San Antonio-based EnerJex Resources Inc. (OTCMarkets:ENRJ) said Jan. 5 that it has completed drilling 50 new wells in its Rantoul Project located in Eastern Kansas.

During the past three months, EnerJex has drilled 35 new production wells and 15 new water injection wells with a 100% success rate. Sixteen of the new production wells encountered a secondary oil zone deeper than the primary target zone, and the company intends to commingle and produce both zones together. Of significance, the secondary zone appears to increase in thickness and reservoir quality under a portion of EnerJex’s acreage which had never been tested.

Twelve of the new production wells were recently completed and have begun producing oil, and the remaining 38 wells are in various stages of completion. EnerJex is actively drilling with two rigs and is scheduled to drill at least 20 additional wells during the next six weeks if weather cooperates. Production from the Rantoul Project is currently in excess of 100 barrels of oil per day (BOPD), and management expects this figure to increase significantly in the coming months as additional wells are brought online. 

EnerJex expects to drill at least 100 additional wells in the Rantoul Project and achieve stabilized production in excess of 200 BOPD, not including any new potential from the prospective deeper zone. EnerJex owns an 88.25% interest in the Rantoul Project.  

EnerJex’s CEO, Robert Watson Jr., said, “I am very pleased with our drilling results and the rapid progress we have made over the past three months, during a season which is typically limited by severe weather conditions. The deeper oil zone we encountered in this drilling program is certainly encouraging, and I look forward to updating investors on our progress in the coming weeks as we continue to develop this project.”

EnerJex is a US onshore oil company with assets located in Eastern Kansas and South Texas.