Document:

ENERJEX RESOURCES, INC.

 

AMENDED AND RESTATED

CERTIFICATE OF DESIGNATION

 

OF

 

PREFERENCES, RIGHTS AND LIMITATIONS

OF

10% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK

 

EnerJex
Resources, Inc., a corporation organized and existing under the Corporations Law of the State of Nevada, as amended
(the "NRS"), in accordance with Section 78.1955 of the NRS, does hereby certify that:

 

1.          The
name of the corporation is EnerJex Resources, Inc. (the "Corporation").

 

2.          The
original Articles of Incorporation of the Corporation was filed with the Secretary of State of the State of Nevada on January 23,
2002.

 

3.          Pursuant
to the authority conferred upon the Board of Directors (the "Board") by the Articles of Incorporation
of the Corporation, as amended (the "Articles of Incorporation"), and pursuant to the provisions of Sections
78.1955 of the NRS, said Board of Directors, pursuant to a unanimous written consent dated as of May __, 2014, and holders of
a majority of the issued and outstanding shares of the Corporations Series A Preferred Stock, pursuant to a written consent dated
as of May __, 2014, adopted a resolution amending and restating the rights, preferences, privileges and restrictions of, and the
number of shares comprising, the Corporation's Series A Preferred Stock, which resolution is as follows:

 

RESOLVED, that,
pursuant to authority given by Article IV of the Articles of Incorporation (which authorized 25,000,000 shares of preferred stock,
par value $0.001 per share), the Corporation's Series A Preferred Stock is hereby redenominated as "10% Series A Cumulative
Redeemable Perpetual Preferred Stock," par value $0.001 per share, and shall have the rights, preferences, privileges and
restrictions, and the number of shares constituting such series and the designation of such series, set forth below, and that
certain instrument entitled "Certificate of Designation of Preferences, Rights, and Limitations of Series A Preferred Stock,"
as filed with the Secretary of State of the State of Nevada effective December 31, 2010, is hereby amended and restated in its
entirety to read as follows:

 

Section 1.     Number
of Shares and Designation. This series of preferred stock shall be designated as 10% Series A Cumulative Redeemable Perpetual
Preferred Stock, par value $0.001 per share (the “Series A Preferred Shares”). The number of shares
that shall constitute such series shall be 2,000,000, subject to being increased or decreased in the manner permitted by the NRS.

 

Section 2.      Dividends.

 

(a)          Holders
of issued and outstanding Series A Preferred Shares shall be entitled to receive, when, as and if declared by the Board out of
funds of the Corporation legally available for the payment of distributions, cumulative cash dividends at a rate per annum equal
to the Stated Rate of 10% per annum of the $25.00 per share liquidation preference of the Series A Preferred Shares. Except as
otherwise provided in Sections 2(d) and 2(e) hereof, the dividend rate shall be equal to the Stated Rate. Dividends
shall accrue and accumulate on each issued and outstanding share of the Series A Preferred Shares on a daily basis during each
Dividend Period, from and including the preceding Dividend Payment Date or the original date of issuance of such share, as the
case may be, to but excluding the applicable Dividend Payment Date for such period, and shall be payable on each Dividend Payment
Date. Such dividends shall accrue on accumulated and unpaid dividends; provided, however, that if any Dividend Payment
Date is not a Business Day, then the dividend that would otherwise have been payable on such Dividend Payment Date may be paid
on the next succeeding Business Day with the same force and effect as if such dividend had been paid on such Dividend Payment Date,
and no interest or additional dividends or other sums shall accrue on the amount so payable from such Dividend Payment Date to
such next succeeding Business Day by reason of such later payment. Dividends payable on the Series A Preferred Shares shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends shall be payable to holders of record as
they appear in the stock records of the Corporation at the close of business on the applicable record date, which shall be, except
in the case of payments of dividends in arrears as provided in Section 2(b) hereof, the fifteenth (15th) day of the
calendar month in which the applicable Dividend Payment Date occurs, without regard to any extension in such Dividend Payment Date
pursuant to this Section 2(a) if the regularly scheduled Dividend Payment Date is not a Business Day (each such date, a “Record
Date”).

 

    	 

    	 

    

 

(b)          No
dividend may be declared or paid or set apart for payment on any Junior Securities (other than a dividend payable solely in shares
of Junior Securities) for any period, nor shall shares of any Junior Securities be redeemed, purchased or otherwise acquired for
any consideration (other than a redemption, purchase or acquisition of Common Stock made for purposes of and in compliance with
requirements of any incentive, benefit or stock purchase plan of the Corporation or any subsidiary thereof) unless full cumulative
dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart
for such payment on all outstanding Series A Preferred Shares and any Parity Securities through the most recent respective Dividend
Payment Dates. Accumulated dividends in arrears for any past Dividend Period may be declared by the Board and paid on any date
fixed by the Board, whether or not such date is a Dividend Payment Date, to holders of the Series A Preferred Shares on the Record
Date for such payment. Subject to the next succeeding sentence, if all accumulated dividends in arrears on all outstanding Series
A Preferred Shares and any Parity Securities have not been declared and paid, or sufficient funds for the payment thereof have
not been set apart, payment of accumulated dividends in arrears will be made in order of their respective dividend payment dates,
commencing with the earliest. If less than all dividends payable with respect to all Series A Preferred Shares and any Parity Securities
are paid, any partial payment will be made pro rata with respect to the Series A Preferred Shares and any Parity Securities entitled
to a dividend payment at such time in proportion to the aggregate amounts remaining due in respect of such shares at such time.
Holders of the Series A Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or stock, in
excess of the full cumulative dividends described in this Section 2(b). Except insofar as dividends accrue on the amount
of any accumulated and unpaid dividends as described in Section 2(a) hereof, no interest or sum of money in lieu of
interest will be payable in respect of any dividend payment which may be in arrears on the Series A Preferred Shares.

 

(c)          No
later than the close of business, New York City time, on each Dividend Payment Date, the Corporation shall pay those dividends,
if any, in respect of the Series A Preferred Shares that have been declared by the Board to the holders of such shares, as such
holders’ names appear on the Corporation’s stock transfer books maintained by the Registrar and Transfer Agent, as
of the applicable Record Date.

