Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 13, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'EnerJex Resources, Inc. | ' |
Entity Central Index Key | '0000008504 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'ENRJ | ' |
Entity Common Stock, Shares Outstanding | ' | 7,643,114 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash | $639,227 | $1,079,356 |
Restricted cash | 0 | 228,840 |
Accounts receivable | 2,067,418 | 2,461,746 |
Inventory | 283,845 | 238,794 |
Marketable securities | 1,018,673 | 1,018,573 |
Deposits and prepaid expenses | 625,923 | 373,994 |
Total current assets | 4,635,086 | 5,401,303 |
Non-current assets: | ' | ' |
Fixed assets, net of accumulated depreciation of $1,933,122 and $1,785,401 | 2,298,309 | 2,406,591 |
Oil and gas properties using full-cost accounting, net of accumulated DD&A | 61,572,679 | 61,349,403 |
Other non-current assets | 813,143 | 834,180 |
Total non-current assets | 64,684,131 | 64,590,174 |
Total assets | 69,319,217 | 69,991,477 |
Current liabilities: | ' | ' |
Accounts payable | 2,278,920 | 2,424,009 |
Accrued liabilities | 1,537,922 | 3,070,461 |
Derivative liability | 1,721,093 | 1,011,708 |
Total current liabilities | 5,537,935 | 6,506,178 |
Asset retirement obligation | 2,786,906 | 2,687,801 |
Long-term debt | 19,029,064 | 31,547,255 |
Derivative liability | 635,392 | 339,642 |
Total non-current liabilities | 22,451,362 | 34,574,698 |
Total liabilities | 27,989,297 | 41,080,876 |
Commitments & Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock | 0 | 4,780 |
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 7,643,114 at June 30, 2014 and 7,281,163 at December 31, 2013 | 7,643 | 7,281 |
Treasury Stock, 383,333 shares | -2,551,000 | -2,551,000 |
Paid-in capital | 66,190,136 | 49,913,535 |
Accumulated other comprehensive income | -552,589 | -552,589 |
Retained (deficit) | -21,765,022 | -20,462,406 |
Total stockholder’s equity | 41,329,920 | 28,910,601 |
Total liabilities and stockholders' equity | 69,319,217 | 69,991,477 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock | $752 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | ' | 4,779,460 |
Preferred Stock Shares Outstanding | ' | 4,779,460 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 7,643,114 | 7,281,163 |
Common stock, shares outstanding | 7,643,114 | 7,281,163 |
Treasury Stock, shares | 383,333 | 383,333 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1,933,122 | $1,785,401 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | ' |
Preferred stock, shares authorized | 25,000,000 | ' |
Preferred stock, shares issued | 751,815 | ' |
Preferred Stock Shares Outstanding | 751,815 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Oil revenues | $3,574,465 | $2,196,736 | $7,187,044 | $4,534,037 |
Natural gas revenues | 374,931 | 0 | 617,329 | 0 |
Total revenues | 3,949,396 | 2,196,736 | 7,804,373 | 4,534,037 |
Expenses: | ' | ' | ' | ' |
Direct operating costs | 1,511,133 | 751,957 | 3,043,040 | 1,534,029 |
Depreciation, depletion and amortization | 832,381 | 418,561 | 1,596,139 | 863,098 |
Professional fees | 227,213 | 269,257 | 452,115 | 625,479 |
Salaries | 369,088 | 185,978 | 679,436 | 431,989 |
Administrative expense | 251,200 | 174,243 | 392,229 | 313,647 |
Total expenses | 3,191,015 | 1,799,996 | 6,162,959 | 3,768,242 |
Income from operations | 758,381 | 396,740 | 1,641,414 | 765,795 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -358,739 | -137,128 | -737,667 | -255,373 |
Gain (loss) on derivatives | -1,406,739 | 407,759 | -1,811,092 | 167,818 |
Other income | 292 | 49,214 | 4,174 | 58,381 |
Total other income (expense) | -1,765,186 | 319,845 | -2,544,585 | -29,174 |
Net income (loss) | -1,006,805 | 716,585 | -903,171 | 736,621 |
Net income (loss) | -1,006,805 | 716,585 | -903,171 | 736,621 |
Preferred dividends | 0 | -199,456 | -399,447 | -392,343 |
Net income (loss) attributable to common stockholders | ($1,006,805) | $517,129 | ($1,302,618) | $344,278 |
Net income (loss) per share basic and diluted | $0.14 | $0.11 | $0.18 | $0.08 |
Weighted average shares | 7,342,858 | 4,522,501 | 7,317,092 | 4,522,468 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | ' | ' |
Net income (loss) | ($903,171) | $736,621 |
Depreciation, depletion and amortization | 1,596,139 | 863,098 |
Stock, options and warrants issued for services | 359,473 | 140,496 |
Accretion of asset retirement obligation | 127,389 | 56,386 |
Settlement of asset retirement obligation | -30,647 | -36,758 |
