</FONT></B><FONT STYLE="font-variant: small-caps">. </FONT>The Company hereby releases and discharges Consultant
of and from any and all claims, costs, damages, expenses, liabilities, obligations and causes of action, whether known or unknown,
of every type and kind whatsoever, which the Company has or may hereafter learn of against Consultant, arising from or relating
in any way to Consultant's prior employment with the Company or the termination of such employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Excluded
Claims</FONT></B>. For purposes of this Agreement, the term &quot;<U>Excluded Claims</U>&quot; means any claim arising from (a)
a breach by a party of any of his or its obligations, representations, covenants, or other agreements under this Agreement, (b)
claims under any written stock option agreement between Consultant and the Company, (c) claims for benefits under any qualified
retirement plan sponsored by the Company and in which Consultant participates, (d) any right that Consultant may have to elect
&quot;COBRA&quot; continuation coverage under any group health plan sponsored by the Company, (e) any right that Consultant may
have to demand indemnification under the Articles of Incorporation or Bylaws of the Company or any written Indemnification Agreement
between the Company and Consultant, or applicable law, or (f) fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Term</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Term</FONT></B>.
Subject to termination pursuant to <U>Section 7.2</U>, below, (a) the initial term of this Agreement shall be for a period of ninety
(90) days commencing on the Effective Date (the &ldquo;<B><I>Initial Term</I></B>&rdquo;), and (b) thereafter, the term of this
Agreement shall be on a month-to-month basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Termination
of Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Termination
by Consultant</FONT>. </B>From and after the expiration of the Initial Term, Consultant may elect to terminate this Agreement&nbsp;at
any time by delivering to the Company written notice of termination at least thirty (30) days prior to the proposed effective date
of such termination. It is further agreed that Consultant may terminate this Agreement immediately if (a) the Company fails to
timely make the payments required by Section 2 hereof, or (b) the Company terminates its consulting arrangement with Robert Watson
effective any time prior to the filing of the Form 10-K for the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Termination
by Company</FONT>. </B>The Company shall be entitled to terminate this Agreement either (i) for Cause, effective upon delivery
of written notice of termination, or (ii) from and after the expiration of the without Cause, upon delivery of at least thirty
(30) days' advance written notice, or (iii) if Consultant is an individual, by reason of Consultant&rsquo;s Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Death
of Consultant</FONT>. </B></FONT>If Consultant is an individual, then this Agreement shall&nbsp;terminate automatically upon Consultant's
death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Definitions</FONT></B>.
For purposes of this Agreement, the term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">&quot;Cause&quot;</FONT></B>
shall mean (i)&nbsp;Consultant&rsquo;s failing to perform the duties and obligations imposed upon Consultant hereunder and failing
to cure such breach within seven (7) days following delivery to Consultant of written notice specifying the failures to perform;
(ii) Consultant&rsquo;s engaging&nbsp;in either grossly negligent conduct or willful misconduct in connection with the performance
of the Services; (iii) the conviction of Consultant for any crime which constitutes a felony (other than a vehicular violation
not involving theft or fraud) in the jurisdiction in which committed and which involves an act of theft&nbsp;or fraud, or the entry
by Consultant of a plea of guilty or <I>nolo contendre</I> to such a felony in any such jurisdiction; (iv) any violation by Consultant
of any fiduciary duty to the Company which has the effect of unlawfully converting for Consultant&rsquo;s own benefit any material
property or prospect of the Company; or (v)&nbsp;repeated consumption of alcohol or drugs in a manner that materially impairs Consultant&rsquo;s
abilities to perform Consultant's duties under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">&quot;Disability&quot;</FONT></B>
shall mean a medical or physical condition which, in the opinion&nbsp;of a licensed medical doctor reasonably acceptable to the
Company and the Consultant or the Consultant&rsquo;s representative, renders Consultant incapable for a period of at least two
(2) consecutive months of&nbsp;performing the Services under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Effect
of Termination</FONT></B>. Upon the expiration or termination of this Agreement in accordance with its terms, (a) the Company shall
continue to be obligated to pay Consultant for all consulting fees accrued under <U>Section 2.1</U>, above, with respect to the
period ending on the Effective Date of termination, (b) the Company shall be obligated to reimburse Consultant for all expenses
paid or incurred prior to termination and for which Consultant is entitled to be reimbursed pursuant to <U>Section 2.2</U>, above,
(c)&nbsp;Consultant shall continue to be bound by the terms and conditions of the Nondisclosure and Assignment of Inventions Agreement
Policy described in <U>Section 3.2</U>, above, and (d) Consultant shall deliver to the Company all notes (whether in tangible or
electronic form), memoranda, and other written or otherwise recorded materials which Consultant may possess that relate to the
Company's Business or embody any partially completed or fully completed work product pertaining to Consultant's performance of
Services for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Independent
Contractor</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Status</FONT></B>.