 

(d)          Upon
the failure of the Corporation to pay the accrued cash dividends in full in respect of the Series A Preferred Shares for any six
(6) Dividend Periods, whether consecutive or not (a "Dividend Default"), the per annum dividend rate shall
increase to 12.00% annum per $25.00 stated liquidation preference, or $3.00 per annum, or $0.25 per month, per Series A Preferred
Share commencing on the first day after the Dividend Payment Date following the sixth such Dividend Period. Thereafter, on each
subsequent Dividend Payment Date on which cash dividends on the Series A Preferred Shares shall not be declared and paid, the
annual dividend rate on the Series A Preferred Shares shall increase by an additional 1.00% per annum per $25.00 liquidation
preference per Series A Preferred Share, up to a maximum annual dividend rate on the Series A Preferred Shares of 15.00% per annum.
Notwithstanding the foregoing provisions of this Section 2(d), each such increase in the annual dividend rate on the Series
A Preferred Shares will lapse if and when the Corporation has paid all accrued but unpaid dividends on the Series A Preferred
Shares. The dividend rate will then return to the Stated Rate, subject to the revesting of the right of holders of the Series
A Preferred Shares to receive a dividend rate increase on the terms and under the circumstances described in this Section 2(d).
In the event of a Dividend Default, the Corporation may elect to pay dividends on the Series A Preferred Stock, including all
accrued but unpaid dividends, by issuing to the holders thereof (i) if the Corporation's common stock is then listed on a National
Market and to the extent permitted under the rules of the National Market on which such shares are listed, shares of the Corporation's
common stock (based on the weighted average daily closing price for the 10 Business Day period ending on the Business Day immediately
preceding the payment) and cash in lieu of any fractional share or (ii) if the Corporation's common stock is not listed on
a National Exchange, additional shares of Series A Preferred Stock with a liquidation value equal to the amount of the dividend.

 

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(e)          If
the Corporation fails to maintain the listing of the Series A Preferred Shares for trading upon a National Market for a period
of 180 consecutive days (a “National Market Listing Failure”), the per annum dividend rate shall increase
to 12.00% per $25.00 stated liquidation preference, or $3.00 per annum, or $0.25 per month, per Series A Preferred Share.
Notwithstanding the foregoing provisions of this Section 2(e), such increase in the annual dividend rate on the Series A
Preferred Shares will lapse if and when the Corporation has caused the Series A Preferred Shares to become listed on a National
Market. The dividend rate will then return to the Stated Rate, subject to the revesting of the right of holders of the Series A
Preferred Shares to receive a dividend rate increase on the terms and under the circumstances described in this Section 2(e).

 

(f)          Provided
the Series A Preferred Shares are held of record by the nominee of the Securities Depository, declared dividends will be paid to
the Securities Depository in same-day funds on each Dividend Payment Date. The Securities Depository will be responsible for crediting
accounts of its participants in accordance with the Securities Depository’s normal procedures. The participants will be responsible
for holding or disbursing such payments to beneficial owners of the Series A Preferred Shares in accordance with the instructions
of such beneficial owners.

 

(g)       No dividends will
be declared by the Board or funds paid or set aside for payment by the Corporation at such time as the terms and provisions of
any agreement of the Corporation, including any agreement related to its indebtedness, prohibit that declaration, payment, or
setting aside of funds or provide that the declaration, payment or setting aside of funds is a breach of or default under that
agreement, or if the declaration, payment or setting aside of funds is restricted or prohibited by law.

 

(h)       Notwithstanding
anything to the contrary contained herein, dividends will accrue regardless of whether the restrictions referred to in Section
2(g) exist, the Corporation has earnings, there are funds legally available for the payment of such dividends, or such dividends
are declared by the Board.

 

Section 3.     Liquidation
Preference.

 

(a)          Subject
to the rights of the Corporation’s creditors and the holders of any Senior Securities or Parity Securities, upon any Liquidation
of the Corporation, before any payment or distribution of the assets of the Corporation (whether capital or surplus) shall be made
to or set apart for the holders of Junior Securities as to the distribution of assets on any Liquidation of the Corporation, each
holder of outstanding Series A Preferred Shares shall be entitled to receive an amount of cash equal to $25.00 per share plus an
amount of cash equal to all accumulated accrued and unpaid dividends thereon (whether or not declared) to but not including the
date of final distribution to such holders. If, upon any Liquidation of the Corporation, the assets of the Corporation, or proceeds
thereof, distributable among the holders of the Series A Preferred Shares shall be insufficient to pay in full the preferential
amount payable to the holders of the Series A Preferred Shares as described in this Section 3(a) and liquidating payments
on any other shares of any class or series of Parity Securities as to the distribution of assets on any Liquidation of the Corporation,
then such assets, or the proceeds thereof, shall be distributed among the holders of Series A Preferred Shares and any such other
Parity Securities ratably in accordance with the respective amounts that would be payable on such Series A Preferred Shares and
any such other Parity Securities if all amounts payable thereon were paid in full.

 

(b)          Subject
to the rights of the Corporation’s creditors and the holders of any Senior Securities or Parity Securities, upon any Liquidation
of the Corporation, after payment shall have been made in full to the holders of the Series A Preferred Shares in accordance with
this Section 3, the holders of any other series or class or classes of Junior Securities shall, subject to the respective
terms and provisions (if any) applying thereto, be entitled to receive any and all assets remaining to be paid or distributed,
and the holders of the Series A Preferred Shares shall not be entitled to share therein or have any other right or claim to such
assets.

 

(c)          
Written notice of any such Liquidation of the Corporation, stating the payment date or dates when, and the place or places where,
the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage prepaid, not less
than 20 nor more than 60 days prior to the payment date stated therein, to each record holder of the Series A Preferred Shares
at the respective address of such holders as the same shall appear on the stock transfer records of the Corporation.

   

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Section 4.     Redemption.

  

(a)          The
Series A Preferred Shares shall not be redeemable by the Corporation, except either:

 

(i) on and
after [ ], 2017, in which case the Corporation may redeem the Series A Preferred Shares, in whole at any time or from time to time
in part, at the option of the Corporation, for cash, at a redemption price of $25.00 per Series A Preferred Share plus the amount
of accrued dividends indicated in Section 4(b) hereof, or

 

(ii) upon
the occurrence of any Change of Control, in which case the Corporation may redeem the Series A Preferred Shares, in whole at any time
or from time to time in part, at the option of the Corporation, for cash equal to the sum of (A) the amount of accrued dividends
indicated in Section 4(b) hereof, plus (B) the following price:

 

	Redemption 
Date	 	Redemption Price 
per Share	 
	 	 	 	 
	On or before [ ], 2015	 	$	25.75	 
	After [ ], 2015 and on or before [ ], 2016	 	$	25.50	 
	After [ ], 2016 and on or before [ ], 2017	 	$	25.25	 
	After [ ], 2017	 	$	25.00	 

  

(b)          Upon
any redemption of Series A Preferred Shares pursuant to this Section 4, the Corporation shall pay any accumulated accrued
and unpaid dividends in arrears thereon (whether or not declared) to, but not including, the Redemption Date.

