|   | 1. | Section      D5 of the JEA is hereby amended and restated in its entirety as      follows: |
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|   | A. | The      project revenues from whatever source will be used to repay all debt      associated with the project, including without limitation any loan or debt      incurred by EnerJex to obtain funding for the Black Oaks      Project. |
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|   | B. | When      the project debt is paid, the working interest of the individual leases      within the Black Oaks block will be assigned to EnerJex in the undivided      interest that the total EnerJex investment bears to the total of that      investment plus the pre-project commencement value stated in paragraph 2      of the Recitals, with the remaining undivided interest (which shall not be      a carried interest) being assigned to MorMeg. The parties agree to      reassign working interest if necessary to redistribute the working      interest according to the aboveformula. |
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|   | 2. | Section      D.6 of the JEA is hereby amended and restated in its entirety as      follows: |
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|   | 3. | Any      provision of the JEA, or its amendments expressly granting EnerJex an      option to participate in the Nickel Town prospect is hereby deleted, and      any reference to any option regarding the Nickel Town leases is of no      force or effect by mutual agreement of the  parties. |
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|   | 4. | In      the event of a conflict between this Fourth Amendment and the JEA and any      amendments thereto, this Fourth Amendment shall prevail to the extent of      such conflict. |
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|   | 5. | This      Fourth Amendment shall be of no force and effect upon a material default      by EnerJex under the CreditFacility. |
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|   | 6. | Other      than as specifically provided in this Fourth Amendment, all other      provisions of the JEA shall remain in full force and      effect.  This Fourth Amendment constituting the sole and entire      agreement between the parties as to the matters contained herein, and      supersedes any and all conversations, letters and other communications      which may have been disseminated by the parties relating to the subject      matter hereof, all of which are void and of no  effect. |
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|   | 7. | Any      capitalized terms not defined herein have the meaning set forth in the      JEA. |
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|   | 8. | This      Fourth Amendment may be executed in any number of counterparts, all of      which taken together shall constitute one and the same instrument, and the      parties hereto may execute this Fourth Amendment by signing any such      counterpart. |
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|   | 9. | The      parties hereby agree to take or cause to be taken such action, and to do      and perform all such other acts and things as are necessary, advisable or      appropriate to carry out the intent and terms of this Fourth      Amendment |
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| MORMEG,      LLC, a Kansas limited liability company |
|------------------------------------------------------|
|                                                 |
| By:                                                  | /s/ Mark Haas |
| Name:      Mark Haas                                 |
| Title:      Managing Member                          |

| By:                           | /s/ C. Steve Cochennet |
|-------------------------------|------------------------|
| Name:      Steve Cochennet    |
| Title: Chief ExecutiveOfficer |

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