The company holds a 40% working interest in each of the three new wells located in its El Toro project.
The El Toro project includes more than 5,000 undeveloped acres in which EnerJex operates and owns working interests ranging from 40% to 48%.
EnerJex drilled each well to a true vertical depth of about 4,500ft, targeting a formation that has produced more than 100 million barrels of oil in the nearby area since 1950.
EnerJex said that the gross cost to drill and complete each new well will be between $500,000 and $600,000.