 

(c)          Notwithstanding
the foregoing, if as of any particular date all accrued and unpaid dividends on the Series A Preferred Shares and any other class
or series of Parity Securities of the Corporation have not been paid or declared and set apart for payment, the Corporation shall
not repurchase, redeem or otherwise acquire, whether under this Section 4 or otherwise, in whole or part any Series
A Preferred Shares or Parity Securities unless (x) all outstanding Series A Preferred Shares and Parity Securities are simultaneously
redeemed or (y) any such repurchase, redemption or acquisition is effected pursuant to a purchase or exchange offer made on
the same terms to all holders of Series A Preferred Shares and any Parity Securities.

 

(d)          Written
notice of the redemption of any Series A Preferred Shares under this Section 4 shall be mailed, postage prepaid, to
each holder of record of Series A Preferred Shares to be redeemed at the address of each such holder as shown on the Corporation’s
stock transfer records, not less than 30 nor more than 90 days prior to the Redemption Date. Upon the occurrence of a Change of
Control, the Corporation will have the option upon written notice mailed by it, not less than 30 nor more than 90 days prior to
the Redemption Date and addressed to the holders of record of the Series A Preferred Shares to be redeemed, to redeem the Series
A Preferred Shares, in whole or in part within 120 days after the first date on which such Change of Control occurred, for cash
equal to the redemption price set forth in Section 4(a), above, as applicable. Neither the failure to give notice required by this
Section 4(d), nor any defect in the notice therein or in the mailing thereof, to any particular holder, shall affect
the validity of the redemption proceedings with respect to the other holders. Any notice mailed in the manner herein provided shall
be conclusively presumed to have been duly given on the date mailed whether or not the holder receives the notice. Each such mailed
notice shall state, as appropriate: (i) the Redemption Date; (ii) the redemption price per Series A Preferred Share;
(iii) the number of Series A Preferred Shares to be redeemed and, if fewer than all the shares held by such holder are to
be redeemed in connection with any partial redemption, the number (and the identification) of such shares to be redeemed from such
holder; (iv) if any shares are represented by certificates, the place or places at which certificates for such shares are
to be surrendered for payment; (v) that dividends on the shares to be redeemed shall cease to accrue on such Redemption Date;
and (vi) that the shares of Series A Preferred Shares are being redeemed pursuant to the Corporation’s redemption right
under Section 4(a) hereof. If a notice of redemption is duly mailed as aforesaid, then from and after the Redemption
Date, (i) dividends on the Series A Preferred Shares so called for redemption shall cease to accrue, (ii) such shares
shall no longer be deemed to be outstanding, and (iii) all rights of the holders thereof as holders of such Series A Preferred
Shares shall cease (except the right to receive cash payable upon such redemption, without interest thereon, upon surrender and
endorsement of their certificates if so required and to receive any dividends payable thereon); provided, however, that
no such rights shall terminate if the Corporation fails to provide funds sufficient to complete the redemption at the time and
place specified for payment pursuant to the applicable redemption notice.

 

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(e)          Provided
the Series A Preferred Shares are held of record by the nominee of the Securities Depository, the redemption price shall be paid
by the Registrar and Transfer Agent to the Securities Depository no later than the Redemption Date. The Securities Depository’s
normal procedures provide for it to distribute the amount of the redemption price in same-day funds to its participants who, in
turn, are expected to distribute such funds to the Persons for whom they are acting as agent. If the Corporation gives or causes
to be given a notice of redemption, then the Corporation shall deposit with the Registrar and Transfer Agent funds sufficient to
redeem the Series A Preferred Shares as to which notice has been given by the close of business, New York City time, no later than
the Business Day immediately preceding the Redemption Date, and will give the Registrar and Transfer Agent irrevocable instructions
and authority to pay the redemption price to the holder or holders thereof upon the actual or deemed surrender of the certificates
therefor. The Corporation shall be entitled to receive from the Registrar and Transfer Agent the interest income, if any, earned
on such funds deposited with the Registrar and Transfer Agent (to the extent that such interest income is not required to pay the
redemption price of the shares to be redeemed), and the holders of any shares so redeemed will have no claim to any such interest
income. Any funds deposited by the Corporation with the Registrar and Transfer Agent pursuant to this Certificate for any reason,
including, but not limited to, redemption of Series A Preferred Shares, that remain unclaimed or unpaid two years after the applicable
Redemption Date or other payment date, shall be, to the extent permitted by law, repaid to the Corporation upon its written request,
after which payment of the holders of the Series A Preferred Shares entitled to such redemption or other payment shall have recourse
only to the Corporation.

 

(f)          If
fewer than all of the outstanding Series A Preferred Shares are to be redeemed, the number of shares to be redeemed shall be determined
by the Corporation, and those shares will be redeemed pro rata from the holders of record of such shares in proportion to the
number of such shares held by such holders (with adjustments to avoid redemption of fractional shares) or by lot in an equitable
manner determined by the Corporation. Provided all shares of Series A Preferred Shares are held of record by the nominee of the
Securities Depository, the Corporation shall give notice, or cause notice to be given, to the Securities Depository of the number
of Series A Preferred Shares to be redeemed, and the Corporation shall determine the number of Series A Preferred Shares to be
redeemed from the account of each of its participants holding such shares in its participant account. Thereafter, each participant
holding more shares than the number subject to redemption will select the number of shares to be redeemed from each beneficial
owner for whom it acts (including the participant, to the extent it holds Series A Preferred Shares for its own account). Under
such circumstances, a participant may determine to redeem Series A Preferred Shares from some beneficial owners (including the
participant itself) without redeeming Series A Preferred Shares from the accounts of other beneficial owners. If fewer than all
of the Series A Preferred Shares represented by any certificate are called for redemption, then upon the actual or deemed surrender
of the certificate to the Registrar and Transfer Agent, the Registrar and Transfer Agent shall issue to the holder of such shares
a new certificate (or adjust the applicable book-entry account) representing the number of Series A Preferred Shares represented
by the surrendered certificate that have not been called for redemption.