Consultant acknowledges that in performing Services pursuant to this Agreement, Consultant (a) shall be an independent contractor
and not an employee of the Company, (b) shall not be entitled to participate in any fringe benefit programs established by the
Company for the benefit of its employees, and (c) shall be solely responsible for paying prior to delinquency, and shall indemnify,
defend, and&nbsp;hold the Company free and harmless from and against, all income taxes, self-employment taxes, and other taxes
(including any interest and penalties with respect thereto) imposed on the fees and expense reimbursements paid by the Company
to Consultant pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Limitation
on Authority</FONT></B>. Consultant (a) shall not be an agent of the Company and shall&nbsp;have no authority to bind the Company
or incur any liabilities in the name of the Company, except with the prior written consent of the Company (which consent may be
withheld in the absolute discretion of the Company), and (b) shall indemnify, defend, and hold the Company free and harmless from
and against all claims, costs, damages, and expenses arising from or related to a breach by Consultant of the limitation set forth
in the preceding clause &quot;(a).&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="text-transform: uppercase">Miscellaneous</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Notices</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT>
All notices permitted or required by this Agreement shall be in writing, and shall be deemed to have been delivered and received
(a)&nbsp;when personally delivered, (b)&nbsp;on the third (3<SUP>rd</SUP>) business day after the date on which deposited in the
United States mail, postage prepaid, certified or registered mail, return receipt requested, (c) on the date on which transmitted
by facsimile or other electronic means producing&nbsp;a tangible receipt evidencing a successful transmission , or (d) on the next
business day after the day&nbsp;on which deposited with a regulated public carrier (<I>e.g</I>., Federal Express), freight prepaid,
addressed to the&nbsp;party for whom intended at the address or facsimile number set forth on the signature page of this Agreement,
or such other address, notice of which has been delivered in a manner permitted by this <U>Section&nbsp;9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Further
Assurances</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> Each party agrees, upon the request of the other party, to
make, execute, and deliver such additional documents, and to take such additional actions, as may be reasonably necessary to effectuate
the purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Severability</FONT></B>.
If any provision of this Agreement is for any reason found to be ineffective, unenforceable, or illegal by any court having jurisdiction,
such condition shall not affect the validity or enforceability of any of the remaining portions hereof, unless it deprives any
party hereto of any material right or license held by such party under this Agreement. The parties shall negotiate in good faith
to replace any such ineffective, unenforceable or illegal provisions as soon as is practicable, and the substituted provision shall,
as closely as possible, have the same economic effect as the eliminated provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Entire
Agreement; Amendments</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> This Agreement (a) contains the entire agreement
and understanding between the parties and supersedes all prior and contemporaneous agreements and understandings, whether oral&nbsp;or
written, concerning Consultant's engagement with the Company, and (b)&nbsp;shall not be modified or amended, except by a written
instrument executed after the Effective Date hereof by the party sought to be charged with such amendment or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Governing
Law; Jurisdiction; Venue</FONT></B></FONT>. This Agreement shall be governed by and construed in accordance with applicable provisions
of the laws of the State of Texas (without regard to application of its conflict-of-law principles), and each party hereby consents
to the jurisdiction of the courts of the State of Texas for purposes of all actions commenced to construe or enforce this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Waiver</FONT></B></FONT>.
