Document:

Exhibit 10.1

 

NINTH AMENDMENT
TO

AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS NINTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Ninth Amendment”) is entered into and effective as of
the Ninth Amendment Closing Date (as defined below) among ENERJEX RESOURCES, INC., a Nevada corporation (“Parent”),
ENERJEX KANSAS, INC. (f/k/a Midwest Energy, Inc.), a Nevada corporation (“EnerJex Kansas”), Working
Interest, LLC, a Kansas limited liability company (“Working Interest”), BLACK SABLE ENERGY,
LLC, a Texas limited liability company (“Black Sable”), BLACK RAVEN ENERGY, INC., a Nevada
corporation (“Black Raven”), ADENA, LLC, a Colorado limited liability company (“Adena”;
together with Parent, EnerJex Kansas, Working Interest, Black Sable and Black Raven, collectively, “Borrowers”
and each, a “Borrower”), and TEXAS CAPITAL BANK, N.A., a national banking association,
as a Bank, L/C Issuer and Administrative Agent (in such latter capacity and together with its successors and permitted assigns
in such capacity the “Administrative Agent”), and the several banks and financial institutions from time
to time parties to the Credit Agreement, as defined below (the “Banks”). Capitalized terms used but not
defined in this Ninth Amendment have the meaning given them in the Credit Agreement.

 

RECITALS

 

A.Borrowers, Administrative
Agent, L/C Issuer and Banks previously entered into that certain Amended and Restated Credit Agreement dated as of October 3, 2011,
as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of December 14, 2011, that certain
Second Amendment to Amended and Restated Credit Agreement dated as of August 31, 2012, that certain Third Amendment to Amended
and Restated Credit Agreement dated as of November 2, 2012, that certain Fourth Amendment to Amended and Restated Credit Agreement
dated as of January 24, 2013, that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of September 30, 2013,
that certain Sixth Amendment thereto dated as of November 19, 2013, that certain Seventh Amendment thereto dated as of June 16,
2014 and that certain Eighth Amendment thereto dated as of August 13, 2014 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”).

 

B.In accordance
with Section 2.04(b) of the Credit Agreement and based upon the recently delivered Reserve Report dated effective January
1, 2015, Administrative Agent and the Banks have redetermined the Borrowing Base effective as of the Ninth Amendment Closing Date
as set forth in this Ninth Amendment (the “Ninth Amendment Redetermination”).

 

C.Borrowers, Administrative
Agent and Banks acknowledge that such Ninth Amendment Redetermination is the May 1st scheduled semi-annual redetermination of the
Borrowing Base scheduled for 2015 under Section 2.04(b) of the Credit Agreement.

 

D.Parent may issue
shares of preferred and/or common stock pursuant to one or more offerings following the Ninth Amendment Closing Date (the “Potential
Issuances”).

 

E.Borrowers have
requested that Administrative Agent and Banks amend the Credit Agreement to consent to the Potential Issuances.

 

    	 

    	 

    

 

F.Administrative
Agent and Banks desire to consent to the Potential Issuances, subject to the terms and conditions set forth herein.

 

G.Administrative
Agent, L/C Issuer and Banks have agreed to (a) redetermine the Borrowing Base, (b) consent to the Potential Issuances and certain
non-compliance by Borrowers with the terms of the Credit Agreement, (c) waive certain provisions of the Credit Agreement and (d)
make certain amendments to the Credit Agreement, subject to the terms and conditions of this Ninth Amendment.

 

AGREEMENT

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

I.Specific
Amendments to Credit Agreement.

 

A.Article
I, Definitions, of the Credit Agreement is hereby amended by adding the following definitions in their proper alphabetical
order:

 

“Ninth
Amendment” means the Ninth Amendment to Amended and Restated Credit Agreement dated effective as of the Ninth Amendment
Closing Date by and among Borrowers, Administrative Agent, L/C Issuer and Banks.

 

“Ninth
Amendment Closing Date” means April 29, 2015.

 

B.Article
I, Definitions, of the Credit Agreement is hereby amended by revising the definition of “Conforming Borrowing Base”
in its entirety as follows:

 

“Conforming
Borrowing Base” means, as of the Ninth Amendment Closing Date, $19,000,000.