Loss (gain) on derivatives | 1,005,135 | -590,501 |
Loss on sale of fixed assets | 0 | 7,785 |
Adjustments to reconcile net income to cash from operating activities: | ' | ' |
Accounts receivable | 394,328 | 233,698 |
Inventory | -45,051 | ' |
Prepaid expenses | -290,498 | -137,674 |
Accounts payable | -145,089 | -900,069 |
Accrued liabilities | -1,076,249 | -16,556 |
Cash flows from operating activities | 991,759 | 356,526 |
Cash flows from investing activities | ' | ' |
Purchase of fixed assets | -39,439 | -41,418 |
Additions to oil and gas properties | -2,657,269 | -3,035,741 |
Proceeds from the sale of assets | 987,939 | 452,118 |
Cash flows from investing activities | -1,708,769 | -2,625,041 |
Cash flows from financing activities | ' | ' |
Payments on long-term debt | -14,018,191 | 0 |
Payments on notes payable | 0 | -400,000 |
Proceeds from borrowings | 1,500,000 | 2,500,000 |
Proceeds from sale of preferred stock | 13,400,932 | 0 |
Deferred financing costs | 21,037 | 0 |
Dividends paid on preferred stock | -855,737 | -367,650 |
Cash flows from financing activities | 48,041 | 1,732,350 |
Net decrease in cash | -668,969 | -536,165 |
Cash - beginning | 1,308,196 | 767,494 |
Cash - ending | 639,227 | 231,329 |
Supplemental disclosures: | ' | ' |
Interest paid | 388,335 | 117,588 |
Income taxes paid | 0 | 0 |
Non-cash transactions: | ' | ' |
Share based payments issued for services | $359,473 | $140,496 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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, 2013. | |
Our consolidated financial statements include the accounts of our wholly-owned subsidiaries, EnerJex Kansas, Inc., DD Energy, Inc., Black Sable Energy, LLC, Working Interest, LLC and Black Raven Energy, Inc. (“Black Raven”) for the three month and six month periods ended June 30, 2014 and for the year ended December 31, 2013. On September 27, 2013 we acquired Black Raven. Accordingly, only the financial position, results of operations and cash flows of Black Raven for the quarter ended December 31, 2013 were included in the Company’s consolidated financial statements for the year ended December 31, 2013. All intercompany transactions and accounts have been eliminated in consolidation. | |
Stock_Options
Stock Options | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
Stock Options | ' | |||||||
Note 2 - Stock Options | ||||||||
A summary of stock options is as follows: | ||||||||
Options | Weighted | |||||||
Average | ||||||||
Price | ||||||||
Outstanding December 31, 2013 | 231,133 | $ | 9.36 | |||||
Granted | 2,367 | 10.5 | ||||||
Cancelled | -1,500 | 10.5 | ||||||
Exercised | - | - | ||||||
Outstanding June 30, 2014 | 232,000 | $ | 9.47 | |||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||
Fair Value Measurements | ' | ||||||||||
Note 3 – 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" ("ASC Topic 820-10"). ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described below: | |||||||||||
Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. We believe our debt approximates fair value at June 30, 2014. | |||||||||||
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 | |||||||||||
Our derivative instruments consist of fixed price commodity swaps and a deferred premium put. | |||||||||||
Fair Value Measurement | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Crude oil contracts | $ | - | $ | -2,356,485 | $ | - | |||||
Marketable Securities | $ | - | $ | - | $ | 1,018,673 | |||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Asset Retirement Obligation [Abstract] | ' | ||||
Asset Retirement Obligation | ' | ||||
Note 4 - 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. The following shows the changes in asset retirement obligations: | |||||
Asset retirement obligations, December 31, 2013 | $ | 2,687,801 | |||
Liabilities incurred during the period | 2,363 | ||||
Liabilities settled during the period | -30,647 | ||||
Accretion | 127,389 | ||||
Asset retirement obligations, June 30, 2014 | $ | 2,786,906 | |||
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
Note 5 - Derivative Instruments | ||||||||||||
We have entered into certain derivative or physical arrangements with respect to portions of our crude oil production to reduce our sensitivity to volatile commodity prices and/or to meet hedging requirements under our Credit Facility. We believe that these derivative arrangements, although not free of risk, allow us to achieve a more predictable cash flow and to reduce exposure to commodity price fluctuations. However, derivative arrangements limit the benefit of increases in the prices of crude oil. Moreover, our derivative arrangements apply only to a portion of our production. | ||||||||||||
