San Antonio-based EnerJex Resources Inc. said Dec. 21 that it has sold certain non-core assets in eastern Kansas for $4 million in cash. This transaction is intended to streamline the company’s operations and lower its cost structure by improving economies of scale in EnerJex’s core areas of operation. Proceeds from the sale will be used to further develop the company’s Mississippian Project in Kansas.

EnerJex’s Mississippian Project consists of a 90% working interest in 2,820 acres plus a 90% working interest in an additional 1,280 acres that the company may acquire upon achieving certain drilling milestones. EnerJex has identified hundreds of infill drilling locations on these leases, which management believes will yield approximately 3 million barrels of recoverable oil.

The company says it will update investors on its development plans for this project in the coming weeks. In addition, EnerJex will soon provide an operational update on its Rantoul Project, where the company has been actively drilling new wells for the past two months.