AgEagle Aerial Systems (UAVS) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 15, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	EnerJex Resources, Inc.
Entity Central Index Key	8,504
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ENRJ
Entity Common Stock, Shares Outstanding		9,821,397

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash unrestricted	$ 140,360	$ 128,035
Cash restricted	50,032	50,000
Accounts receivable	627,176	600,255
Derivative receivable	0	10,570
Inventory	201,675	185,733
Marketable securities	210,990	210,990
Deposits and prepaid expenses	376,251	493,384
Total current assets	1,606,484	1,678,967
Non-current assets:
Fixed assets, net of accumulated depreciation of $1,864,680 and $1,817,711	2,030,084	2,077,055
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $15,266,692and $15,189,716	3,364,687	3,437,030
Other non-current assets	575,019	798,809
Total non-current assets	5,969,790	6,312,894
Total assets	7,576,274	7,991,861
Current liabilities:
Accounts payable	836,785	294,241
Accrued liabilities	1,733,400	1,535,165
Current portion of long term debt	17,925,000	17,925,000
Total current liabilities	20,495,185	19,754,406
Asset retirement obligation	3,370,560	3,314,191
Other long-term liabilities	4,280,757	3,401,149
Total non-current liabilities	7,651,317	6,715,340
Total liabilities	28,146,502	26,469,746
Commitments & Contingencies
Stockholders' Deficit:
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 8,423,936 at March 31, 2017 and December 31, 2016	8,424	8,424
Paid-in capital	69,114,589	69,090,613
Accumulated deficit	(89,694,181)	(87,577,862)
Total stockholder’s deficit	(20,570,228)	(18,477,885)
Total liabilities and stockholders' deficit	7,576,274	7,991,861
10% Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Stockholders' Deficit:
Preferred Stock Value	938	938
Series B Convertible Preferred stock [Member]
Stockholders' Deficit:
Preferred Stock Value	$ 2	$ 2

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,864,680	$ 1,817,711
Properties using full-cost accounting	$ 15,266,692	$ 15,189,716
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	8,423,936	8,423,936
Common stock, shares outstanding	8,423,936	8,423,936
10% Series A Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	938,248	938,248
Preferred Stock Shares Outstanding	938,248	938,248
Series B Convertible Preferred stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,764	1,764
Preferred stock, shares issued	1,764	1,764
Preferred Stock Shares Outstanding	1,764	1,764

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Oil revenues	$ 609,504	$ 533,973
Natural gas revenues	19,509	22,026
Total revenues	629,013	555,999
Expenses:
Direct operating costs	608,266	693,862
Depreciation, depletion and amortization	123,946	164,188
Impairment of oil and gas properties	0	4,506,933
Professional fees	310,264	77,809
Salaries	9,463	457,167
Administrative expense	133,955	183,706
Total expenses	1,185,894	6,083,665
Loss from operations	(556,881)	(5,527,666)
Other income (expense):
Interest expense	(679,840)	(329,763)
Derivative losses	0	(1,085,604)
Other income	12	1,251,244
Total other (expense)	(679,828)	(164,123)
Net (loss)	(1,236,709)	(5,691,789)
Net (loss)	(1,236,709)	(5,691,789)
Preferred dividends	(879,607)	(586,404)
Net (loss) attributable to common stockholders	$ (2,116,316)	$ (6,278,193)
Net (loss) per share basic and diluted	$ (0.25)	$ (0.75)
Weighted average shares	8,423,936	8,423,936

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (1,236,709)	$ (5,691,789)
Depreciation, depletion and amortization	123,946	164,188
Impairment of oil and gas properties	0	4,506,933
Shares based payments issued for services	23,977	75,640
Accretion of asset retirement obligation	56,370	56,370
Gain derivatives	10,570	1,085,604
Settlement of asset retirement obligation	0	(2,767)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Accounts receivable	(26,921)	88,569
Inventory	(15,942)	(55,008)
Deposits and prepaid expenses	117,133	(238,549)
Accounts payable	542,544	(447,728)
Accrued liabilities	198,234	(229,418)
Changes in current assets and liabilities
Cash flows (used in) operating activities	(206,798)	(687,955)
Cash flows from investing activities
Additions to oil and gas properties	(4,635)	(7,597)
Cash flows (used in) investing activities	(4,635)	(7,597)
Cash flows from financing activities
Repayment of long-term debt		(406,732)
Deferred financing costs	223,790	30,108
Cash flows provided by (used in) financing activities	223,790	(376,624)
Net increase (decrease) in cash	12,357	(1,072,176)
Cash - beginning	178,035	3,101,682
Cash - ending	190,392	2,029,506
Supplemental disclosures:
Interest paid	0	299,968
Income taxes paid	0	0
Non-cash investing and financing activities:
Share based payments issued for services	$ 23,977	$ 75,640

