Amendment No. 2 To Joint Exploration Agreement BY And Between Enerjex Resources, Inc. And Mormeg, LL

AMENDMENT 2 TO JOINT EXPLORATION AGREEMENT


THIS SECOND AMENDMENT (" Second Amendment" ) to that certain Joint Exploration Agreement (" JEA" ) dated March 30, 2007 by and between MorMeg, LLC, a Kansas limited liability company, referred to herein as " MorMeg," and EnerJex Resources, Inc., a Nevada corporation, referred to herein as " EnerJex" is effective as of March 20, 2008. MorMeg and EnerJex are jointly referred to herein as " the parties" .


RECITALS


A. Pursuant to Section C and D1 of the JEA, EnerJex was to provide $4,000,000 in funding toward the development of Black Oaks (the " Minimum Funding" );


B. Pursuant to Section D.5. of the JEA, following the Minimum Funding, EnerJex was required to, within a reasonable length of time, secure and contribute additional funding so as not to cause more than thirty (30) days delay of project activities due to lack of funding to develop Black Oaks; and


C. Pursuant to Section D.6, of the JEA, EnerJex was granted an eighteen (18) month option to elect to participate in the Nickel Town prospect.


D.

MorMeg and EnerJex desire to amend the JEA.


NOW, THEREFORE, for and in consideration of the foregoing, and of the mutual covenants, agreements, undertakings, representations and warranties contained herein, the parties hereto agree as follows:


1. The Parties hereby agree and acknowledge that the Minimum Funding has been completed by EnerJex in full.


2. Section D5, D5A, and D5B, of the JEA are hereby amended and restated in their entirety as follows:


5.

Notwithstanding anything to the contrary herein or elsewhere, EnerJex will have until September 1, 2008 (the " Additional Capital Deadline" ) to contribute additional capital towards the development of Black Oak, and within a reasonable length of time thereafter, secure and contribute additional funding so as not to cause more than thirty (30) days delay of project activities due to lack of funding to complete the project. The Additional Capital Deadline shall be extended for up to an additional ninety (9 ...