No waiver of any term, provision or condition of this Agreement, the breach or default thereof, by conduct or otherwise, in one
or more instances shall be deemed to be either a continuing waiver or a waiver of a subsequent breach or default of any such term,
provision or condition of this Agreement. The failure of any party hereto to enforce at any time any provision of this Agreement
shall not be&nbsp;construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part
hereof or the right of any party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement
shall be held to constitute a waiver of any other or subsequent breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Construction</FONT></B></FONT>.
This Agreement is the result of negotiations between the parties and neither&nbsp;of the parties entering into this Agreement has
acted under any duress or compulsion, whether legal, economic or otherwise. The parties hereby waive the application of any rule
of law that ambiguous or conflicting terms or provisions should be construed against the party who (or whose attorney) prepared
this Agreement or any earlier draft of the same. In this Agreement, the word &quot;<I>Person</I>&quot; includes any individual,
company, trust or other legal entity of any kind, and the word &quot;<I>include(s)</I>&quot; means &quot;include(s), without limitation,&quot;
and the word &quot;<I>including</I>&quot; means &quot;including, but not limited to.&quot; Unless the context of this Agreement
otherwise clearly requires, references to the plural include the singular and the singular the plural. Unless otherwise expressly
indicated herein, the words &quot;<I>hereof,</I>&quot; &quot;<I>hereunder,</I>&quot; and similar terms in this Agreement refer
to this Agreement as a whole and not to any particular provision of this Agreement. All references to &quot;<I>Section</I>&quot;
herein shall refer to the sections and paragraphs of this Agreement unless specifically stated otherwise. The section and other
headings, if any, contained in this Agreement are inserted for convenience of reference only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Counterparts;
Electronic</FONT></B></FONT><B> <FONT STYLE="font-variant: small-caps">Signatures<FONT STYLE="font-family: Times New Roman, Times, Serif">.
</FONT></FONT></B>This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument, binding on each signatory thereto. A copy of this Agreement that is executed
by a party and transmitted by that party to the other party by facsimile or as an attachment (<I>e.g</I>., in &quot;.tif&quot;
or &quot;.pdf&quot; format) to an email shall be binding upon the signatory to the same extent as a copy hereof containing that
party's original signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>EFFECTIVE
DATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Review
and Revocation</FONT></B>. Consultant acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Review</FONT></B>.
This Agreement was first presented to him by the Company on January 20, 2017, and Consultant has been provided a period of twenty-one
(21) days to review and consider this Agreement before signing it. Consultant understands that he may use as much of such 21-day
period as he wishes prior to signing, and to the extent Consultant has elected to execute this Agreement prior to the expiration
of such 21-day period, Consultant has done so at his own initiative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Revocation</FONT></B>.
