EnerJex’s new 10% cumulative redeemable preferreds begin trading on NYSE

By Stephanie N. Rotondo

Phoenix, June 17 – EnerJex Resources Inc.’s $13.89 million offering of non-dilutive 10% series A cumulative redeemable perpetual preferred stock were admitted for trading on the New York Stock Exchange on Tuesday, the company said in a press release.

The deal priced Monday at $23.75 per share. The ticker symbol is “ENRJPR.”

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.

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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