   

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(g)          Notwithstanding
anything to the contrary in this Section 4, any redemption under this Section 4 may be affected only out
of funds legally available for such purpose.

 

Section 5.     Status
of Acquired Shares. Any Series A Preferred Shares redeemed by the Corporation in accordance with Section 4
hereof, or otherwise acquired by the Corporation, shall be restored to the status of authorized but unissued shares of undesignated
Preferred Stock of the Corporation.

 

Section 6.     Ranking.
The Series A Preferred Shares shall, with respect to the payment of dividends and the distribution of assets upon Liquidation of
the Corporation, be deemed to rank:

 

(a)          senior
to all classes of Common Stock and to each other class or series of capital stock of the Corporation established after the date
on which this Certificate is filed with the Secretary of State of the State of Nevada that is not, in accordance with Section
7(e), below, expressly made senior to or on parity with the Series A Preferred Shares as to the payment of dividends and as
to the distribution of assets upon Liquidation of the Corporation (“Junior Securities”);

 

(b)          on
parity with any other class or series of capital stock of the Corporation that is established in accordance with Section 7(e)(i)
hereof after the date of this Certificate and that is not expressly subordinated or (in accordance with Section 7(e)(ii),
below) made senior to the Series A Preferred Shares as to the payment of dividends and as to the distribution of assets upon Liquidation
of the Corporation, whether or not the dividend rates, dividend payment dates or redemption or liquidation prices per share thereof
differ from those of the Series A Preferred Shares (“Parity Securities”); and

 

(c)          junior
to all of the Corporation’s indebtedness and other liabilities with respect to assets available to satisfy claims against
the Corporation and each other class or series of capital stock of the Corporation that (in accordance with Section 7(e)(ii),
below) is expressly made senior to the Series A Preferred Shares as to the payment of dividends and as to the distribution of assets
upon Liquidation of the Corporation (“Senior Securities”).

 

Section 7.     Voting
Rights.

 

(a)          The
Series A Preferred Shares shall not have any relative, participating, optional or other voting rights or powers of any type, and
the consent of the holders thereof shall not be required for the taking of any corporate action, except as set forth in this Section 7
or as otherwise provided by the NRS.

 

(b)          In
the event of a Dividend Default or a National Market Listing Failure, the holders of the Series A Preferred Shares will have the
right, voting together as a class with the holders of shares of every other series of Parity Securities upon which like voting
rights have been conferred and are exercisable (any such other series, the “Voting Preferred Securities”),
at the next meeting of stockholders called for the election of directors in accordance with the Corporation's Bylaws, to elect
two members of the Board in addition to those members already serving on the Board, and the size of the Board shall be increased
as necessary to accommodate such change. The right of such holders of Series A Preferred Shares to elect two members of the Board
will continue until such time as all dividends accumulated and in arrears on the Series A Preferred Shares have been paid in full
and any National Market Listing Failure has been remedied, as the case may be, at which time such right will terminate. However,
after the dividends accumulated and in arrears have been paid or the Series A Preferred Shares are again listed on a National Market,
as the case may be, and the right of such holders of Series A Preferred Shares to elect two members of the Board has terminated,
such right to elect two members of the Board may be reinstated in the event of a subsequent Dividend Default or National Market
Listing Failure. Upon any termination of the right of the holders of the Series A Preferred Shares and any Voting Preferred Securities
to vote as a class for directors under this Section 7(b), the term of office of all directors then in office elected
by such holders voting as a class shall terminate immediately.

 

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(c)          The
directors elected at any such meeting pursuant to Section 7(b) hereof shall serve until the earlier of the next meeting
of stockholders called for the election of directors and until their successors are duly elected and qualified, or until such Person’s
earlier resignation or removal, if such term shall not have previously terminated as provided in Section 7(b) hereof.
If any vacancy shall occur among the directors elected by the holders of the Series A Preferred Shares and any Voting Preferred
Securities, a successor shall be elected by the Board, upon the nomination of the then-remaining director elected by the holders
of the Series A Preferred Shares and any Voting Preferred Securities or the successor of such remaining director, if any (or, in
the absence of any such then-remaining director, upon the nomination of the holders of a majority of the Series A Preferred Shares
and any Voting Preferred Securities acting together as a single class), to serve until the next meeting of the stockholders called
for the election of directors and until their successors are duly elected and qualified, if such term shall not have previously
terminated as provided in Section 7(b) hereof. Any directors elected by the holders of the Series A Preferred Shares
and any Voting Preferred Securities under this Section 7 shall each be entitled to one vote per director for any matter
on which the Board is entitled to vote.

 

(d)          So
long as any Series A Preferred Shares are outstanding, the affirmative vote of the holders of at least two-thirds of the Series
A Preferred Shares at the time outstanding, voting as a separate class, given in person or by proxy, either in writing without
a meeting or by vote at any meeting called for the purpose, shall be necessary for approving, effecting or validating any amendment,
alteration or repeal of any of the provisions of the Articles of Incorporation or these terms of the Series A Preferred Shares
that materially and adversely affects the rights, preferences or voting powers of the Series A Preferred Shares; provided, however,
that the amendment of the provisions of the Articles of Incorporation so as to increase the authorized number of shares of Preferred
Stock shall not be deemed to adversely affect the rights, preferences or voting power of the Series A Preferred Shares and shall
not require the vote or consent of holders of the Series A Preferred Shares.

 

(e)          In
addition, so long as any Series A Preferred Shares are outstanding, the affirmative vote of the holders of at
least two-thirds of the Series A Preferred Shares at the time outstanding, voting as a separate class, shall be required prior to the Corporation’s creation or issuance of (i)
any Parity Securities; or (ii) any Senior Securities.

 

(f)          For
purposes of this Section 7, with respect to any matter as to which the holders of Series A Preferred Shares are entitled
to vote as a class, such holders shall be entitled to one vote per share.

 

Section 8.     Record
Holders. The Corporation and the Registrar and Transfer Agent shall deem and treat the record holder of any Series A Preferred
Shares as the true and lawful owner thereof for all purposes, and neither the Corporation nor the Registrar and Transfer Agent
shall be affected by any notice to the contrary.

 

Section 9.     Sinking
Fund. The holders of Series A Preferred Shares shall not be entitled to (i) any mandatory redemption rights, (ii) payment
of a principal amount at any particular date, (iii) the benefits of any retirement or sinking fund or (iv) require the
Corporation to set aside funds to secure the Corporation’s obligations under the Series A Preferred Shares.

