AgEagle Aerial Systems Inc. — Director's Dealing 2013

Oct 31, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EnerJex Resources, Inc. (ENRJ)
CIK: 0000008504
Period of Report: 2013-09-27

Reporting Person: Helfert Lance W (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-10-22	Common Stock	J	9013359	$0.00	Disposed	5800562	Indirect
2013-10-23	Common Stock	J	1624250	$0.00	Disposed	4176312	Indirect
2013-09-27	Common Stock	J	40404740	—	Acquired	52217209	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	53577	Indirect
Common Stock	32146	Indirect
Common Stock	32146	Indirect
Common Stock	42065	Indirect
Common Stock	42065	Indirect
Series A Preferred Stock	2417660	Indirect

Footnotes

F1: Montecito Venture Partners, LLC made a pro rata distribution of Issuer's common stock to its members. The distribution effects only a change in the form of beneficial ownership and is therefore exempt from Section 16 of the Securities and Exchange Act of 1934.

F2: The 40,404,740 shares of Issuer common stock represents the number of shares of West Coast Opportunity Fund, LLC ("WCOF") is entitled to receive in exchange for 123,539,227 shares of common stock of Black Raven Energy, Inc. (BRE), in connection with that certain Agreement and Plan of Merger (the "Merger Agreement") dated July 23, 2013, by and among Issuer, WCOF, BRE, and BRE Merger Sub, Inc., which became effective on September 27, 2013. In the Merger Agreement, Issuer common stock was attributed a value of $0.70 per share.

F3: The calculation of shares is based upon an initial exchange ratio of 0.34791 shares of EnerJex common stock for each share of BRE common stock. This exchange ratio is subject to final adjustment pursuant to Section 2.1(d) of the Merger Agreement. The exchange ratio utilized in this Form 4 of 0.32706 shares of Issuer common stock in exchange for each share of BRE common stock is the exchange ratio set forth in the Merger Agreement adopted with the assumption that all BRE stockholders, other than WCOF, elect cash in the Merger. The final exchange ratio will not be determined until after the due date of this Form 4.

F4: Shares are held by West Coast Opportunity Fund, LLC for the benefit of its members. The members are the beneficial owners of the shares reported herein. Some of the members are affiliated with the Reporting Person. The investments held by West Coast Opportunity Fund are managed by West Coast Asset Management, Inc. (the "Investment Manager"). Reporting Person serves on the investment committee of the Investment Manager.

F5: Shares are held by Montecito Venture Partners, LLC, which Reporting Person serves on the Board of Managers.