EnerJex to sell $10 million of 10% cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, June 3 - EnerJex Resources Inc. launched a $10 million offering of non-dilutive 10% series A cumulative redeemable perpetual preferred stock on Tuesday, according to a company press release.

There is a $1.5 million overallotment option.

The company held a conference call on Tuesday to discuss the offering with investors.

Northland Capital Markets and Euro Pacific Capital are the joint bookrunning managers.

Dividends are payable monthly.

In 2017, the preferreds become redeemable at par plus accrued dividends.

The company intends to list the new securities on the New York Stock Exchange under the ticker symbol "ENRJPR."

Proceeds will be used to accelerate the development of the company's oil and gas properties in Kansas and Colorado and for general corporate purposes, which may include the temporary repayment of borrowings under a revolving credit facility.

EnerJex is a San Antonio-based independent oil and gas exploration and production company.

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