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The unaudited condensed consolidated financial statements of EnerJex Resources, Inc. (“we”, “us”, “our”, “EnerJex” and “Company”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation. All such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative of the results to be expected for a full year. Certain amounts in the prior year statements have been reclassified to conform to the current year presentations. The statements should be read in conjunction with the financial statements and footnotes thereto included in our Annual Report Form 10-K for the fiscal year ended December 31, 2016. Our consolidated financial statements include the accounts of our wholly-owned subsidiaries, EnerJex Kansas, Inc., Black Sable Energy, LLC, Working Interest, LLC and Black Raven Energy, Inc. for the three month period ended March 31, 2017 and for the year ended December 31, 2016. All intercompany transactions and accounts have been eliminated in consolidation.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2017
Going Concern Disclosure [Abstract]
Going Concern Disclosure	Note 2 - Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at March 31, 2017 of $ 89,694,181 1,236,709 206,798 On October 3, 2011, the Company, entered into an Amended and Restated Credit Agreement with Texas Capital Bank, and other financial institutions and banks (“TCB” or “Bank”) that may become a party to the Credit Agreement from time to time. The facilities provided under the Amended and Restated Credit Agreement was to be used to refinance a prior outstanding revolving loan facility with TCB dated July 3, 2008, and for working capital and general corporate purposes. On August 15, 2014 the Company entered into an Eighth Amendment to the Amended and Restated Credit Agreement. Among other things the Eighth Amendment extended the maturity of the Agreement by three years to October 3, 2018. On August 12, 2015, the Company entered into a Tenth Amendment to the Amended and Restated Credit Agreement. Among other things the Tenth Amendment established the requirement of monthly borrowing base reductions commencing September 1, 2015 and continuing on the first of each month thereafter. On November 13, 2015, the Company entered into a Eleventh Amendment to the Amended and Restated Credit Agreement. The Eleventh Amendment reflects the following changes: (i) waived certain provisions of the Credit Agreement, (ii) suspend certain hedging requirements, and (iii) to make certain other amendments to the Credit Agreement. On April 1, 2016 the Company informed the Bank that it would cease making the mandatory monthly borrowing base reduction payments and did not make the required April 1, 2016 payment. The Company made its mandatory quarterly interest payment on April 6, 2016 and on April 7, 2016 entered into a Forbearance Agreement whereby the Bank agreed to not exercise remedies and rights afforded it under the Amended and Restated Credit Agreement for thirty days. On May 31, 2016, the Company and the Bank amended to the Forbearance Agreement to extend the forbearance period to August 31, 2016. On July 29, 2016, the Company and the Bank entered into a Third Forbearance Agreement which extended the forbearance period to October 1, 2016. Upon the expiration of the Third Forbearance agreement, the Company did not enter into a fourth Forbearance Agreement. Also, at that time the Company discontinued payment of interest on its outstanding loan obligations with the Bank. Throughout 2016, the Company evaluated plans to restructure, amend or refinance existing debt through private options. On February 14, 2017 the Company announced that a group of investors unrelated the Company has purchased from EnerJex’s secured bank lender all rights to the Company's secured indebtedness, and that EnerJex has executed with the purchasing investor group a definitive written agreement for the discharge of the Company's secured indebtedness. On February 10, 2017, the Company, TCB and IberiaBank (collectively, "Sellers"), and PWCM Investment Company IC LLC, and certain financial institutions (collectively, "Buyers") entered into a Loan Sale Agreement ("LSA"), pursuant to which Seller sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit Agreement and Loan Documents, in exchange for (i) a cash payment of $ 5,000,000 10 after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022 Also on February 10, 2017, the Company and its subsidiaries, and successor lender entered into a binding letter agreement dated February 10, 2017, which was subsequently amended on March 30, 2017 (as amended, the “letter agreement”) pursuant to which: 1. the successor lender would agree to forgive our existing secured loan in the approximate principal amount of $ 17,295,000 2. we would: a. convey our oil and gas properties and associated performance and surety bonds in Colorado, Texas, and Nebraska, and b. all of our shares of Oakridge Energy, Inc. (together, the "conveyed oil and gas assets"); and c. retain our assets in Kansas and continue as a going concern. The Kansas assets currently provide most of our current operating revenue. The restated secured note shall: a. be secured by a first-priority lien in the Company’s oil and gas producing assets situated in the State of Kansas, b. evidence accrued interest on the $ 4,500,000 16 c. bear interest from and after May 1, 2017, at a rate of 16.0 d. be pre-payable in full at a discount at any time during the term of the restated secured note upon EnerJex's paying $ 3,300,000 e. mature and be due and payable in full on November 1, 2017 We will have 2 options to extend the maturity date of the restated secured note by 90 days each upon payment of an extension fee of $ 100,000 So long as we repay the $ 3,300,000 The Closing occurred on May 10, 2017.