Consultant may revoke this Agreement within seven (7) days after signing it by delivering a written notice of revocation to the
Company within seven (7) days after Consultant signs this Agreement. If Consultant so revokes this Agreement within that period
of time, then no party shall have any further rights or obligations under this Agreement (and, thereby, the Company shall not have
any obligation to provide the Separation and Consulting Consideration).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Effective
Date</FONT></B>. The &quot;<U>Effective Date</U>&quot; of this Agreement shall be the first day as of which Consultant's seven-day
revocation period described in <U>Section 10.1(b)</U>, above, expires without Consultant having delivered to the Company a written
notice of revocation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures appear on the following page</I>.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, the parties hereto have executed this Agreement, effective as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;Company:&quot;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;Consultant:&quot;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>EnerJex
Resources, Inc., </B></FONT>a Nevada corporation</P>

</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">By&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-variant: normal; layout-grid-mode: line">Name &amp; title:</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Douglas M. Wright</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date</P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; font-size: 10pt; font-variant: small-caps; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Address, Facsimile No. and Email for Notices</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EnerJex Resources, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4040 Broadway, Ste. 508</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Antonio, TX 78209</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Facsimile No.: (210) 451-5546</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Email: <U>lgschott@hotmail.com </U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Address and Email for Notices</U>:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">626 Sentry Hill</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Antonio, TX 78260</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: dwright@enerjexresources.com</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Appendix
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>To</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Consulting
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Description
of Terms of Consulting Engagement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services
(</B></FONT><B>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">1.1). </FONT></B>Consultant
shall deliver the following Services to the Company pursuant to this Agreement: Subject to the authority of the Company's Chief
Executive Officer, (i) assisting the Company&rsquo;s officers in the development and implementation of efficient accounting policies
and procedures, (ii) assisting the Company's officers in overseeing and managing the daily accounting and financial functions of
the Company in a manner that allows the Company to efficiently execute its business plan, (iii) assisting the Company's officers
in supervising the Company's relationship with and the work performed by the Company's external auditors; (iv) identifying and
recommending the hiring, subject to approval by the Company&rsquo;s Chief Executive Officer, of appropriate personnel to assist
Consultant and the Company's other officers in discharging their responsibilities, (v) assisting the Company's officers in (A)
preparing Securities and Exchange Commission (SEC) filings related to financial reporting, including quarterly reports, annual
reports and proxies, and (B) ensuring that the Company is in compliance with SEC regulations related to financial disclosure and
Company reporting, provided, however, that Consultant&rsquo;s involvement in any such filings shall be limited as described in
<U>Section 1.1(a)</U>, and (vi) providing transition support in order to enable the Company to change operating responsibility
and signatories for the Company&rsquo;s bank accounts and payroll services and other vendor relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate
Per Period for Consulting Fees </B></FONT><B>(Section 2.1): </B>$18,000.00 per month, payable in bi-monthly (<I>i.e</I>., twice
monthly) installments of $9,000 each on the 1<SUP>st</SUP> day and the 16<SUP>th</SUP> day of each calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
of Time Commitment (</B></FONT><I>described parties' agreement regarding the approximate time commitment that Consultant is making
to the delivery of Services hereunder (e.g., approximate hours per month))</I>: full-time through March 31, 2017, and thereafter
on a substantially full-time basis, <I>provided that</I> Consultant may accept and perform services for other Persons so long as
those services do not materially interfere with Consultant's ability to perform his services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-decoration: overline; text-align: center">Company's Initials</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-decoration: overline; text-align: center">Consultant's Initials</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Appendix
1</B></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v459370_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Employment
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>This
Employment Agreement </B></FONT>(the &quot;<U>Agreement</U>&quot;) is made and entered into, effective as of February 10, 2017
(the &quot;<U>Effective Date</U>&quot;), by and between <FONT STYLE="font-variant: small-caps"><B>EnerJex Resources, Inc.</B></FONT>,<B>
</B>a Nevada corporation (the &quot;<U>Company</U>&quot;), and <FONT STYLE="font-variant: small-caps"><B>Louis G. Schott </B></FONT>(&quot;<U>Employee</U>&quot;),
