EnerJex expands revolver to $100 million with Black Raven merger

By Jennifer Chiou

New York, Oct. 1 - EnerJex Resources, Inc. announced that its senior secured revolving line of credit with Texas Capital Bank, NA has increased to $100 million from $50 million in conjunction with the completion of its merger with Black Raven Energy, Inc.

According to an 8-K filing with the Securities and Exchange Commission, EnerJex's borrowing base increased to $38 million while the current interest rate decreased to 3.3%.

The merger with Black Raven, which is now a wholly owned subsidiary of the company, was completed on Sept. 27.

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, the filing noted.

Based in San Antonio, the exploration and production company is focused on the acquisition, development, exploration and production of oil and natural gas from properties located in the mid-continent region of the United States.

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