EnerJex Reports That Proved PV 10 Value of Its Reserves Has Increased Over 28% to $39.6 Million

Business Wire, June 3, 2008

OVERLAND PARK, Kan. -- EnerJex Resources, Inc. (OTCBB:EJXR) today announced that its estimated pretax future net income discounted at 10% (commonly known as PV 10) of proved reserves as of March 31, 2008 increased to $39.6 million from $30.9 million as of December 31, 2007, reflecting an increase in excess of 28% over the three month period.

EnerJex CEO Steve Cochennet noted, "The increase in reserves was due primarily to increased production from the new water flood initiative at Black Oaks as well as additional shallow production from new wells drilled since December 31st. The increase in value was also positively impacted due to an increase in commodity prices from the prior period and the recent 18-month fixed price swap executed with Shell Trading (US) Company effective April 1st."

EnerJex total net proved reserves increased from 1.2 million barrels of oil equivalent (BOE) to 1.4 million BOE over the same three month period. Total net proved reserves were made up of 64% proved developed and 36% proved undeveloped. The proved developed reserves were made up of 82% proved developed producing and 18% proved developed non-producing reserves.

The March 31, 2008 PV10 valuation of 1.4 million (BOE) was based on an oil price of $94.53 per barrel and $7.479 per million cubic feet (Mcf) for natural gas. This compares to 1.2 million BOE at December 31, 2007 using prices of $84.25 per barrel for oil and $5.657 per Mcf for natural gas. The report was prepared by McCune Engineering, an independent licensed petroleum engineering firm based in Kansas. It encompasses EnerJex's oil and natural gas development projects in Eastern Kansas.

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Black Oaks Project:

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DD Energy Project:

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Thoren Project:

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Tri-County Project:

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Gas City Project:

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1 STB = one stock-tank barrel

EnerJex began its development and drilling program in April 2007 with zero reserves. Mr. Cochennet summarized, "In less than one year we have added over $39.6 million in proved PV 10 value with less than $12 million of debt and we still have in excess of 400 additional drillable locations on current acreage under lease."

About EnerJex Resources, Inc.

EnerJex is an oil and natural gas acquisition, exploration and development company. EnerJex's principal strategy is to focus on the acquisition of oil and natural gas mineral leases that have existing production and cash flow. Once acquired, EnerJex implements an accelerated development program utilizing capital resources, a regional operating focus, an experienced management and technical team, and enhanced recovery technologies to attempt to increase production and increase returns for its stockholders. EnerJex's oil and natural gas acquisition and development activities are currently focused in Eastern Kansas.

Forward Looking Statements

The statements in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual proven reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of oil and gas at historical rates, costs of operations, delays, and any other difficulties related to producing oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced oil and gas, estimates made in evaluating proven reserves, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.

The reserve values stated in the McCune report are estimates and should not be interpreted as being exact quantities. They may or may not be actually recovered and the revenues stated in the report may be more or less than what will ultimately be recovered. While the reserve estimates presented in the report were believed reasonable at March 31, 2008, several factors may lead to a future revision of the reserve estimates presented in the report, including general economics, EnerJex's operations and reservoir performance.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements EnerJex makes in this news release include market conditions and those set forth in reports or documents it files from time to time with the SEC. EnerJex undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.