Stock Options

Stock Options	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock Options	Note 3 - Stock Options Weighted Weighted Avg. Avg. Exercise Exercise Options Price Warrants Price Outstanding December 31, 2016 207,664 $ 9.69 1,904,286 $ 2.75 Granted - - - - Cancelled (50,000) - - - Exercised - - - - Outstanding March 31, 2017 157,664 $ 9.69 1,904,286 $ 2.75

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4 – Fair Value Measurements We hold certain financial assets which are required to be measured at fair value on a recurring basis in accordance with the Statement of Financial Accounting Standard No. 157, "Fair Value Measurements" Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. We consider the derivative liability to be Level 2. We determine the fair value of the derivative liability utilizing various inputs, including NYMEX price quotations and contract terms. Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider our marketable securities to be Level 3 Fair Value Measurement Level 1 Level 2 Level 3 Marketable securities $ - $ - $ 210,990

Asset Retirement Obligation

Asset Retirement Obligation	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation	Note 5 - Asset Retirement Obligation Our asset retirement obligations relate to the liabilities associated with the abandonment of oil and natural gas wells. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, inflation rates and credit adjusted risk-free interest rates. Asset retirement obligations, December 31, 2016 $ 3,314,191 Accretion 56,370 Asset retirement obligations, March 31, 2017 $ 3,370,561

