EnerJex Resources has been granted an option to acquire a 90% working interest in 1,920 oil-producing acres adjacent to its Black Oaks project in Mississippi, US.
The additional acreage will double the firm’s position in the project, which produces oil from the Mississippian formation.
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EnerJex’s management expects to receive a proportionate amount of recoverable oil from the additional acreage, with economic results similar to the Black Oaks project.
The acreage will require around 150 new wells to fully develop at an all-in cost of less than $10 per net barrel of recoverable oil, with operating expenses of $15-$20 per net barrel.