 

Section 10.   Conversion;
Preemptive Rights. The Series A Preferred Shares shall not be convertible into or exchangeable for Common Stock or any
other securities or property of the Corporation. The holders of the Series A Preferred Shares shall not be entitled to any preemptive
or similar stock purchase rights.

 

Section 11.   Additional
Issuances. The Board may issue additional Series A Preferred Shares or Junior Securities from time to time in one or more
series without the consent of the holders of the Series A Preferred Shares.

 

Section 12.   Book
Entry. All Series A Preferred Shares shall initially be represented by a single global certificate issued to the Registrar
and Transfer Agent, as custodian for The Depository Trust Company & Clearing Corporation and its successors or assigns or any
other securities depository that is a clearing agency under Section 17A of the Exchange Act and is selected by the Corporation
(the “Securities Depository”), and registered in the name of the Securities Depository or its nominee.
The Series A Preferred Shares shall continue to be represented by a single certificate registered in the name of the Securities
Depository or its nominee, and no holder of the Series A Preferred Shares shall be entitled to receive a certificate evidencing
such shares, except in limited circumstances. As long as the Securities Depository (or its nominee) remains the sole holder of
the Series A Preferred Shares, no beneficial holder of the Series A Preferred Shares shall be deemed to be a stockholder of the
Corporation, and the Depositary may be treated by the Corporation, the Transfer Agent and any agent of the Corporation or the Transfer
Agent as the absolute owner of such global preferred shares for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Corporation, the Registrar and Transfer Agent or any agent of the Corporation or the Registrar and Transfer
Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between
the Depositary and its agent members, the operation of customary practices of the Depositary governing the exercise of the rights
of a holder of a beneficial interest in any shares evidenced by a global certificate issued to the Registrar and Transfer Agent,
as custodian for the Securities Depository.

 

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Section 13.   Definitions.
For purposes of the Series A Preferred Shares and as used in this Certificate, the following terms shall have the meanings indicated
below:

 

“Articles
of Incorporation” shall have the meaning ascribed thereto in the introduction of this Certificate.

 

“Board”
shall have the meaning ascribed thereto in the introduction of this Certificate.

 

“Business
Day” means a day on which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or
other day on which banks in New York City are authorized or required by law to close.

 

“Certificate”
shall mean this Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of 10% Series A Cumulative
Redeemable Perpetual Preferred Stock.

 

“Change of Control”
shall be deemed to have occurred on the date (i) that a “person,” “group” or “entity” (within
the meaning of Sections 13(d) and 14(d) of the Exchange Act) becomes the ultimate “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have beneficial ownership of all
shares of voting stock that such person or group has the right to acquire regardless of when such right is first exercisable),
directly or indirectly, of voting stock representing more than 50% of the total voting power of the Corporation's total voting
stock; (ii) that the Corporation sells, transfers, or otherwise disposes of all or substantially all of its assets; or (iii) of
the consummation of a merger or share exchange of us with another entity where the Corporation's stockholders immediately prior
to the merger or share exchange would not beneficially own, immediately after the merger or share exchange, securities representing
50% or more of the outstanding voting stock of the entity issuing cash or securities in the merger or share exchange (without consideration
of the rights of any class of stock to elect directors by a separate group vote), or where members of the Board immediately prior
to the merger or share exchange would not, immediately after the merger or share exchange, constitute a majority of the board of
directors of the entity issuing cash or securities in the merger or share exchange. For purposes of the foregoing, any "group"
(within the meaning of Sections 13(d) and 14(d) of the Exchange Act) that exists
on the date that Series A Preferred Shares are first issued pursuant to this Certificate shall be disregarded.

 

“Common
Stock” means any of the Corporation’s capital stock that is not Preferred Stock, including the common stock
of the Corporation, par value $0.001 per share.

 

“Corporation”
shall have the meaning ascribed thereto in the introduction to this Certificate. 

 

"Dividend
Default" shall have the meaning ascribed thereto in Section 2(d) of this Certificate.

 

“Dividend
Payment Date” means the last day of each calendar month commencing [ ], 2014.

 

“Dividend
Period” means the period commencing on the first day of each calendar month (other than the initial Dividend Period,
which shall commence on the date the applicable Series A Preferred Shares are issued) and ending on and ending on but excluding
the last day of such calendar month; provided, however, that any Dividend Period during which any Series A Preferred
Shares shall be redeemed pursuant to Section 4 hereof shall end on but exclude the Redemption Date only with respect
to the Series A Preferred Shares being redeemed. 

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as the same has been and hereafter is amended from
time to time

 

“Junior
Securities” shall have the meaning as set forth in Section 6(a) of this Certificate.

 

    	8

    	 

    

  

“Liquidation”
means any liquidation, dissolution or winding up of the Corporation’s affairs, whether voluntary or involuntary; provided,
however, that none of (i) a consolidation or merger of the Corporation with one or more corporations or other entities, individually
or in a series of transactions, (ii) a sale, lease or transfer of all or substantially all of the Corporation's assets or (iii)
a statutory share exchange shall be deemed to be a Liquidation.

 

“National
Market” means the New York Stock Exchange, NYSE MKT or NASDAQ Stock Market, or a successor exchange or quotation
system.

 

“National
Market Listing Failure” shall have the meaning ascribed thereto in Section 2(e) of this Certificate.

 

“NRS”
shall have the meaning ascribed thereto in the introduction to this Certificate.

 

“Parity
Securities” shall have the meaning as set forth in Section 6(b) of this Certificate.

 

“Person”
means natural persons, corporations, limited liability companies, unlimited liability companies, limited partnerships, general
partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective
of whether they are legal entities, and governments and agencies and political subdivisions thereof.

 

“Preferred
Stock” means (i) the Series A Preferred Shares and (ii) any other class or series of the Corporation’s
capital stock, however designated, which entitles the holder thereof to a preference with respect to the payment of dividends,
or as to the distribution of assets upon any Liquidation of the Corporation, over shares of the Common Stock.

 

“Record
Date” shall have the meaning as set forth in Section 2(a) of this Certificate.

   

“Redemption
Date” means the date fixed for redemption of the Series A Preferred Shares and specified in any notice to holders
furnished under Section 4(d) hereof.

 

“Registrar
and Transfer Agent” means Standard Registrar and Transfer Agent, Inc., or such other agent or agents of the Corporation
as may be designated from time to time by the Board of Directors of the Corporation or its duly authorized designee as the transfer
agent and registrar for the Series A Preferred Shares.