We have an Intercreditor Agreement in place between us, our counterparties, BP Corporation North America, Inc. ("BP") and Cargill Incorporated (“Cargill”) and our agent Texas Capital Bank, N.A., which allows Texas Capital Bank to also act as agent for the counterparties for the purpose of holding and enforcing any liens or security interests resulting from our derivative arrangements. Therefore, we are not required to post additional collateral, including cash. | ||||||||||||
The following derivative contracts were in place at June 30, 2014: | ||||||||||||
Term | Monthly Volumes | Price/Bbl | Fair Value | |||||||||
Deferred premium put | 1/16-6/16 | 9,000 Bbls | $ | 85 | $ | -79,830 | ||||||
Crude oil swap | 1/15-12/15 | 5,800 Bbls | $ | 88.55 | -591,774 | |||||||
Crude oil swap | 9/13-12/14 | 3,000 Bbls | $ | 95.15 | -148,830 | |||||||
Crude oil swap | 7/11-12/15 | 2,750 Bbls | $ | 83.7 | -746,888 | |||||||
Crude oil collar | 1/14-12/14 | 1,900 Bbls | $ | 96 | -84,569 | |||||||
Crude oil swap | 7/12-12/15 | 1,400 Bbls | $ | 76.74 | -595,524 | |||||||
Crude oil swap | 1/14-12/14 | 1,380 Bbls | $ | 90.25 | -109,070 | |||||||
$ | -2,356,485 | |||||||||||
Monthly volume is the weighted average throughout the period. | ||||||||||||
The total fair value is shown as a derivative instrument in both the current and non-current liabilities on the balance sheet. | ||||||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Long-Term Debt [Abstract] | ' |
Long-Term Debt | ' |
Note 6 - Long-Term Debt | |
Senior Secured Credit Facility | |
On October 3, 2011, the Company and 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, N.A. (the “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 were 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 will 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% and (b) the Bank's prime rate. The Floating Rate shall mean, at Borrower's option, a per annum interest rate equal to (i) the Eurodollar Rate plus Eurodollar Margin, or (ii) the Base Rate plus Base Rate Margin (as those terms are defined in the Amended and Restated Credit Agreement). Eurodollar borrowings may be for one, two, three, or six months, as selected by the Borrowers. The margins for all loans are based on a pricing grid ranging from 0.00% to 0.75% for the Base Rate Margin and 2.25% to 3.00% for the Floating Rate Margin based on the Company's Borrowing Base Utilization Percentage (as defined in the Amended and Restated Credit Agreement). | |
On December 15, 2011, 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 with the Bank. The Amendment reflected the addition of Rantoul Partners as an additional Borrower and added as additional security for the loans the assets held by Rantoul Partners. | |
On August 31, 2012, we entered into a Second Amendment to Amended and Restated Credit Agreement with the Bank. The Second Amendment: (i) increased our borrowing base to $7,000,000, (ii) reduced the minimum interest rate to 3.75%, and (iii) added additional new leases as collateral for the loan. | |
On November 2, 2012, we entered into a Third Amendment to Amended and Restated Credit Agreement with the Bank. The Third Amendment (i) increased our borrowing base to $12,150,000, and (ii) clarified certain continuing covenants and provided a limited waiver of compliance with one of the covenants so clarified for the quarter ended December 31, 2011. | |
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 the 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 million. | |
On September 30, 2013, we 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, (ii) an increase in our Borrowing Base to $38,000,000, (iii) the addition of Black Raven Energy, Inc. to the Credit Agreement as a borrower party, (iv) the addition of certain collateral and security interests in favor of the Bank, and (v) the reduction of our current interest rate to 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 shares of our 10% Series A Cumulative Perpetual Preferred Stock. | |
