Inventory Payment from Agreement
THIS AGREEMENT (the "Agreement") is entered into this 1st day of May, 2014 ("Effective Date"), by and among ENERJEX KANSAS, INC., a Nevada corporation ("EnerJex"), WORKING INTEREST, LLC, a Kansas limited liability company ("WILLC"), VIKING ENERGY PARTNERS, LLC, a Texas limited liability company ("Viking"), and COAL CREEK ENERGY, LLC, a Kansas limited liability company ("Coal Creek", and together with EnerJex, WILLC, and Viking, individually a "Party" and collectively the "Parties").
Inventory Payment. The Parties agree that some of the leases subject to this Agreement contained saleable oil in the storage tanks ("Inventory Oil") at the end of April 30, 2014 (the "Transfer Date"), and each Party agrees to ratably compensate the other Party or Parties for the transfer of Inventory Oil as of the Transfer Date based on a net price of $92.00 per barrel of oil for the Inventory Oil. The Inventory Oil is based upon month-end measurements conducted by EnerJex and disclosed on Exhibit G attached hereto. Each Party owing funds to another Party for Inventory Oil pursuant to Exhibit G shall immediately make a onetime payment to such Party in immediately available funds at closing of this Agreement. Swap Agreement May 13, 2014