 

“Securities
Depository” shall have the meaning as set forth in Section 12 of this Certificate.

 

“Senior
Securities” shall have the meaning as set forth in Section 6(c) of this Certificate.

 

“Series
A Preferred Shares” shall have the meaning as set forth in Section 1 of this Certificate.

 

“Stated
Rate” means 10% per annum on the $25.00 per share liquidation preference..

 

“Voting
Preferred Securities” shall have the meaning as set forth in Section 7(b) of this Certificate.

 

[Remainder of page intentionally left
blank]

 

    	9

    	 

    

 

IN WITNESS WHEREOF,
the Corporation has caused this Certificate of Designation of Preferences, Rights, and Limitations to be duly executed and acknowledged
by Robert G. Watson, Jr., its Chief Executive Officer.

 

	 	EnerJex Resources, Inc. 
	 	 	 
	 	By  	 
	 	 	Robert G. Watson, Jr., its Chief Executive Officer

 

    	10Exchange
Agreement

 

This
Exchange Agreement (“Agreement”) is made and entered into, effective as of June ___,
2014 (the "Effective Date"), by and between EnerJex Resources,
Inc., a Nevada corporation (the “Company”), and the stockholders of the Company holding shares
of the Company's "Existing Series A Shares," as such term is defined below (the “Stockholders”),
with reference to the following facts:

 

Recitals

 

A.          Each of the Stockholders
is a holder of shares of the Company’s Series A Preferred Stock (the “Existing Series A Shares”)
having the rights, preferences, and privileges, and subject to the restrictions and limitations, set forth in that certain "Certificate
of Designation of Preferences, Rights, and Limitations of Series A Preferred Stock" filed with the Secretary of State of the
State of Nevada on December 31, 2010 (the "Existing COD").

 

B.          Under
the terms of the Existing COD, (i) the Company issued 4,779,460 Existing Series A Shares at a price of $1.00 per share, (ii) each
such Existing Series A Share is presently convertible into 1/15th of one (1) share of Common Stock, (iii) each Stockholder
is entitled to receive certain preferential dividends in an aggregate cumulative amount equal to $1.00 per share (i.e.,
preferential dividends in an aggregate cumulative amount equal to $4,779,460 for all Stockholders) (such preferential payment,
the "Series A Preferential Dividend"), and (iv) upon the Company's payment of aggregate cumulative amount
equal to $1.00 per Existing Series A Share, all issued and outstanding Existing Series A Shares will be automatically converted
into Common Stock at the then-current conversion ratio.

 

C.          At present, the
Company has paid cumulative Series A Preferential Dividends to the Stockholders in the amount of approximately $2,103,680, and
the Stockholders in the aggregate are entitled to future Series A Preferential Dividends in the aggregate amount of approximately
$2,675,780.

 

D.          The Company is
seeking to simplify its capital structure, to eliminate the financial and operating constraints imposed by the terms of the preferential
dividends payable with respect to the Existing Series A Shares, and to raise additional working capital through the issuance of
shares of preferred stock, and in order to accomplish those objectives, the Company is proposing:

 

(i)          To adopt and file
that certain "Amended and Restated Certificate of Designation of Preferences, Rights, and Limitations of Series A Preferred
Stock" in the form attached hereto as Exhibit A (the "Restated
COD"), in order to amend the terms of the Existing Series A Shares to be as set forth in that Restated COD (the shares
of Series A Preferred, as their terms are so amended, the "New Series A Shares"); and

 

(ii)          To issue and
sell New Series A Shares to investors, in an underwritten public offering of such shares (the "Public Offering"),
at such price per share that is paid by the investors subscribing for New Series A Shares in that Public Offering (such price per
share, the "Original Issue Price"); and

 

(iii)          Concurrently
with the first closing of the issuance of the New Series A Shares in that Public Offering, to effect a share exchange transaction
(the "Share Exchange") in which each of the Stockholders will exchange each Existing Series A Share for
the following shares (the "New Shares"):

 

(A)          1/15th
of one (1) share of the Company’s Common Stock, par value $0.0001 per share (the "Common
Stock"), plus cash in lieu of fractions of a share at a price of $11.25 per whole share of Common Stock; and

 

    	1

    	 

    

 

(B)          a number of
New Series A Shares equal to the quotient determined by dividing (x) the Stockholder's undisbursed Series A Preferential Dividend
with respect to each Existing Series A Share owned by the Stockholder, by (y) the New Series A Original Issue Price per share.

 

E.          The adoption
of the Restated COD and the execution and delivery of this Agreement are conditions precedent to the closing of the Public Offering.

 

F.          The parties intend
for the Share Exchange to be a tax free exchange of property pursuant to Section 368 of the Internal Revenue Code, and to be exempt
from registration under Section 3a-9 of the Securities Act of 1933, as amended (the "Act").

 

Agreement

 

Now
Therefore, the Company and the Stockholders, intending to be legally bound, and for mutual and valid consideration,
agree as follows:

 

Section
1          Exchange
of Shares 

 

1.1          Share
Exchange.
Upon consummation of the Share Exchange:

 

(a)          Each
of the Stockholders will transfer the Existing Series A Shares to the Company for cancellation, and

 

(b)          The
Company will issue and deliver to each Stockholder with respect to each Existing Series A Share owned by such Stockholder:

 

(i)          1/15th of
one (1) share of the Company’s Common Stock plus cash in lieu of fractions of a share at a price of $11.25 per whole
share of Common Stock; and

 

(ii)          a
number of New Series A Shares equal to the quotient determined by dividing (x) the Stockholder's undisbursed Series A Preferential
Dividend, by (y) the New Series A Original Issue Price per share. No fractional shares will be issued in that exchange; in lieu
thereof, the Company will deliver to each holder cash for fractions of a share based upon the New Series A Original Issue Price
per whole share.

 

1.2          Transfer
Taxes. Any transfer taxes, stamp duties, filing fees, recordation expenses, or other similar taxes, fees,
charges or expenses incurred by a Stockholder in connection with the transfer of the Existing Series A Shares to the Company or
in connection with any of the other transactions contemplated by this Agreement will be borne and paid by such Stockholder.