Our current borrowing base is $38 million, of which we had borrowed $19.0 million as of June 30, 2014. We intend to conduct an additional borrowing base review in the second half of 2014, and we expect the increases in our production and the maturity of our producing assets to result in an additional borrowing base increase as part of the additional borrowing base review. For the six month period ended June 30, 2014, and for the year ended December 31, 2013, the interest rate on amounts borrowed under our credit facility was 3.3%. This facility expires on October 3, 2015. | |
Commitments_Contingencies
Commitments & Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments & Contingencies | ' |
Note 7 Commitments & Contingencies | |
As of June 30, 2014 the Company had an outstanding irrevocable letter of credit in the amount of $50,000 issued in favor of the Texas Railroad Commission. The letter of credit is required by the Texas Railroad Commission for all companies operating in the state of Texas with production greater than limits they prescribe. | |
Rent expense for the six months ended June 30, 2014 and 2013 was approximately $106,000 and $52,000 respectively. Future non-cancellable minimum lease payments are approximately $83,000 for the remainder of 2014, $154,000 for 2015, $147,000 for 2016, $145,000 for 2017, $90,000 for 2018 and $77,000 for 2019. | |
Equity_Transactions
Equity Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
Note 8 Equity Transactions | |
On January 15, 2014, 7,333 shares were issued to two employees of the Company as compensation. The share price on the issue date was $7.05. From February 5, 2014 through March 17, 2014, 9,595 shares were issued for professional services rendered on behalf of the Company. The share price on all issuance dates for those shares was $7.50. | |
Effective after the close of trading in EnerJex common stock on May 30, 2014, the Company affected a 1-for-15 reverse stock split, by which each share of EnerJex common stock was reclassified, and changed into 1/15th of a fully paid and non-assessable share of common stock. In lieu of fractions of a share, the Company paid to holders of fractions of a share cash equal to $11.25 per share, which was the minimum value designated in the amended and restated certificate of designations affecting the reverse stock split. | |
On June 16, 2014, we adopted the Amended and Restated Certificate of Designation modifying the terms of our then-existing Series A preferred stock. Concurrently with filing of that Amended and Restated Certificate of Designation, the holders of our existing Series A preferred stock exchanged each outstanding share of such existing Series A preferred stock for (i) a number of shares of our common stock into which such Series A preferred stock was then convertible immediately prior to the exchange (318,630 shares in the aggregate), and (ii) a number of shares of Series A preferred stock equal to the quotient determined by dividing (x) that portion of the holder's original Series A preferred stock purchase price that had not yet been paid in dividends, by (y) $23.75. | |
On June 20, 2014, we closed an underwritten initial public offering of 639,157 shares of our Series A preferred stock at a purchase price of $23.75 per share for gross proceeds of $15.2 million. The shares sold to the underwriters included 83,368 shares pursuant to a 45-day option that was exercised by the underwriters in full on June 20, 2014. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 9 Subsequent Events | |
We have reviewed all material events through the date of this report in accordance with ASC 855-10. | |
On July 31, 2014, the company paid a dividend of approximately $208,900 on our 10% Series A Cumulative Perpetual Preferred Stock to shareholders of record at the close of business on July 15, 2014. The dividend was for the period beginning June 20, 2014 (the date of the issuance of the shares of Preferred Stock) through July 31, 2014. | |
Stock_Options_Tables
Stock Options (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
Summary of Stock Options | ' | |||||||
A summary of stock options is as follows: | ||||||||
Options | Weighted | |||||||
Average | ||||||||
Price | ||||||||
Outstanding December 31, 2013 | 231,133 | $ | 9.36 | |||||
Granted | 2,367 | 10.5 | ||||||
Cancelled | -1,500 | 10.5 | ||||||
Exercised | - | - | ||||||
Outstanding June 30, 2014 | 232,000 | $ | 9.47 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||
Variable to Fixed Price Commodity Swaps Derivative Instruments | ' | ||||||||||
Our derivative instruments consist of fixed price commodity swaps and a deferred premium put. | |||||||||||