with reference to the following facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Recitals</B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The parties have agreed
to execute this Agreement in order to memorialize the terms and conditions on which the Company shall employ Employee from and
after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Agreements</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>Now,
Therefore</B>, </FONT>the parties hereto, intending to be legally bound, do hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Position and
Duties</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Position
and Title</FONT></B>. The Company hereby hires Employee to serve as the Interim Chief Executive Officer of the Company. The Company's
Board of Directors (the &quot;<U>Board</U>&quot;) may assign Employee such other titles as it determines from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Limits
on Authority</FONT></B>. Employee shall perform his duties as Interim Chief Executive Officer of the Company pursuant to this Agreement
and in compliance with applicable law, consistent with such direction as the Board provides to Employee from time to time, and
in accordance with the Company's policies and procedures as published from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Annual
Reviews</FONT></B>. Following each annual anniversary of the Effective Date, the Board may review Employee's performance of his
duties pursuant to this Agreement and advise Employee of the results of that review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Reporting
and Authority</FONT></B>. Employee shall report to the Board. Subject to the power and authority of the Board to govern the affairs
of the Company, Employee shall have full authority and responsibility for supervising and managing the daily affairs of the Company,
including (i) working with the Board to develop and approve business objectives, policies and plans that improve profit and growth
objectives, (ii) communicating business objectives and plans within the Company, (iii) ensuring that plans and policies are promulgated
to and implemented by subordinate managers, (iv) directing operations to achieve planned performance goals and developing management
systems to effectively control each Company unit, (v) ensuring that each operating unit provides those functions required for achieving
its business objectives and that each unit is properly organized, staffed and directed to fulfill its responsibilities, (vi) developing
the organization and personnel, products, facilities, technology, and appropriate financial resources to secure the position of
the Company and to facilitate its planned development, (vii) directing periodic reviews of the Company's strategic market position
and combining this information with corollary analysis of the Company's products and financial resources, (viii) providing periodic
financial information concerning the operations of the business, human resources and sales growth plans to the Board, and (ix)
ensuring that the operation of the Company complies with applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Acceptance</FONT></B>.
Employee hereby accepts employment by the Company in the capacity set forth in <U>Section 1.1</U>, above, and agrees to perform
the duties of such position from and after the Effective Date in a diligent, efficient, trustworthy, and businesslike manner. Employee
agrees that, to the best of the Employee's ability and experience, Employee at all times shall loyally and conscientiously discharge
all of the duties and responsibilities imposed upon Employee pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Business
Time</FONT></B>. Employee shall devote his business time to the performance of his duties under this Agreement. Except as disclosed
to the Board prior to the engagement herein or except with the prior written approval of the Board, Employee may not be employed
by or provide paid consulting services to any business enterprise other than the Company and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Location</FONT></B>.
Employee shall perform his duties under this Agreement primarily from the offices maintained by the Company in San Antonio, Texas,
with occasional travel to the Company's properties in Kansas. Employee acknowledges and agrees that from time to time he shall
be required to travel (at the cost and expense of the Company) to other locations outside of San Antonio, Texas, and the locations
of the Company's offices in Kansas and Colorado, in order to discharge his duties under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Term</FONT></B>.
The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with <U>Section 4</U>,
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Compensation</FONT></B><FONT STYLE="font-variant: small-caps">.<B>
</B></FONT>The Company shall compensate Employee for his services pursuant to this Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Salary</FONT></B>.
The Company shall pay to Employee an annual salary in the amount of Two Hundred Twenty Five Thousand Dollars ($225,000.00), payable
in periodic installments in accordance with the Company's regular payroll practices as in effect from time to time. Such annual
salary shall be subject to periodic increases, in such amounts (if any) as the Company may determine to be appropriate, at the
time of Employee's annual review pursuant to <U>Section 1.1(b)</U>, above, or at such other times (if any) as the Company may select.
The salary may be reviewed and adjusted by the Board in its sole discretion following material improvements in the Company&rsquo;s
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Annual
Bonus</FONT></B>. For each calendar year during the term of this Agreement, Employee shall be eligible to receive a cash bonus
in such amount, if any, and subject to achievement of such individual and Company-wide performance criteria, as the Board in its
sole discretion respectively determines to be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Vacation</FONT></B>.