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-Term Debt [Abstract]
Long-Term Debt	Note 6 - Long-Term Debt Senior Secured Credit Facility On October 3, 2011, the Company, DD Energy, Inc., EnerJex Kansas, Inc., Black Sable Energy, LLC and Working Interest, LLC (“Borrowers”) entered into an Amended and Restated Credit Agreement with Texas Capital Bank, and other financial institutions and banks that may become a party to the Credit Agreement from time to time. The facilities provided under the Amended and Restated Credit Agreement are to be used to refinance Borrowers prior outstanding revolving loan facility with Bank, dated July 3, 2008, and for working capital and general corporate purposes. At our option, loans under the facility bear stated interest based on the Base Rate plus Base Rate Margin, or Floating Rate plus Floating Rate Margin (as those terms are defined in the Credit Agreement). The Base Rate will be, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 0.50 0.00 0.75 2.25 3.00 We entered into a First Amendment to Amended and Restated Credit Agreement and Second Amended and Restated Promissory Note in the amount of $ 50,000,000 On August 31, 2012, we entered into a Second Amendment to Amended and Restated Credit Agreement with Texas Capital Bank. The Second Amendment: (i) increased the borrowing base to $ 7,000,000 3.75 On November 2, 2012, we entered into a Third Amendment to Amended and Restated Credit Agreement with Texas Capital Bank. The Third Amendment (i) increased the borrowing base to $ 12,150,000 On January 24, 2013, we entered into a Fourth Amendment to Amended and Restated Credit Agreement, which was made effective as of December 31, 2012 with Texas Capital Bank. The Fourth Amendment reflects the following changes: (i) the Bank consented to the restructuring transactions related to the dissolution of Rantoul Partners, and (ii) the Bank terminated a Limited Guaranty, as defined in the Credit Agreement, executed by Rantoul Partners in favor of the Bank On April 16, 2013, the Bank increased our borrowing base to $ 19.5 On September 30, 2013, the Company entered into a Fifth Amendment to the Amended and Restated Credit Agreement. The Fifth Amendment reflects the following changes: (i) an expanded principal commitment amount of the Bank to $ 100,000,000 38,000,000 3.30 On November 19, 2013, we entered into a Sixth Amendment to the Amended and Restated Credit Agreement. The Sixth Amendment reflects the following changes: (i) the addition of Iberia Bank as a participant in our credit facility, and (ii) a technical correction to our covenant calculations. On May 22, 2014, we entered into a Seventh Amendment to the Amended and Restated Credit Agreement. The Seventh Amendment reflects the Bank’s consent to our issuance of up to 850,000 10 On August 15, 2014 we entered into an Eighth Amendment to the Amended and Restated Credit Agreement. The Eighth Amendment reflects the following changes: (i) the borrowing base was increased from $ 38 40 October 3, 2018 On April 29, 2015, we entered into a Ninth Amendment to the Amended and Restated Credit Agreement. In the Ninth Amendment, the Banks (i) re-determined the Borrowing Base based upon the recent Reserve Report dated January 1, 2015, (ii) imposed affirmative obligations on the Company to use a portion of proceeds received with regard to future sales of securities or certain assets to repay the loan, (iii) consented to non-compliance by the Company with certain terms of the Credit Agreement, (iv) waived certain provisions of the Credit Agreement, and (v) agreed to certain other amendments to the Credit Agreement. On May 1, 2015, the Borrowers and the Banks entered into a Letter Agreement to clarify that up to $ 1,000,000 On August 12, 2015, we entered into a Tenth Amendment to the Amended and Restated Credit Agreement. The Tenth Amendment reflects the following changes: (i) allow the Company to sell certain oil assets in Kansas, (ii) allow for approximately $ 1,300,000 1,500,000 On November 13, 2015, the Company entered into a Eleventh Amendment to the Amended and Restated Credit Agreement. The Eleventh Amendment reflects the following changes: (i) waived certain provisions of the Credit Agreement, (ii) suspend certain hedging requirements, and (iii) to make certain other amendments to the Credit Agreement. On April 1, 2016 the Company informed the Bank that it would cease making the mandatory monthly borrowing base reduction payments and did not make the required April 1, 2016 payment. The Company made its mandatory quarterly interest payment on April 6, 2016 and on April 7, 2016 entered into a Forbearance Agreement whereby the Bank agreed to not exercise remedies and rights afforded it under the Amended and Restated Credit Agreement for thirty days. On May 31, 2016, the Company and the Bank amended the Forbearance Agreement to extend the forbearance period to August 31, 2016. On July 29, 2016, the Company and the Bank entered into a Third Forbearance Agreement which extended the forbearance period to October 1, 2016. Upon the expiration of the Third Forbearance agreement, the Company did not enter into a fourth Forbearance Agreement. Also, at that time the Company discontinued payment of interest on its outstanding loan obligations with the Bank. On February 10, 2017, Borrowers, TCB and IberiaBank (collectively, "Sellers"), and PWCM Investment Company IC LLC, and certain financial institutions (collectively, "Buyers") entered into that certain Loan Sale Agreement ("LSA"), pursuant to which Seller sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit Agreement and Loan Documents, in exchange for (i) a cash payment of $5,000,000 (the "Cash Purchase Price"), (ii) a Synthetic Equity Interest equal to 10% of the Proceeds, after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to the five (5) years of February 10, 2017, Buyer may acquire the interest in clause (ii) above. In connection with the LSA, Borrowers release Sellers and its successors as holders of the rights under the Credit Agreement and Loan Documents, including Buyers, from any and all claims under the Credit Agreement and Loan Documents. On February 10, 2017, the Company, TCB and IberiaBank (collectively, "Sellers"), and PWCM Investment Company IC LLC, and certain financial institutions (collectively, "Buyers") entered into a Loan Sale Agreement ("LSA"), pursuant to which Seller sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit Agreement and Loan Documents, in exchange for (i) a cash payment of $ 5,000,000 10 after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022 Also on February 10, 2017, the Company and its subsidiaries, and successor lender entered into a binding letter agreement dated February 10, 2017, which was subsequently amended on March 30, 2017 (as amended, the “letter agreement”) pursuant to which: 1. the successor lender would agree to forgive our existing secured loan in the approximate principal amount of $ 17,295,000 2. we would: a. convey our oil and gas properties and associated performance and surety bonds in Colorado, Texas, and Nebraska, and b. all of our shares of Oakridge Energy, Inc. (together, the "conveyed oil and gas assets"); and c. retain our assets in Kansas and continue as a going concern. The Kansas assets currently provide most of our current operating revenue. The restated secured note shall: a. be secured by a first-priority lien in the Company’s oil and gas producing assets situated in the State of Kansas, b. evidence accrued interest on the $ 4,500,000 c. bear interest from and after May 1, 2017, at a rate of 16.0 d. be pre-payable in full at a discount at any time during the term of the restated secured note upon EnerJex's paying $ 3,300,000 e. mature and be due and payable in full on November 1, 2017 We will have 2 options to extend the maturity date of the restated secured note by 90 days each upon payment of an extension fee of $ 100,000 So long as we repay the $ 3,300,000 The Closing occurred on May 10, 2017.