Fair Value Measurement | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Crude oil contracts | $ | - | $ | -2,356,485 | $ | - | |||||
Marketable Securities | $ | - | $ | - | $ | 1,018,673 | |||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Asset Retirement Obligation [Abstract] | ' | ||||
Changes in Asset Retirement Obligations | ' | ||||
The following shows the changes in asset retirement obligations: | |||||
Asset retirement obligations, December 31, 2013 | $ | 2,687,801 | |||
Liabilities incurred during the period | 2,363 | ||||
Liabilities settled during the period | -30,647 | ||||
Accretion | 127,389 | ||||
Asset retirement obligations, June 30, 2014 | $ | 2,786,906 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Contracts | ' | |||||||||||
The following derivative contracts were in place at June 30, 2014: | ||||||||||||
Term | Monthly Volumes | Price/Bbl | Fair Value | |||||||||
Deferred premium put | 1/16-6/16 | 9,000 Bbls | $ | 85 | $ | -79,830 | ||||||
Crude oil swap | 1/15-12/15 | 5,800 Bbls | $ | 88.55 | -591,774 | |||||||
Crude oil swap | 9/13-12/14 | 3,000 Bbls | $ | 95.15 | -148,830 | |||||||
Crude oil swap | 7/11-12/15 | 2,750 Bbls | $ | 83.7 | -746,888 | |||||||
Crude oil collar | 1/14-12/14 | 1,900 Bbls | $ | 96 | -84,569 | |||||||
Crude oil swap | 7/12-12/15 | 1,400 Bbls | $ | 76.74 | -595,524 | |||||||
Crude oil swap | 1/14-12/14 | 1,380 Bbls | $ | 90.25 | -109,070 | |||||||
$ | -2,356,485 | |||||||||||
Stock_Options_Summary_of_stock
Stock Options (Summary of stock options) (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Options | ' |
Options Outstanding, Beginning Balance | 231,133 |
Options Granted | 2,367 |
Options Cancelled | -1,500 |
Options Exercised | 0 |
Options Outstanding, Ending Balance | 232,000 |
Weighted Average Price | ' |
Weighted Average Price Outstanding, Beginning Balance | $9.36 |
Weighted Average Price Granted | $10.50 |
Weighted Average Price Cancelled | $10.50 |
Weighted Average Price Exercised | $0 |
Weighted Average Price Outstanding, Ending balance | $9.47 |
Fair_Value_Measurements_Variab
Fair Value Measurements (Variable to Fixed Price Commodity Swaps Derivative Instruments) (Detail) (USD $) | Jun. 30, 2014 |
Fair Value, Inputs, Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Crude oil contracts | $0 |
Marketable Securities | 0 |
Fair Value, Inputs, Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Crude oil contracts | -2,356,485 |
Marketable Securities | 0 |
Fair Value, Inputs, Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Crude oil contracts | 0 |
Marketable Securities | $1,018,673 |
Asset_Retirement_Obligation_Ch
Asset Retirement Obligation (Changes in Asset Retirement Obligations) (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Reconciliation Of Changes In Asset Retirement Obligations [Line Items] | ' | ' |
Asset retirement obligations, beginning balance | $2,687,801 | ' |
Liabilities incurred during the period | 2,363 | ' |
Liabilities settled during the period | -30,647 | ' |
Accretion | 127,389 | 56,386 |
Asset retirement obligations, end balance | $2,786,906 | ' |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Contracts) (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Derivative [Line Items] | ' |
Fair Value | -2,356,485 |
Crude Oil Swap | Derivative Instrument 2 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 5,800 |
Price/bbl | 88.55 |
Fair Value | -591,774 |
Crude Oil Swap | Derivative Instrument 3 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 3,000 |
Price/bbl | 95.15 |
Fair Value | -148,830 |
Crude Oil Swap | Derivative Instrument 4 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 2,750 |
Price/bbl | 83.7 |
Fair Value | -746,888 |
Crude Oil Swap | Derivative Instrument 5 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 1,900 |
Price/bbl | 96 |
Fair Value | -84,569 |
Crude Oil Swap | Derivative Instrument 6 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 1,400 |
Price/bbl | 76.74 |
Fair Value | -595,524 |
Crude Oil Swap | Derivative Instrument 7 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 1,380 |
Price/bbl | 90.25 |
Fair Value | -109,070 |
Crude Oil Swap | Minimum | Derivative Instrument 2 | ' |
Derivative [Line Items] | ' |
Term | '2015-01 |
Crude Oil Swap | Minimum | Derivative Instrument 3 | ' |
Derivative [Line Items] | ' |
Term | '2013-09 |
Crude Oil Swap | Minimum | Derivative Instrument 4 | ' |
Derivative [Line Items] | ' |
Term | '2011-07 |
Crude Oil Swap | Minimum | Derivative Instrument 6 | ' |
Derivative [Line Items] | ' |