Employee shall accrue four (4) weeks' paid vacation in each period of twelve (12) consecutive months of employment during the term
of this Agreement. Except with written approval by the Board, if Employee accumulates four (4) weeks' accrued and unused vacation
time, then further accruals shall cease until Employee's accrued and unused vacation time is less than four (4) weeks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Other
Fringe Benefits</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> The Company shall either (a) provide health insurance
coverage for Employee and his dependents under the Company's group health insurance plan, at the cost and expense of the Company,
or (b) at the election of Employee, reimburse Employee up to One Thousand Five Hundred Dollars ($1,500.00) per month for an individual
health insurance plan procured by Employee. In addition to the foregoing, Employee shall be eligible for coverage under such other
fringe benefits as are provided to the Company's employees generally from time to time. These benefits or the reimbursement may
be reviewed and adjusted by the Board in its sole discretion following material improvements in the Company&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Reimbursement
of Expenses</FONT></B>. The Company shall reimburse Employee for authorized expenses incurred by Employee in the performance of
Employee's duties, <I>provided that</I> such expenses are reasonable in amount, incurred for the benefit of the Company, and are
supported by itemized accountings and expense receipts submitted to the Company prior to any reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-variant: small-caps">Proprietary
Information, Inventions and Non-Circumvention</FONT></B>. Employee agrees, as a condition of Employee's engagement hereunder, to
execute and deliver to the Company the Proprietary Information, Inventions and Non-Circumvention Agreement, in the form provided
to Employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">At-Will
Employment</FONT></B>. Employee's employment by the Company is &quot;at will,&quot; and the Company may terminate Employee's employment
at any time, with or without cause, upon delivery of written notice to Employee. In addition, Employee may resign from employment
with the Company at any time upon delivery of written notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Termination
Pay</FONT></B>. Upon termination of Employee's employment with the Company, Employee will be entitled to receive only those wages
(if any) that remain accrued and unpaid as of the effective date of such termination. Employee will not be entitled to receive
any severance pay or any other benefits or payments by reason of the termination of Employee's employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Notices</FONT></B>.
All notices permitted or required by this Agreement shall be in writing, and shall be deemed to have been delivered and received
(a)&nbsp;when personally delivered, (b)&nbsp;on the third (3<SUP>rd</SUP>) business day after the date on which deposited in the
United States mail, postage prepaid, certified or registered mail, return receipt requested, (c) on the date on which transmitted
by facsimile or other electronic means generating a receipt confirming a successful transmission (<I>provided that</I> on that
same date a copy of such notice is deposited in the United States mail, postage prepaid, certified or registered mail, return receipt
requested), or (d) on the next business day after the date on which deposited with a nationally-recognized private courier (<I>e.g.</I>,
FedEx, UPS, DHL, etc.) designating overnight delivery service with a return receipt requested or equivalent thereof administered
by such courier, freight prepaid, and addressed in a sealed envelope to the party for whom intended at the address appearing on
the signature page of this Agreement, or such other address or facsimile number, notice of which is given in a manner permitted
by this <U>Section&nbsp;5.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Effect
on Other Remedies</FONT></B>. Nothing in this Agreement is intended to preclude, and no provision of this Agreement shall be construed
to preclude, the exercise of any other right or remedy which the Company may have by reason of Employee's breach of his obligations
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Binding
on Successors; Assignment</FONT></B>. This Agreement shall be binding upon, and inure to the benefit of, each of the parties hereto,
as well as their respective heirs, successors, assigns, and personal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Governing
Law; Venue</FONT></B><FONT STYLE="font-variant: small-caps">.</FONT> This Agreement shall be governed by and construed in accordance
with applicable provisions of the laws of the State of Texas (without regard to application of its conflict-of-law principles),
and, subject to <U>Section 5.3</U>, each party hereby consents to the jurisdiction of the courts of the State of Texas for purposes
of all actions commenced to construe or enforce this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Severability</FONT></B>.
