AgEagle Aerial Systems Inc. — Director's Dealing 2013

Oct 1, 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: WEST COAST OPPORTUNITY FUND LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-09-27	Common Stock	J	40404740	—	Acquired	52217209	Direct

Footnotes

F1: The 40,404,740 shares of Issuer common stock represents the number of shares of Issuer Reporting Person 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, BRE, BRE Merger Sub, Inc., and Reporting Person, which became effective on September 27, 2013. In the Merger Agreement, Issuer common stock was attributed a value of $0.70 per share.

F2: 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 Reporting Person, elect cash in the Merger. The final exchange ratio will not be determined until after the due date for this Form 4.