Amendment 4 To Joint Exploration Agreement

AMENDMENT 4 TO JOINT EXPLORATION AGREEMENT



This Fourth Amendment ("Fourth Amendment") to that certain Joint Exploration Agreement ("JEA") dated March 30, 2008 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 July 14, 2009. 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;



C. Pursuant to Section D.6, of the JEA, as amended, EnerJex was granted a nine (9) month option to elect to participate in the Nickel Town prospect;



D. On or about July 3, 2008, EnerJex entered a new three-year $50 million senior secured credit facility with Texas Capital Bank, N. A. (the " Credit Facility"); and



E. 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. Section D5 of the JEA is hereby amended and restated in its entirety as follows:


5. Notwithstanding anything to the contrary herein or elsewhere, EnerJex will have until December 31, 2009 (the "Additional Capital Deadline") to contribute additional capital towards the development of Black Oaks, and within a reasonable length of time thereafter, secure and contri ...