 

II.Section
2.04, Borrowing Base Determination, of the Credit Agreement is hereby amended by replacing Section 2.04(a) with following:

 

(a)The
Borrowing Base in effect as of the Ninth Amendment Closing Date is $22,600,000 relative to the Proved Reserves attributable to
the Borrowing Base Oil and Gas Properties and the Monthly Borrowing Base Reduction for May 1, 2015 is $0.00; provided that,
on and after June 1, 2015, the Monthly Borrowing Base Reduction is $50,000. The Borrowing Base shall be automatically reduced on
the first day of each month by the Monthly Borrowing Base Reduction beginning May 1, 2015. The Borrowing Base and the Monthly Borrowing
Base Reduction shall be re-determined from time to time pursuant to the provisions of this Section.

 

III.Section
2.04, Borrowing Base Determination, of the Credit Agreement is hereby amended by replacing the proviso at the end of the penultimate
sentence of Section 2.04(b) with the following proviso:

 

provided
that a Bank’s failure to disapprove of Administrative Agent’s determination within fifteen (15) days by delivery
of an alternative proposed Borrowing Base and Monthly Borrowing Base Reduction shall be deemed such Bank’s approval of Administrative
Agent’s determination.

 

    	2

    	 

    

 

IV.Section
2.04, Borrowing Base Determination, of the Credit Agreement is hereby amended by adding the following sentences to the end
of Section 2.04(g):

 

Notwithstanding
anything to the contrary in this Agreement, all repayments and prepayments of the Nonconforming Borrowing Base by the Borrowers
shall automatically and permanently reduce the Nonconforming Borrowing Base. Borrowers shall not be permitted to reborrow amounts
under the Nonconforming Borrowing Base once repaid or prepaid in accordance with this Agreement or the Ninth Amendment.

 

V.Section
2.08, Fees, of the Credit Agreement, is hereby amended by adding the following new subsection (d) to the end of Section 2.08:

 

(d) On or
before the earlier to occur of (i) the date of any refinancing of the Obligations under this Agreement or (ii) any extension of
the Maturity Date, Borrowers shall pay to Administrative Agent (for the account of the Banks) a fee in an amount equal to 0.25%
of the Borrowing Base in effect on the Ninth Amendment Closing Date (i.e., $56,500).

 

VI.Article
VI, Affirmative Covenants, of the Credit Agreement is hereby amended by adding the following new Section 6.30 to the end thereof:

 

Section 6.30Post-Close
Ninth Amendment Requirements. As consideration for the other agreements by the Banks set forth in the Ninth Amendment: (a)(i)
on or before the first Business Day following the closing date of any Potential Issuance (as defined in the Ninth Amendment) permitted
pursuant to the terms of the Ninth Amendment and (ii) using the cash proceeds received by Borrowers from any such Potential Issuance,
prepay the Borrowing Base in an amount not less than $1,000,000; (b) on or before the first Business Day following Borrowers’
receipt of any cash proceeds from the Disposition of Borrowers’ interest in that certain parcel of real estate located in
La Plata County, Colorado (the “Sales Transaction”) previously owned by Oakridge Energy, Inc. (“Oakridge”),
prepay the Borrowing Base in an aggregate amount equal to the greater of: (i) 50% of the cash proceeds received by Borrowers from
Oakridge (or any other payee) in connection with the Sales Transaction and (ii) $750,000; and (c) upon L/C Issuer’s receipt
of that certain Letter of Credit No. 1323 which has been replaced by that certain Letter of Credit No. 1616, the Nonconforming
Borrowing Base shall be automatically and permanently reduced in an amount equal to $50,000. Borrowers hereby acknowledge and agree
that, subject to Section 2.04(g), the prepayments required pursuant to this Section 6.30 shall be applied, first,
to the Nonconforming Borrowing Base until the Nonconforming Borrowing Base equals $0 and then, secondly, to the Conforming Borrowing
Base.

 

VII.Section
6.12, Accounts, of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

    	3

    	 

    

 

“Accounts.Maintain,
as of the Ninth Amendment Closing Date, with Administrative Agent all of their bank accounts, including, without limitation, all
deposit accounts, cash management and collection and lockbox services.”

 

VIII.Section
9.01(b), Specific Covenants, of the Credit Agreement is hereby amended to insert “, 6.30”
immediately following the reference therein to “6.26”.

 

IX.Limited
Waiver and Limited Consents.

 

A.Subject
to the other terms and conditions set forth herein, Administrative Agent and Banks hereby waive Borrowers’ compliance with,
and any resulting Event of Default arising from Borrowers’ failure to comply with, the financial covenant set forth in Section
7.12(b) (Net Debt to EBITDAX Ratio) solely in relation to the fiscal quarter ending March 31, 2015.

