EnerJex Resources has acquired leasehold interests covering 3,945 net acres in Weld County, Colorado, US, from various third parties.
The interests, which were acquired at undisclosed terms, are situated in two areas of the horizontal Niobrara and Codell oil plays.
EnerJex acquired an 85% operated working interest in 640 acres in the Wattenberg Extension area.
The company is in the process of reactivating and working over three existing vertical wells on the property.
Two wells produce oil from the Niobrara and Codell formations and one from the J-Sand formation.
EnerJex started oil production from the two Niobrara/Codell wells, which have produced at a combined rate of around 60bpd in the initial days.
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By GlobalDataEnerJex has acquired a 100% operated working interest in 3,040 acres in the Hereford area.
Two-thirds of the position include three entire 640-acre sections with an average acreage tract size of 450.
The rest of the position has an average tract size of 170 acres and the entire acreage is situated on state-owned mineral and surface lands with a remaining term of more than four years.
The company aims to acquire 3D seismic data covering all or a majority of the acreage and plans to develop the assets by drilling horizontal wells with 4,000′-9,000′ laterals.
Commenting on the acquisition, EnerJex CEO Robert Watson said: "The stage is now set for an exciting year for our shareholders.
"In addition, management continues to evaluate numerous potential strategic opportunities to create and unlock value for common shareholders on a per-share basis."
EnerJex focuses on the acquisition and development of oil and natural gas properties located in the Rocky Mountain and Mid-Continent regions of the US.
The company owns oil and gas leases covering around 100,000 acres in several hydrocarbon basins situated in Colorado, Kansas, Nebraska and Texas.
Image: EnerJex acquired leasehold interests covering 3,945 net acres in Weld County. Photo: courtesy of EnerJex Resources.