Commitments & Contingencies

Commitments & Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 - Commitments & Contingencies As of March 31, 2017 the Company had an outstanding irrevocable letter of credit in the amount of $ 50,000 Rent expense for the three months ended March 31, 2017 and 2016 was approximately $ 37,000 43,000 108,000 91,000 77,000 We, as a lessee and operator of oil and gas properties, are subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject to the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. As of March 31, 2017, we have no reserve for environmental remediation and are not aware of any environmental claims. On September 23, 2016 the Company, American Standard Energy Corporation, Baylor Operating LLC, Bernard Given and Loeb & Loeb LLP were sued by Geronimo Holdings Corporation and Randal Capps in the 143rd Judicial District Court located in Pecos, Texas. The suit among other things, seeks damages for an alleged unlawful sale of properties in Crockett County Texas and for alleged unpaid royalties. The Company believes the suit is without merit and will vigorously defend itself. The Company has faith that it will prevail and at December 31, 2016 no reserve for potential losses arising from this matter has been recorded. Additionally under its agreement with Baylor Operating LLC, Baylor has agreed to indemnify and defend the Company against all lawsuits and claims including this one. On April 26, 2016 C&F Ranch, LLC sued the Company in Allen County Kansas for alleged breach of contract related to the rental of certain lands located on the C&F Ranch. The Company believes that has paid all rents owe to C&F Ranch LLC and will vigorously defend itself. The Company has faith that it will prevail and at December 31, 2016 no reserve for potential losses arising from this matter has been recorded.

Impairment of Oil and Gas Prope

Impairment of Oil and Gas Properties	3 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Impairment of Oil and Gas Properties	Note 8 - Impairment of Oil and Gas Properties Pursuant to full cost accounting rules, the Company must perform a ceiling test each quarter on its proved oil and natural gas assets within each separate cost center. All of the Company’s costs are included in one cost center as all of the Company’s operations are located in the United States. The Company’s ceiling test was calculated using trailing twelve-month, unweighted-average first-day-of-the-month prices for oil and natural gas as of March 31, 2016, which were based on a West Texas Intermediate oil price of $ 45.16 2.40 4,506,933