If any of the provisions of this Agreement shall otherwise contravene or be invalid under the laws of any state, country or other
jurisdiction where this Agreement is applicable but for such contravention or invalidity, such contravention or invalidity shall
not invalidate all of the provisions of this Agreement but rather it shall be construed, insofar as the laws of that state or other
jurisdiction are concerned, as not containing the provision or provisions contravening or invalid under the laws of that state
or jurisdiction, and the rights and obligations created hereby shall be construed and enforced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Further
Assurances</FONT></B>. Each party agrees, upon the request of another party, to make, execute, and deliver, and to take such additional
steps as may be necessary to effectuate the purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Entire
Agreement; Amendment</FONT></B>. This Agreement (a) represents the entire understanding of the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous understandings, whether written or oral, regarding the subject matter
hereof, and (b) may not be modified or amended, except by a written instrument, executed by the party against whom enforcement
of such amendment may be sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Counterparts;
Electronic Signatures</FONT></B>. This Agreement may be executed in counterparts, each of which shall be deemed an original and
both of which, taken together, shall constitute one and the same instrument, binding on each signatory thereto. A copy of this
Agreement that is executed by a party and transmitted by that party to the other party by facsimile or as an attachment (<I>e.g</I>.,
in &quot;.tif&quot; or &quot;.pdf&quot; format) to an email shall be binding upon the signatory to the same extent as a copy hereof
containing that party's original signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signatures appear on the following page.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof, </B></FONT>the parties hereto have executed this Employment Agreement, to be effective as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; layout-grid-mode: line"><FONT STYLE="font-variant: small-caps">&quot;Company:&quot;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; layout-grid-mode: line">&quot;<FONT STYLE="font-variant: small-caps">Employee</FONT>:&quot;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line"><FONT STYLE="font-variant: small-caps"><B>EnerJex Resources, Inc.</B>,<B> </B></FONT>a Nevada corporation</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; layout-grid-mode: line; text-decoration: none; text-align: justify">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">Name:</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">Louis G. Schott</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">Title:</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-decoration: underline; text-align: justify"><B><U>Address, Facsimile No. and Email for Notices</U></B>:</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="layout-grid-mode: line; text-decoration: underline; text-align: justify"><B><U>Address, Facsimile No. and Email for Notices</U></B>:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">EnerJex Resources, Inc.</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">609 Metairie Road, #117</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">ATTN: Chief Financial Officer</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">Metairie, LA 70005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">EnerJex Resources, Inc.</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">ATTN: Louis G. Schott</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">4040 Broadway, Ste. 508</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-decoration: none; text-align: justify">San Antonio, TX 78209</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="layout-grid-mode: line; text-decoration: underline; text-align: justify"><B><U>With a copy to</U></B>:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-align: justify">Facsimile No.: (210) 451-5546</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">Louis G. Schott</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none; text-indent: 0in"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">208 Stella Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">Metairie, LA 70005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; text-decoration: underline"><B><U>With a copy to</U></B>:</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email:<U> lgschott@hotmail.com</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Michael E. Pfau, Esq.</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Reicker, Pfau, Pyle &amp; McRoy LLP</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">1421 State Street, Suite B</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Santa Barbara, California 93101</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Facsimile No.: (805) 966-3320</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Email: <U>mpfau@rppmh.com</U></FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Signature
Page</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Employment
Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>v459370_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="pg1img1_ex99-1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENERJEX RESOURCES REACHES AGREEMENT TO
ELIMINATE SECURED INDEBTEDNESS AND ANNOUNCES SENIOR MANAGEMENT CHANGES; COMPANY SETS ANNUAL MEETING DATE AND ANNOUNCES INTENTION