Term | '2012-07 |
Crude Oil Swap | Minimum | Derivative Instrument 7 | ' |
Derivative [Line Items] | ' |
Term | '2014-01 |
Crude Oil Swap | Maximum | Derivative Instrument 2 | ' |
Derivative [Line Items] | ' |
Term | '2015-12 |
Crude Oil Swap | Maximum | Derivative Instrument 3 | ' |
Derivative [Line Items] | ' |
Term | '2014-12 |
Crude Oil Swap | Maximum | Derivative Instrument 4 | ' |
Derivative [Line Items] | ' |
Term | '2015-12 |
Crude Oil Swap | Maximum | Derivative Instrument 6 | ' |
Derivative [Line Items] | ' |
Term | '2015-12 |
Crude Oil Swap | Maximum | Derivative Instrument 7 | ' |
Derivative [Line Items] | ' |
Term | '2014-12 |
Deferred premium put [Member] | Derivative Instrument 1 | ' |
Derivative [Line Items] | ' |
Monthly Volumes Bbls | 9,000 |
Price/bbl | 85 |
Fair Value | -79,830 |
Deferred premium put [Member] | Minimum | Derivative Instrument 1 | ' |
Derivative [Line Items] | ' |
Term | '2016-01 |
Deferred premium put [Member] | Maximum | Derivative Instrument 1 | ' |
Derivative [Line Items] | ' |
Term | '2016-06 |
Crude Oil Collar [Member] | Minimum | Derivative Instrument 5 | ' |
Derivative [Line Items] | ' |
Term | '2014-01 |
Crude Oil Collar [Member] | Maximum | Derivative Instrument 5 | ' |
Derivative [Line Items] | ' |
Term | '2014-02 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 15, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Nov. 02, 2012 | Apr. 16, 2013 | Sep. 30, 2013 | 22-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 |
First Amendment | Second Amendment | Second Amendment | Third Amendment | Fourth Amendement | Fifth Amendment | Seventh Amendment | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | ||
Rantoul Partners | Minimum | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Federal Funds Rate | Base Rate | Base Rate | Floating Rate | Floating Rate | Fifth Amendment | ||||||
Minimum | Maximum | Minimum | Maximum | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate, margin | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.00% | 0.75% | 2.25% | 3.00% | 3.30% |
Line of credit facility, maximum borrowing capacity | ' | $50,000,000 | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | 38,000,000 | ' | 7,000,000 | ' | 12,150,000 | 19,500,000 | 38,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility | $19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Perpetual Preferred Stock Reserved For Future Issuance | ' | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_Addi
Commitments & Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Operating Leases, Rent Expense | $106,000 | $52,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 83,000 | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 154,000 | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 147,000 | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 145,000 | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 90,000 | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 77,000 | ' |
Texas Railroad Commission [Member] | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $50,000 | ' |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 15, 2014 | Jun. 30, 2014 | Mar. 17, 2014 | Jun. 20, 2014 | Jun. 20, 2014 | Jun. 16, 2014 | Mar. 17, 2014 |
IPO [Member] | Underwriters [Member] | Series A Convertible Preferred Stock [Member] | Consultant [Member] | ||||
Stock Issued During Period, Shares, Issued for Services | 7,333 | ' | ' | ' | ' | ' | 9,595 |
Stockholders' Equity, Reverse Stock Split | ' | 'May 30, 2014, the Company affected a 1-for-15 reverse stock split, by which each share of EnerJex common stock was reclassified, and changed into 1/15th of a fully paid and non-assessable share of common stock. In lieu of fractions of a share, the Company paid to holders of fractions of a share cash equal to $11.25 per share | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | 318,630 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 639,157 | 83,368 | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | $23.75 | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | $15.20 | ' | ' | ' |
Share Price | $7.05 | ' | $7.50 | ' | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Series A Cumulative Perpetual Preferred Stock [Member], USD $) | 1 Months Ended |
Jul. 31, 2014 | |
Subsequent Event [Member] | Series A Cumulative Perpetual Preferred Stock [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Preferred Stock | $208,900 |
Preferred Stock, Dividend Rate, Percentage | 10.00% |