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 9 - Subsequent Events On February 10, 2017, Borrowers, TCB and IberiaBank (collectively, "Sellers"), and PWCM Investment Company IC LLC, and certain financial institutions (collectively, "Buyers") entered into that certain Loan Sale Agreement ("LSA"), pursuant to which Seller sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit Agreement and Loan Documents, in exchange for (i) a cash payment of $5,000,000 (the "Cash Purchase Price"), (ii) a Synthetic Equity Interest equal to 10% of the Proceeds, after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to the five (5) years of February 10, 2017, Buyer may acquire the interest in clause (ii) above. In connection with the LSA, Borrowers release Sellers and its successors as holders of the rights under the Credit Agreement and Loan Documents, including Buyers, from any and all claims under the Credit Agreement and Loan Documents. On February 10, 2017, the Company, TCB and IberiaBank (collectively, "Sellers"), and PWCM Investment Company IC LLC, and certain financial institutions (collectively, "Buyers") entered into a Loan Sale Agreement ("LSA"), pursuant to which Seller sold to Buyers, and Buyers purchased from Sellers, all of Sellers' right, title and interest in, to and under the Credit Agreement and Loan Documents, in exchange for (i) a cash payment of $ 5,000,000 10 after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022 Also on February 10, 2017, the Company and its subsidiaries, and successor lender entered into a binding letter agreement dated February 10, 2017, which was subsequently amended on March 30, 2017 (as amended, the “letter agreement”) pursuant to which: 1. the successor lender would agree to forgive our existing secured loan in the approximate principal amount of $ 17,295,000 4,500,000 2. we would: a. convey our oil and gas properties and associated performance and surety bonds in Colorado, Texas, and Nebraska, and b. all of our shares of Oakridge Energy, Inc. (together, the "conveyed oil and gas assets"); and c. retain our assets in Kansas and continue as a going concern. The Kansas assets currently provide most of our current operating revenue. The restated secured note shall: a. be secured by a first-priority lien in the Company’s oil and gas producing assets situated in the State of Kansas, b. evidence accrued interest on the $ 4,500,000 c. bear interest from and after May 1, 2017, at a rate of 16.0 d. be pre-payable in full at a discount at any time during the term of the restated secured note upon EnerJex's paying $ 3,300,000 e. mature and be due and payable in full on November 1, 2017 We will have 2 options to extend the maturity date of the restated secured note by 90 days each upon payment of an extension fee of $ 100,000 So long as we repay the $ 3,300,000 This transaction was approved by the Company’s shareholders at its annual meeting held on April 27, 2017. The Closing occurred on May 10, 2017. At the Closing, in consideration of the satisfaction of $ 13,425,000 To evidence the Company's remaining $ 4,500,000 Credit Agreement Note 4,500,000 16 per annum November 1, 2017 100,000 3,300,000 The Subsidiaries' obligations under the Credit Agreement and Note are non-recourse and are secured by a first-priority lien in the Company's and the Subsidiaries' oil properties and assets located in Kansas. The Company was removed as a borrower under the Credit Agreement, but entered into a Guaranty of Recourse Carveouts, pursuant to which the Company guarantees the Subsidiaries' payment of certain fees and expenses due under the Credit Agreement, and may be liable for certain conduct, such as fraud, bad faith, gross negligence, and waste of the Kansas oil properties or assets. On April 27, 2017, the Company announced that it had entered into a definitive agreement with an institutional investor for an equity financing of up to $ 500,000 300 300,000 200 1,000 Additionally, effective May 1, 2017, the Company entered into an agreement with Camber Energy, Inc. pursuant to which EnerJex will be responsible for performing certain general and administrative services for Camber for a fee of $ 150,000 We have reviewed all material events through the date of this report in accordance with ASC 855-10.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 – Related Party Transaction Additionally, effective May 1, 2017, the Company entered into an agreement with Camber Energy, Inc. pursuant to which EnerJex will be responsible for performing certain general and administrative services for Camber for a fee of $150,000 per month. A Director of EnerJex Resources, Inc. is a co-guarantor of bank debt held by Camber Energy, Inc.

Stock Options (Tables)

Stock Options (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Summary of Stock Options	A summary of stock options is as follows: Weighted Weighted Avg. Avg. Exercise Exercise Options Price Warrants Price Outstanding December 31, 2016 207,664 $ 9.69 1,904,286 $ 2.75 Granted - - - - Cancelled (50,000) - - - Exercised - - - - Outstanding March 31, 2017 157,664 $ 9.69 1,904,286 $ 2.75

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Variable to Fixed Price Commodity Swaps Derivative Instruments	We consider our marketable securities to be Level 3 Fair Value Measurement Level 1 Level 2 Level 3 Marketable securities $ - $ - $ 210,990

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation [Abstract]
Changes in Asset Retirement Obligations	The following shows the changes in asset retirement obligations: Asset retirement obligations, December 31, 2016 $ 3,314,191 Accretion 56,370 Asset retirement obligations, March 31, 2017 $ 3,370,561

