EnerJex Resources announced that it completed its merger with Black Raven Energy. The company also announced that its senior secured revolving line of credit with Texas Capital Bank has been expanded from $50 million to $100 million.

Pursuant to the terms of the expanded credit facility, the company’s borrowing base increased by nearly 100% to $38 million and its current interest rate decreased to 3.30%. EnerJex has approximately $8 million of immediate liquidity which will allow the company to aggressively develop its assets beginning immediately.

As a result of the merger, EnerJex now owns oil and gas leases covering more than 100,000 acres in multiple prolific hydrocarbon basins located in four states including Colorado, Kansas, Nebraska, and Texas. Gross production from the company’s five distinct projects, which include both conventional and unconventional resource plays, totals approximately 750 barrels of oil equivalent per day. Within these projects, EnerJex has identified more than 500 low-risk drilling opportunities and has exposure to more than 10 million BOE of reserves, including proved, probable, and possible categories.

In addition to EnerJex’s active projects, the majority of its acreage is now located on trend with emerging unconventional oil resource plays in the Denver-Julesburg Basin of Eastern Colorado and Western Nebraska that are reportedly being pursued by a number of competitors including Southwestern Energy, Devon Energy, Apache Corp, Wiepking-Fullerton Energy, Cascade Petroleum, Nighthawk Energy, Synergy Resources, Vecta Oil & Gas, Omimex Petroleum, and Recovery Energy.

Multiple wells have recently been permitted, drilled, and tested in these plays targeting unconventional oil production from Paleozoic (Permian and Pennsylvanian) carbonates and shales. Primary oil targets being pursued include the Marmaton, Cherokee, Atoka, Morrow, Virgil, and Admire formations. Unconventional oil production is also being targeted in the Cretaceous Greenhorn formation. These plays are in the early stages of exploration and there can be no certainty that they will prove to be successful or that the company will be able to establish commercial oil production from them on its existing acreage.

EnerJex recently entered into a number of fixed price swaps to hedge a significant amount of additional oil volumes through 2015. A detailed summary of its existing hedge portfolio is provided below.