 

B.Subject
to the other terms and conditions set forth herein, Administrative Agent and Banks hereby consent to any Potential Issuance; provided
that (i) all cash proceeds received by Parent or any other Borrowers in connection with any such Potential Issuance or any
prior issuance (to the extent Borrowers still hold such cash on and after the Ninth Amendment Closing Date) of equity interests
in Parent (including, without limitation, the equity interests previously issued in connection with the Designation) shall (y)
be held at all times in an account maintained with Administrative Agent and (z) subject to a first priority Lien (other than Permitted
Liens) in favor of Administrative Agent for the benefit of the Banks, (ii) Borrowers shall promptly provide Administrative Agent
with prior notice of any Potential Issuance including relevant details regarding such Potential Issuance as Administrative Agent
may reasonably request (including, without limitation, the type and amount of equity interests being issued and the reasonably
anticipated amount of proceeds to be received by Parent or the other applicable Borrowers) and (z) copies of all documents executed
and/or delivered in connection with such Potential Issuance and (iii) no Default or Event of Default shall have occurred and be
continuing or would result from any such Potential Issuance and (iv) Borrowers shall have prepaid the Borrowing Base as required
pursuant to Section 6.30 of the Credit Agreement.

 

C.Borrowers
have requested that Administrative Agent and Banks agree to consent to Borrowers’ non-compliance with the requirement of
Section 7.12(b) (Net Debt to EBITDAX Ratio) of the Credit Agreement for the fiscal quarters ending June 30, 2015, September
30, 2015 and December 31, 2015 and then to reinstate the requirement of such section, commencing with the fiscal quarter ending
March 31, 2016. Subject to the other terms and conditions set forth herein, Administrative Agent and Banks consent to Borrowers’
non-compliance with the requirement of Section 7.12(b) (Net Debt to EBITDAX Ratio) of the Credit Agreement for the fiscal
quarters ending June 30, 2015, September 30, 2015 and December 31, 2015 and then to reinstate the requirement of such section,
commencing with the fiscal quarter ending March 31, 2016.

 

D.Borrowers
have requested that Administrative Agent and Banks agree to waive the scheduled Borrowing Base redetermination scheduled for November
1, 2015. Subject to the other terms and conditions set forth herein, Administrative Agent and Banks agree to waive the scheduled
Borrowing Base redetermination scheduled for November 1, 2014.

 

    	4

    	 

    

 

E.The
consents and waivers granted hereunder does not indicate an intent to establish any course of dealing between Administrative Agent,
Banks and Borrowers with regard to future waivers, consents, agreements to forbear or any other modifications that may be requested.
Administrative Agent’s and Banks’ agreement to the consents and waivers herein should not be construed as an indication
that Administrative Agent and Banks would be willing to agree to any further or future consents, waivers, agreements to forbear
or any modifications to any of the terms of the Credit Agreement or other Loan Documents, or any Events of Default or Defaults
that may exist or occur thereunder.

 

X.Conditions
Precedent to Ninth Amendment. This Ninth Amendment shall be effective once each of the following conditions have been satisfied
in Administrative Agent’s sole discretion on or before the Ninth Amendment Closing Date:

 

		A.	Borrowers, Administrative Agent, L/C Issuer and Banks shall have executed and delivered this Ninth
Amendment;

 

		B.	Borrowers shall have paid to Administrative Agent (for the ratable benefit of the Banks) an aggregate
amount not less than $1,000,000;

 

		C.	Borrowers shall, subject to Section 6.22 of the Credit Agreement, have provided evidence
to Administrative Agent, in form and content satisfactory to Administrative Agent, that Borrowers have entered into Swap Contracts
(or other types of derivatives approved in writing by Banks) with one or more Approved Counterparties covering, for the balance
of the 2015 fiscal year and the entirety of the 2016 fiscal year, in each case, not less than seventy-five percent (75%) of the
Proved Developed Producing Reserves that are (i) attributable to Borrowers’ interest in the Borrowing Base Oil and Gas Properties,
as reflected in the most recently delivered Reserve Report pursuant to Section 2.04 of the Credit Agreement and (ii) projected
by Administrative Agent to be produced during the term(s) of such Swap Contracts;

 

		D.	Borrowers shall have paid to Administrative Agent all fees due and payable under the Credit Agreement
or as otherwise agreed; and

 

		E.	Administrative Agent shall have received, in form and content satisfactory to it, such other assurances,
certificates, documents or consents related to the foregoing as Administrative Agent may request.