Going Concern - Additional Info

Going Concern - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 10, 2017	Mar. 31, 2017	Mar. 31, 2016	May 01, 2017	Dec. 31, 2016
Retained Earnings Accumulated Deficit		$ (89,694,181)			$ (87,577,862)
Net Income (Loss) Attributable to Parent, Total		(1,236,709)	$ (5,691,789)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations		(206,798)	$ (687,955)
Loan Sale Agreement, Aggregate payments Made	$ 5,000,000	$ 5,000,000
Loan Sale Agreement, Synthetic Equity Interest	10.00%	10.00%
Loan Sale Agreement Return Distribution Description	after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to the five (5) years of February 10, 2017	after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022
Debt Instrument, Face Amount	$ 17,295,000
Restated Secured Note [Member]
Debt Instrument, Decrease, Forgiveness	3,300,000	$ 3,300,000
Debt Instrument, Face Amount	$ 4,500,000
Debt Instrument, Interest Rate, Stated Percentage	16.00%			16.00%
Debt Instrument, Unamortized Discount	$ 3,300,000
Debt Instrument, Maturity Date	Nov. 1, 2017	Nov. 1, 2017
Debt Instrument, Fee Amount	$ 100,000

Equity Transactions (Summary of

Equity Transactions (Summary of stock options) (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Options
Options Outstanding, Beginning Balance | shares	207,664
Options Granted | shares	0
Options Cancelled | shares	(50,000)
Options Exercised | shares	0
Options Outstanding, Ending Balance | shares	157,664
Weighted Avg. Exercise Price
Weighted Avg. Exercise Price Outstanding, Beginning Balance | $ / shares	$ 9.69
Weighted Avg. Exercise Price Granted | $ / shares	0
Weighted Avg. Exercise Price Cancelled | $ / shares	0
Weighted Avg. Exercise Price Exercised | $ / shares	0
Weighted Avg. Exercise Price Outstanding, Ending balance | $ / shares	$ 9.69
Warrants
Warrants Outstanding | shares	1,904,286
Warrants Granted | shares	0
Warrants Cancelled | shares	0
Warrants Exercised | shares	0
Warrants Outstanding | shares	1,904,286
Weighted Avg. Exercise Price
Weighted Avg. Exercise Price Outstanding, Beginning Balance | $ / shares	$ 2.75
Weighted Avg. Exercise Price Granted | $ / shares	0
Weighted Avg. Exercise Price Cancelled | $ / shares	0
Weighted Avg. Exercise Price Exercised | $ / shares	0
Weighted Avg. Exercise Price Outstanding, Ending balance | $ / shares	$ 2.75

Fair Value Measurements (Variab

Fair Value Measurements (Variable to Fixed Price Commodity Swaps Derivative Instruments) (Detail)	Mar. 31, 2017USD ($)
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 210,990

Asset Retirement Obligation (Ch

Asset Retirement Obligation (Changes in Asset Retirement Obligations) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation Of Changes In Asset Retirement Obligations [Line Items]
Asset retirement obligations, Begining	$ 3,314,191
Accretion	56,370	$ 56,370
Asset retirement obligations, Ending	$ 3,370,560

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)

Aug. 12, 2015

Feb. 10, 2017

May 22, 2014

Sep. 30, 2013

Mar. 31, 2017

May 01, 2017

May 01, 2015

Aug. 15, 2014

Apr. 16, 2013

Nov. 02, 2012

Aug. 31, 2012

Dec. 15, 2011

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 19,500,000

Proceeds from potential future securities offering unencumbered by Banks’ Liens

$ 1,000,000

Line of Credit Facility, Expiration Date

Oct. 3, 2018

Loan Sale Agreement, Aggregate payments Made

$ 5,000,000

$ 5,000,000

Loan Sale Agreement, Synthetic Equity Interest

10.00%

10.00%

Loan Sale Agreement Return Distribution Description

after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to the five (5) years of February 10, 2017

after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022

Debt Instrument, Face Amount

$ 17,295,000

Restated Secured Note [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

16.00%

16.00%

Debt Instrument, Decrease, Forgiveness

$ 3,300,000

$ 3,300,000

Debt Instrument, Face Amount

4,500,000

Debt Instrument, Unamortized Discount

$ 3,300,000

Debt Instrument, Maturity Date

Nov. 1, 2017

Nov. 1, 2017

Debt Instrument, Fee Amount

$ 100,000

First Amendment | Rantoul Partners

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 50,000,000

Second Amendment

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 7,000,000

Second Amendment | Minimum

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.75%

Third Amendment

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 12,150,000

Fifth Amendment

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

Line of credit facility, current borrowing capacity

$ 38,000,000

Seventh Amendment | Series A Cumulative Redeemable Perpetual Preferred Stock

Debt Instrument [Line Items]

