| West      Coast Opportunity Fund, LLC | Frey      Living Trust                 |
|---------------------------------------|----------------------------------------|
| 1202      Coast Village Road          | 5005      SE Williams Way              |
| Montecito,      CA 93108              | Stuart,      FL 34997                  |
|                                  |                                   |
| Enable      Growth Partners LP        | Enable      Opportunity Partners LP    |
| C/o      Enable Capital Management    | C/o      Enable Capital Management     |
| One      Ferry Building, Suite 225    | One      Ferry Building, Suite 225     |
| San      Francisco, CA 94111          | San      Francisco,CA  94111 |

|   | RE: | Amendment to      Debentures and Transaction Documents (this “Letter      Agreement”) |
|--------|-----|---------------------------------------------------------------------------------------------------|

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|   | 2. | Amendments to      Debentures.  The Company and the Buyers hereby agree      that: |
|--------|----|----------------------------------------------------------------------------------------------|

|   | a. | Section (1)      of each of the Debentures is modified to state the “Maturity Date” shall      be December 31, 2010. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Section      (3) “CONVERSION”      shall be deleted in its entirety. |
|--------|----|----------------------------------------------------------------------------------|

|   | c. | Sections      (4) through (24) shall be renumbered Sections (3) through (23),      respectively to account for the deletion of Section (3) as set forth      above. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Conditional      Waiver. |
|--------|----|--------------------------|

|   | a. | The      Buyers hereby waive any existing Event of Default under the Transaction      Documents that does not, directly or indirectly, have a material negative      impact on the Buyers’ security interest in the collateral or other      properties of the Company in which it has a security interest, or have a      material negative impact in the Buyers’ priority of payment under the      Debentures. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | The      Company hereby represents and warrants to the Buyers that it has no      knowledge of any material Defaults or Events of Default under the      Transaction Documents. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | The      waivers granted by the Buyers in favor of the Company that are contained      in this Agreement shall be null and void in the event the Company has      breached its representation in  Section 4(b). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Governing      Law.  This Letter Agreement shall be construed and      enforced in accordance with, and all questions concerning the      construction, validity, interpretation and performance of this Letter      Agreement and all disputes arising hereunder shall be governed by, the      laws of the State of New York, without giving effect to any choice of law      or conflict of law provision or rule (whether of the State of New York or      any other jurisdiction) that would cause the application of the laws of      any jurisdiction other than the State of New  York. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | Amendment.  It      is the intention of the parties that this Letter Agreement modifies and      amends the Transaction Documents to the extent set forth herein or as      otherwise necessary to effectuate the intentions of the parties as set      forth herein. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 6. | No      Waiver.  The execution of this Letter Agreement is not,      and shall not be deemed to constitute, a waiver, cure, or forbearance of      any default arising prior or subsequent to the date of this Letter      Agreement, nor shall it constitute a reinstatement of the terms described      in the Transaction Documents, except as set forth herein.  The      Company agrees that no delay on the part of any of the Buyers in      exercising any power or right shall operate as a waiver of any such power      or right or preclude the further exercise of any other power or      right.  Any remedies contained herein are cumulative and not      exclusive of any remedies provided by law.  Notice to or demand      in circumstances under which the terms of this Letter Agreement do not      require such notice or demand shall not entitle the Company to further      notice or demand nor constitute a waiver of the rights of the Buyers to      take any other or further action without notice or  demand. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | Continuing Validity of      Transaction Documents.  Except as expressly provided for      in this Letter Agreement, the other Transaction Documents and all other      documents executed in connection therewith shall continue unchanged in      full force and effect, in accordance with their respective terms, and the      parties hereby expressly confirm and reaffirm all of their respective      liabilities, obligations, duties and responsibilities under and pursuant      to the other Transaction Documents. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8. | Transaction      Document. This Letter Agreement shall be deemed and constitute a      “Transaction Document” under the Securities Purchase      Agreement. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9. | Recitals. The      recitals set forth above are true and correct and are hereby incorporated      into this Letter Agreement as if set forth at length    herein. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10. | Counterparts.  This      Letter Agreement may be executed in two or more identical counterparts,      all of which shall be considered one and the same agreement and shall      become effective when counterparts have been signed by each party and      delivered to each other party; provided that a facsimile signature shall      be considered due execution and shall be binding upon the signatory      thereto with the same force and effect as if the signature were an      original, not a facsimilesignature. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11. | Headings.  The      headings of this Letter Agreement are for convenience of reference and      shall not form part of, or affect the interpretation of, this Letter      Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12. | Severability.  If      any provision of this Letter Agreement shall be invalid or unenforceable      in any jurisdiction, such invalidity or unenforceability shall not affect      the validity or enforceability of the remainder of this Letter Agreement      in that jurisdiction or the validity or enforceability of any provision of      this Letter Agreement in any otherjurisdiction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13. | Further      Assurances.  Each party shall do and perform, or cause to      be done and performed, all such further acts and things, and shall execute      and deliver all such other agreements, certificates, instruments and      documents, as any other party may reasonably request in order to carry out      the terms of this Letter Agreement and the consummation of the      transactions contemplated hereby. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Very      Truly Yours,       |
|--------|------------------------------|
|   |                         |
|   | Company:                     |
|   | ENERJEX      KANSAS, INC.    |
|   |                         |   |
|   | By:                          | /s/ Steve Cochennet |
|   |                         | Name:      Steve Cochennet |
|   |                         | Title:      Chief Executive Officer |
|   |                         |   |
|   | Parent:                      |
|   | ENERJEX      RESOURCES, INC. |
|   |                         |   |
|   | By:                          | /s/ Steve Cochennet |
|   |                         | Name:      Steve Cochennet |
|   |                         | Title:      Chief Executive Officer |

----

| WEST      COAST OPPORTUNITY FUND, |                                 |
|-----------------------------------|--------------------------------------|
| LLC                               |                                 |
|                              |                                 |
| By:                               | /s/ Atticus Lowe                     |   |
|                              | Name:      Atticus Lowe              |   |
|                              | Title:      Chief Investment Officer |   |

----

| ENABLE      GROWTH PARTNERS LP |                    |
|--------------------------------|-------------------------|
|                           |                    |
| By:                            | /s/ Mitch Levine        |   |
|                           | Name:      Mitch Levine |   |
|                           | Title:      CEO         |   |

----

| ENABLE      OPPORTUNITY PARTNERS LP |                    |
|-------------------------------------|-------------------------|
|                                |                    |
| By:                                 | /s/ Mitch Levine        |   |
|                                | Name:      Mitch Levine |   |
|                                | Title:      CEO         |   |

----

| FREY      LIVING TRUST |                       |
|------------------------|----------------------------|
|                   |                       |
| By:                    | /s/ Philip Frey, Jr.       |   |
|                   | Name:      Philip Frey Jr. |   |
|                   | Title:      Trustee        |   |

----