 

XI.Representations,
Warranties and Covenants. Borrowers represent and warrant to Administrative Agent and Banks that (a) they possess all
requisite Corporate Power and authority to execute, deliver and comply with the terms of this Ninth Amendment, (b) this Ninth
Amendment has been duly authorized and approved by all requisite Corporate Action on the part of the Borrowers, (c) no other
consent of any Person (other than Administrative Agent and Banks) is required for this Ninth Amendment to be effective, (d) the
execution and delivery of this Ninth Amendment does not violate their Governing Documentation, (e)  the representations and
warranties in each Loan Document to which they are a party are true and correct in all material respects on and as of the Ninth
Amendment Closing Date as though made on the Ninth Amendment Closing Date, (f)  after giving effect to this Ninth Amendment,
they are in full compliance with all covenants and agreements contained in each Loan Document to which they are a party, (g) after
giving effect to this Ninth Amendment, no Event of Default or Default has occurred and is continuing, and (h) no exhibit or
schedule to the Credit Agreement is required to be supplemented, amended or modified in connection with the transactions contemplated
by this Ninth Amendment or any other matters occurring prior to the Ninth Amendment Closing Date. The representations and warranties
made in this Ninth Amendment shall survive the execution and delivery of this Ninth Amendment. No investigation by Administrative
Agent or any Bank is required for Administrative Agent or any Bank to rely on the representations and warranties in this Ninth
Amendment.

 

    	5

    	 

    

 

XII.Scope
of Amendment; Reaffirmation; Release. All references to the Credit Agreement shall refer to the Credit Agreement as amended
by this Ninth Amendment. Except as affected by this Ninth Amendment, the Loan Documents are unchanged and continue in full force
and effect. However, in the event of any inconsistency between the terms of the Credit Agreement (as amended by this Ninth Amendment)
and any other Loan Document, the terms of the Credit Agreement shall control and such other document shall be deemed to be amended
to conform to the terms of the Credit Agreement. Borrowers hereby reaffirm their obligations under the Loan Documents to which
they are a party to and agree that all Loan Documents to which they are a party to remain in full force and effect and continue
to be legal, valid, and binding obligations enforceable in accordance with their terms (as the same are affected by this Ninth
Amendment). Borrowers hereby release, discharge and acquit Administrative Agent, L/C Issuer
and Banks from any and all claims, demands, actions, causes of action, remedies, and liabilities of every kind or nature (including
without limitation, offsets, reductions, rebates, or lender liability) arising out of any act, occurrence, transaction or omission
occurring in connection with the Credit Agreement and the other Loan Documents prior to the Ninth Amendment Closing Date.

 

XIII.Miscellaneous.

 

(a)No
Waiver of Defaults. Except as expressly provided herein, this Ninth Amendment does not constitute (i) a waiver of, or a consent
to, (A) any provision of the Credit Agreement or any other Loan Document, or (B) any present or future violation of, or default
under, any provision of the Loan Documents, or (ii) a waiver of Administrative Agent’s or any Bank’s right to insist
upon future compliance with each term, covenant, condition and provision of the Loan Documents.

 

(b)Form.
Each agreement, document, instrument or other writing to be furnished to Administrative Agent under any provision of this Ninth
Amendment, if any, must be in form and substance satisfactory to Administrative Agent and its counsel.

 

    	6

    	 

    

 

(c)Headings.
The headings and captions used in this Ninth Amendment are for convenience only and will not be deemed to limit, amplify or modify
the terms of this Ninth Amendment, the Credit Agreement, or the other Loan Documents.

 

(d)Costs,
Expenses and Attorneys’ Fees. Borrowers agree to pay or reimburse Administrative Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Ninth Amendment,
including, without limitation, the reasonable fees and disbursements of Administrative Agent’s counsel.

 

(e)Successors
and Assigns. This Ninth Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective
successors and permitted assigns.

 

(f)Multiple
Counterparts. This Ninth Amendment may be executed in any number of counterparts with the same effect as if all signatories
had signed the same document. All counterparts must be construed together to constitute one (1) and the same instrument. This Ninth
Amendment may be transmitted and signed by facsimile or portable document file (pdf). The effectiveness of any such documents and
signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on
Borrowers, Administrative Agent, L/C Issuer and Banks. Administrative Agent may also require that any such documents and signatures
be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit
the effectiveness of any facsimile document or signature.