 

Section
2    The Share Exchange

 

2.1          Closing;
Exchange Date. The closing of the Share Exchange contemplated by Section 1 (the “Closing”)
will be held at the offices of the Company (or by consummated by remote delivery of documents by overnight courier, facsimile,
and email) on such date as is selected by the Company and is concurrently with, and immediately prior to, the date of the first
closing of the issuance of the New Series A Shares in the Public Offering (the “Exchange Date”).

 

    	2

    	 

    

 

2.2          Deliveries.
At the Closing:

 

(a)          Each
Stockholder will deliver to the Company (i) all stock certificates representing the Existing Series A Shares owned by such Stockholder,
for cancellation by the Company (or, if a Stockholder is unable to find one or more such stock certificates, then a lost securities
affidavit in form acceptable to the Company), and (ii) a stock assignment separate from certificate in the form attached hereto
as Exhibit B;

 

(b)          The
Company will issue new certificates to each Stockholder representing the newly issued New Shares; and

 

(c)          Upon
the Share Exchange Date, each Existing Series A Share issued and outstanding immediately prior to such date will, without any further
action by the Company, be canceled and returned to the status of authorized but unissued shares.

 

Section 3          Representations
and Warranties of Stockholders. Each
of the Stockholders represents and warrants to the Company, severally and not jointly, that the following statements are true,
accurate and complete in all material respects:

 

3.1          Title
to Shares. Each of the Stockholders has good and valid title to the Existing Series A Shares, free and
clear of any encumbrances other than encumbrances that will attach to the New Shares issued to the Stockholder hereunder. On the
Share Exchange Date, the Company will acquire good and valid title to the Existing Series A Shares free and clear of any encumbrances.

 

3.2          Requisite
Power and Authority.  Each of the Stockholders has all necessary power and authority under all applicable
provisions of law to execute and deliver this Agreement and to carry out its provisions. All action on the part of each of the
Stockholders required for the lawful execution and delivery of this Agreement has been or will be effectively taken prior to the
Share Exchange. Upon its execution and delivery, this Agreement will be the valid and binding obligation of each of the Stockholders,
enforceable against such Stockholder in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights and (b) as
limited by general principles of equity that restrict the availability of equitable remedies.

 

3.3          Investment
Representations. Each of the Stockholders understands that the New Shares have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”). Each Stockholder represents that it is
an accredited investor within the meaning of Regulation D under the Securities Act. Stockholder is acquiring the New Shares for
Stockholder’s own account for investment only, and not with a view towards distribution.

 

Section 4          Representations
and Warranties of the Company. The
Company represents and warrants that, to the best of its knowledge, the following statements are accurate in all material respects:

 

4.1          Good
Standing and Corporate Power. The Company is validly existing and in good standing as a corporation under
the laws of the State of Nevada, and has all necessary corporate power to perform its obligations under this Agreement.

 

4.2          Authorization.

 

(a)          All
corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization of this Agreement,
the performance of all obligations of the Company hereunder at the Share Exchange Date and the authorization, issuance and delivery
of the New Shares pursuant hereto has been taken or will be effectively taken prior to the Share Exchange. Upon its execution and
delivery, this Agreement will be valid and binding on the Company enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement
of creditors’ rights and (b) as limited by general principles of equity that restrict the availability of equitable
remedies.

 

    	3

    	 

    

 

(b)          All
New Shares issued in the Share Exchange shall be duly authorized and validly issued, fully paid and nonassessable and will be free
of any liens or encumbrances other than liens and encumbrances created by or imposed upon the Stockholders.

 

(c)          All
New Shares issued in the Share Exchange will be issued in compliance with all applicable state and federal laws concerning the
issuance of securities.

 

(d)          The
issuance of New Shares in the Share Exchange will not be subject to any preemptive rights or rights of first refusal that have
not been properly waived or complied with.

 

4.3          Compliance
with Other Instruments. The execution, delivery, and performance of and compliance with this Agreement
and the issuance of the New Shares pursuant to the Share Exchange, will not, with or without the passage of time or giving of notice,
result in any material violation, default or conflict with any provision of any mortgage, indenture, contract, lease, agreement,
or instrument to which the Company or its subsidiaries is party or by which the Company or its subsidiaries is bound or of any
judgment, decree, order or writ and will not result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any
of the properties or assets of the Company or its subsidiaries or the suspension, revocation, impairment, forfeiture or nonrenewal
of any permit, license, authorization or approval applicable to the Company, its subsidiaries, its business or operations or any
of its assets or properties.

 

4.4          Compliance
with Laws; Permits. No governmental orders, permissions, consents, approvals or authorizations are required to
be obtained and no registrations or declarations are required to be filed in connection with the execution and delivery of this
Agreement or the issuance of the New Shares pursuant to the Share Exchange, except such as have been duly and validly obtained
or filed, or with respect to any filings that must be made after the Closing, as will be filed in a timely manner.

 

4.5          Restated
Certificate. The New Shares have the rights, preferences and privileges, and restrictions set forth in
the Restated COD of the Company in the form attached as Exhibit A hereto.

 

Section
5          Miscellaneous
Provisions

 

5.1          Notices.
All notices permitted or required by this Agreement shall be in writing, and shall be deemed to have been delivered and received
(a) when personally delivered, (b) on the third (3rd) business day after the date on which deposited in the
United States mail, postage prepaid, certified or registered mail, return receipt requested, or (c) on the date on which transmitted
by facsimile or other electronic means producing a tangible receipt evidencing a successful transmission, or (d) on the next business
day after the date on which deposited with a regulated public carrier or nationally recognized overnight commercial delivery service
(e.g., Federal Express, DHL, etc.), addressed to the party for whom intended, (i) if to the Company, then at the
mailing address, email address, or facsimile number set forth on the Company's signature page hereto, or (ii) if to a Stockholder,
then at the mailing address, email address, or facsimile number on the Company's records for such Stockholder, or such other mailing
address, email address, or facsimile number, notice of which has been delivered in a manner permitted by this Section 5.1.

 

    	4

    	 

    

 

5.2          Severability.
If any provision of this Agreement is for any reason found to be ineffective, unenforceable, or illegal by any court having jurisdiction,
such condition shall not affect the validity or enforceability of any of the remaining portions hereof, unless it deprives any
party hereto of any material right or license held by such party under this Agreement. The parties shall negotiate in good faith
to replace any such ineffective, unenforceable or illegal provisions as soon as is practicable, and the substituted provision shall,
as closely as possible, have the same economic effect as the eliminated provision.

