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EnerJex Resources Enters JV With Pharyn Resources In KS

Published Jun 8, 2009

EnerJex Resources Inc., Overland Park, Kan., (OTCBB: ENRJ) has entered into an agreement with Kansas-based Pharyn Resources to begin a 20-well development program on EnerJex’s Brownrigg lease in Linn County, Kansas. EnerJex will contribute the 320-acre property in exchange for a 10% carried working interest and a cost-plus management fee. Pharyn will contribute up to $700,000 in initial development capital. EnerJex will develop the project and remain operator.