Preferred Stock, Dividend Rate, Percentage

10.00%

Preferred Stock Shares Issued

850,000

Eight Amendment | Minimum

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 38,000,000

Eight Amendment | Maximum

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 40,000,000

Tenth Amendment [Member]

Debt Instrument [Line Items]

Proceed From Sale To Outstanding Loan Balances

$ 1,300,000

Proceeds from Sale of Oil and Gas Property and Equipment

$ 1,500,000

Line of Credit | Federal Funds Rate

Debt Instrument [Line Items]

Debt instrument interest rate, margin

0.50%

Line of Credit | Base Rate | Minimum

Debt Instrument [Line Items]

Debt instrument interest rate, margin

0.00%

Line of Credit | Base Rate | Maximum

Debt Instrument [Line Items]

Debt instrument interest rate, margin

0.75%

Line of Credit | Floating Rate | Minimum

Debt Instrument [Line Items]

Debt instrument interest rate, margin

2.25%

Line of Credit | Floating Rate | Maximum

Debt Instrument [Line Items]

Debt instrument interest rate, margin

3.00%

Line of Credit | Fifth Amendment | Federal Funds Rate

Debt Instrument [Line Items]

Debt instrument interest rate, margin

3.30%

Commitments & Contingencies - A

Commitments & Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	$ 37,000	$ 43,000
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	108,000
Operating Leases, Future Minimum Payments, Due in Two Years	91,000
Operating Leases, Future Minimum Payments, Due in Three Years	77,000
Texas Railroad Commission [Member]
Commitments and Contingencies Disclosure [Line Items]
Letters of Credit Outstanding, Amount	$ 50,000

Impairment of Oil and Gas Pro25

Impairment of Oil and Gas Properties - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016USD ($)bbl
Oil Price Per Barrel		45.16
Natural Gas Price Per MMBtu		2.40
Oil And Natural Gas Properties In PreTax Write Down | $		$ 4,506,933
Future Estimate Cash Flows Discount Percentage	10.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	May 01, 2017	May 10, 2017	Apr. 27, 2017	Feb. 10, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Loan Sale Agreement, Aggregate payments Made				$ 5,000,000	$ 5,000,000
Loan Sale Agreement, Synthetic Equity Interest				10.00%	10.00%
Loan Sale Agreement Return Distribution Description				Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to the five (5) years of February 10, 2017	after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022
Debt Instrument, Face Amount				$ 17,295,000
Restated Secured Note [Member]
Subsequent Event [Line Items]
Debt Instrument, Decrease, Forgiveness				3,300,000	$ 3,300,000
Debt Instrument, Penalties Expense				4,500,000
Debt Instrument, Face Amount				$ 4,500,000
Debt Instrument, Interest Rate, Stated Percentage	16.00%			16.00%
Debt Instrument, Unamortized Discount				$ 3,300,000
Debt Instrument, Maturity Date				Nov. 1, 2017	Nov. 1, 2017
Debt Instrument, Fee Amount				$ 100,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Penalties Expense		$ 4,500,000
Debt Instrument, Face Amount		$ 4,500,000
Debt Instrument, Interest Rate, Stated Percentage		16.00%
Debt Instrument, Unamortized Discount		$ 3,300,000
Debt Instrument, Maturity Date		Nov. 1, 2017
Debt Instrument, Fee Amount		$ 100,000
Maximum Value Of Shares To Be Issued			$ 500,000
Subsequent Event [Member] | Camber Energy Inc [Member]
Subsequent Event [Line Items]
Fees and Commissions	$ 150,000		$ 150,000
Subsequent Event [Member] | Series C Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues			300
Preferred Stock, Liquidation Preference Per Share			$ 1,000
Additional Maximum Shares Issued			200
Convertible Preferred Stock, Conversion Price			$ 0.30
Stock Issued During Period, Value, New Issues			$ 300,000
Subsequent Event [Member] | PCR Holdings LLC [Member]
Subsequent Event [Line Items]
Debt Conversion, Original Debt, Amount		$ 13,425,000

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail) - USD ($)	May 01, 2017	Apr. 27, 2017
Camber Energy Inc [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Fees and Commissions	$ 150,000	$ 150,000