TO CONVERT SERIES A PREFERRED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>San Antonio, Texas (February 14, 2017)
&ndash; </B>EnerJex Resources, Inc. (NYSE MKT: ENRJ) (OTCPINK: ENRJP) (the &ldquo;Company&rdquo;) announced today that <FONT STYLE="color: #212121; background-color: white">a
group of investors unrelated to the Company has purchased from EnerJex's secured bank lender all rights to the Company's secured
indebtedness, and that EnerJex has executed with the purchasing investor group a definitive written agreement for the discharge
of the Company's secured indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212121; background-color: white">Under
the terms of that definitive written agreement, and subject to approval by EnerJex's shareholders, the Company would convey to
the purchasing investors all of EnerJex's oil and gas properties located in Colorado, Texas, and Nebraska, and would pay to the
purchasing investors the sum of $3.30 million.&nbsp;In exchange, those purchasing investors would forgive the Company's approximately
$17.925 million of secured indebtedness and EnerJex would retain title to its Kansas-based assets, which generate the majority of
the Company's revenue and cash flow from operations.&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EnerJex also announced today that Louis
G. Schott has been appointed interim Chief Executive Officer of the Company. This appointment follows the resignation of Robert
G. Watson Jr. as Chief Executive Officer and a director of the Company, in order to pursue other business opportunties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Schott has served in the oil and gas
industry for 20 years and has extensive legal and business experience, with a focus on mergers and acquisitions, public company
regulations and requirements, title, energy finance, business development, general negotiations and land. Most recently, he served
as General Counsel and Treasurer of TexOak Petro Holdings LLC, where he performed all legal functions, including negotiating oil
and gas acquisitions. Mr. Schott previously served in various roles with TDC Energy for a period of 10 years and was an oil and
gas attorney with Liskow &amp; Lewis in New Orleans, LA. He is a non-practicing Certified Public Accountant and earned Master of
Business Administration and Juris Doctor degrees from Tulane University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, the Company announced today that
it will hold an Annual Meeting of shareholders on March 30, 2017 (the &ldquo;Annual Meeting&rdquo;). Additional details regarding
the Annual Meeting will be provided in the definitive proxy statement that will be distributed to shareholders after the Company
completes its review process with the United States Securities and Exchange Commission.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4040
Broadway Street, Suite 508 </FONT>| <FONT STYLE="font-family: Times New Roman, Times, Serif">San Antonio, TX 78209 </FONT>| <FONT STYLE="font-family: Times New Roman, Times, Serif">P:
210.451.5545 </FONT>| F<FONT STYLE="font-family: Times New Roman, Times, Serif">: 210.463.9297 </FONT>| WWW.ENERJEX.COM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Annual Meeting, at which the Company
will seek shareholder approval of the transaction described above, the Board of Directors intends to seek approval of holders of
EnerJex&rsquo;s Series A Preferred Stock (the &ldquo;Preferred Stock&rdquo;) to convert into Common Stock at a conversion ratio
of approximately 1-to-5, or 5 shares of Common Stock for each converted share of Series A Preferred Stock.&nbsp;&nbsp;Based upon
the average closing price of the Preferred Stock and Common Stock over the past 30 and 60 trading days, this conversion ratio represents
a premium for the Preferred Stock holders of 25% and 30%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company&rsquo;s Board
is developing alternative plans for generating, from debt or equity financing, the funds needed to pay the $3.30 million amount
due to the investor group that purchased EnerJex&rsquo;s secured indebtedness, and to provide working capital for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, EnerJex announced today the resignation
from employment by Douglas Wright. Mr. Wright will continue to serve as the Company's Chief Financial Officer pursuant to a consulting
agreement dated effective February 10, 2017. Mr. Wright will focus his services on completion of EnerJex&rsquo;s Form 10-K for
the year ended December 31, 2016, and the preparation of materials for the Company's Annual Meeting. There were no disagreements
between Mr. Wright and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Forward-Looking Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This press release and the materials
referenced herein include &quot;forward-looking statements&quot; 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. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>For further information contact:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Louis Schott</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EnerJex Resources, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone: (210) 451-5545</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Web:&nbsp;<U>www.enerjex.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4040
Broadway Street, Suite 508 </FONT>| <FONT STYLE="font-family: Times New Roman, Times, Serif">San Antonio, TX 78209 </FONT>| <FONT STYLE="font-family: Times New Roman, Times, Serif">P:
210.451.5545 </FONT>| F<FONT STYLE="font-family: Times New Roman, Times, Serif">: 210.463.9297 </FONT>| WWW.ENERJEX.COM</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