 

5.3          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

5.4          Force
Majeure. Neither party shall be liable for any default or delay in performance of any of its obligations under this
Agreement if such default or delay is caused, directly or indirectly, by fire, flood, earthquake or other acts of God; labor disputes,
strikes or lockouts; wars, rebellions or revolutions; riots or civil disorder; accidents or unavoidable casualties; interruptions
in transportation or communications facilities or delays in transit or communication; supply shortages or the failure of any Person
to perform any commitment to such party related to this Agreement; or any other cause (whether similar or dissimilar to those expressly
enumerated in this Section 5.4) beyond such party's reasonable control.

 

5.5          Entire
Agreement. This Agreement, and the exhibits hereto set forth the entire understanding of the parties concerning the
subject matter hereof, and supersede all prior and contemporaneous agreements and understandings relating to the subject matter
hereof, whether oral or written.

 

5.6          Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the
Company and the Stockholders owning at least a majority of the Existing Series A Shares. Any amendment or waiver effected in accordance
with this Section 5.6 shall be binding upon the Company, each Investor, and any transferee of any Securities. Each Stockholder
acknowledges that by the operation of this Section 5.6, less than all of the Stockholders who are parties hereto may effect
an amendment or waiver of provisions of this Agreement and may thereby diminish or eliminate rights of such Stockholder under this
Agreement even though such Stockholder has not consented to the amendment or waiver.

 

(a)          Exculpation
Among Stockholders. Each Stockholder acknowledges that such Stockholder is not relying upon any person, firm or corporation,
other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Stockholder
agrees that no Stockholder nor the respective controlling persons, officers, directors, partners, agents or employees of any Stockholder
shall be liable to any other Stockholder for any action heretofore or hereafter taken or omitted to be taken by any of them in
connection with the issuance of the Notes hereunder and any shares issuable upon conversion of the Notes.

 

(b)          Rights
of Stockholders. The Stockholders (or transferee holder of Securities) shall have the absolute right to exercise or
refrain from exercising any right or rights that such holder may have by reason of this Agreement, including without limitation
the right to consent to the waiver of any obligation of the Company under this Agreement and to enter into an agreement with the
Company for the purpose of modifying this Agreement or any agreement effecting any such modification, and the Stockholders or transferee
holder shall not incur any liability to any other Stockholders or holder of Securities with respect to exercising or refraining
from exercising any such right or rights.

 

    	5

    	 

    

 

5.7          Governing
Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with applicable provisions
of the laws of the State of Nevada (without regard to application of its conflict-of-law principles), and each party hereby consents
to the jurisdiction of the courts of the State of Nevada for purposes of all actions commenced to construe or enforce this Agreement.

 

5.8          Attorneys'
Fees. If any action or proceeding is commenced to construe this Agreement or enforce the rights and duties set forth
herein, then the party prevailing in that action shall be entitled to recover its costs and fees in that action, as well as the
costs and fees of enforcing any judgment entered therein.

 

5.9          Construction.
This Agreement is the result of negotiations between the parties and neither of the parties entering into this Agreement has acted
under any duress or compulsion, whether legal, economic or otherwise. The parties hereby waive the application of any rule of law
that ambiguous or conflicting terms or provisions should be construed against the party who (or whose attorney) prepared this Agreement
or any earlier draft of the same. In this Agreement, the word "Person" includes any individual, corporation, limited
liability company, trust, fiduciary, governmental entity, or other entity or status of any kind that is recognized under applicable
law as a separate legal person, and the word "include(s)" means "include(s), without limitation," and
the word "including" means "including, but not limited to." Unless the context of this Agreement otherwise
clearly requires, references to the plural include the singular and the singular the plural. Unless otherwise expressly indicated
herein, the words "hereof," "hereunder," and similar terms in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement. All references to "Section" herein shall refer
to the sections and paragraphs of this Agreement unless specifically stated otherwise. The section and other headings, if any,
contained in this Agreement are inserted for convenience of reference only, and they neither form a part of this Agreement nor
are they to be used in the construction or interpretation of this Agreement.

 

5.10          Counterparts;
Electronic Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which, taken together, shall constitute one and the same instrument, binding on each signatory thereto. A copy of this Agreement
that is executed by a party and transmitted by that party to the other party by facsimile or as an attachment (e.g., in
".tif" or ".pdf" format) to an email shall be binding upon the signatory to the same extent as a copy hereof
containing that party's original signature.

 

[Signatures
begin on following page.]

 

    	6

    	 

    

 

In
Witness Whereof, the undersigned has executed this Exchange Agreement, effective
as of the date first above written.

 

	 	EnerJex Resources, Inc., a Nevada corporation 
	 	 
	 	By:	 
	 	 	Robert G. Watson, Jr.,
	 	 	Chief Executive Officer

 

	 	Address, Facsimile & Email for Notices:
	 	 
	 	EnerJex Resources, Inc.
	 	ATTN:   Mr. Robert G. Watson, Jr.
	 	4040 Broadway, Suite 508
	 	San Antonio, Texas 78209
	 	 
	 	Facsimile:  (210) 829-1224
	 	Email:  rwatson@enerjexresources.com

 

[Stockholder signatures begin on following
page.]

 

[Company
Signature Page To Exchange Agreement]

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned has executed this Exchange Agreement, effective
as of the date first above written.

 

	 	Stockholder:
	 	 
	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Printed Name of Stockholder
	 	 
	 	 
	 	Printed Name & Title of Individual Signing for Stockholder (e.g., as "Trustee" for a Trust)

 

[Stockholder
Signature Page To Exchange Agreement]

 

    	 

    	 

    

 

Exhibit
A

 

Amended and Restated Certificate
of Designation

 

    	 

    	 

    

 

Exhibit
B

 

Stock
Assignment Separate from Certificate

(see following page)

 

    	 

    	 

    

 

STOCK ASSIGNMENT

(Separate From Certificate)

 

THE UNDERSIGNED
hereby sells, assigns and transfers unto Enerjex Resources, Inc., a
Nevada corporation ("Assignee"), __________________ (___,___) shares of the Series A Preferred Stock of
Enerjex Resources, Inc., a Nevada corporation (the "Corporation"),
standing in the name of the undersigned on the books of the Corporation represented by Stock Certificate No. A-___, and does hereby
irrevocably constitute and appoint the Secretary of the Corporation as its attorney-in-fact (with full power of substitution) to
transfer such stock on the books of the Corporation.

 

	 	 	 
	Date	 	Signature of Stockholder
	 	 	 
	 	 	 
	 	 	Printed Name of Stockholder

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