 

(g)Governing
Law. This Ninth Amendment and the other Loan Documents must be construed, and their
performance enforced, under Texas law.

 

(h)Entirety.
THIS NINTH AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS CONSTITUTE A
“LOAN AGREEMENT” AS DEFINED IN SECTION 26.02(A) OF THE TEXAS BUSINESS AND COMMERCE CODE, AND REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER UNDER THIS NINTH AMENDMENT AND UNDER THOSE OTHER WRITTEN DOCUMENTS AND MAY NOT
BE CONTRADICTED BY EVIDENCE OR PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

 

(Signature Pages Follow)

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
this Ninth Amendment is executed effective as of the Ninth Amendment Closing Date.

 

	 	BORROWERS:
	 	 	 
	 	 	 
	 	ENERJEX RESOURCES, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	ENERJEX KANSAS, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	WORKING INTEREST, LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	BLACK SABLE ENERGY, LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer

  

    	Signature Page to Ninth Amendment

    	 

    

 

	 	BLACK RAVEN ENERGY, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	– and –
	 	 	 
	 	 	 
	 	ADENA, LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer
	 	 	 

 

    	Signature Page to Ninth Amendment

    	 

    

 

	 	ADMINISTRATIVE AGENT AND L/C ISSUER:
	 	 	 
	 	 	 
	 	TEXAS CAPITAL BANK, N.A.,
	 	as Administrative Agent, L/C Issuer and
	 	a Bank
	 	 	 
	 	 	 
	 	By: 	 
	 	 	W. David McCarver IV
	 	 	Senior Vice President
	 	 	 
	 	 	 
	 	 	 
	 	BANKS:
	 	 	 
	 	 	 
	 	TEXAS CAPITAL BANK, N.A.,
	 	as Administrative Agent, L/C Issuer and
	 	a Bank
	 	 	 
	 	 	 
	 	By: 	 
	 	 	W. David McCarver IV
	 	 	Senior Vice President
	 	 	 
	 	 	 
	 	 	 
	 	IBERIABANK
	 	 	 
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:  	 
	 	Title: 	 

 

    	Signature Page to Ninth AmendmentExhibit 10.2

 

 

 

 

 

 

 

 

May 1, 2015

 

EnerJex Resources, Inc., et al.

4040 Broadway, Suite 508

San Antonio, Texas 78209

Attention: Robert G. Watson, Jr.

 

		Re:	Letter Agreement regarding Amended and Restated Credit Agreement dated as of October 3, 2011, as
amended by that certain First Amendment thereto dated as of December 14, 2011, that certain Second Amendment thereto dated as of
August 31, 2012, that certain Third Amendment thereto dated as of November 2, 2012, that certain Fourth Amendment thereto dated
as of January 24, 2013, that certain Fifth Amendment thereto dated as of September 30, 2013, that certain Sixth Amendment thereto
dated as of November 19, 2013, that certain Seventh Amendment thereto dated as of June 16, 2014, that certain Eighth Amendment
dated August 13, 2014 and that certain Ninth Amendment dated April 29, 2015 (“Ninth Amendment”) (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among
EnerJex Resources, Inc. and the other Borrowers party hereto and to the Credit Agreement (“you” or together
with the other Borrowers, collectively, “Borrowers”), the lenders party to the Credit Agreement from
time to time (the “Lenders”) and Texas Capital Bank, N.A., as administrative agent for itself and the
other Lenders under the Credit Agreement (in such capacity and together with its designated affiliates, “Texas Capital
Bank”, “we” “our” or “us”)

 

Dear Mr. Watson:

 

The purpose of this
Letter Agreement is to set forth our mutual understanding as to certain deposits that will be maintained with Texas Capital Bank.

 

Pursuant to Section
IX.B. of the Ninth Amendment, Parent and the other Borrowers are required to maintain with Texas Capital Bank certain proceeds
derived from any Potential Issuance, as such term is defined in the Ninth Amendment. Parent and the other Borrowers have determined
that an amount of up to $1,000,000 in the aggregate of such proceeds from any Potential Issuance or any other such issuances consummated
prior to the date of this Letter Agreement must: (1) remain unencumbered by any Liens under the Loan Documents through and including
November 1, 2015 and (2) request a waiver of the provisions under Section 7.06 of the Credit Agreement which prohibits Borrowers
from making Restricted Payments under certain circumstances, including during the existence of an Event of Default, in each case,
to allow Parent and/or the other Borrowers to declare and pay dividends that become due and payable under the equity interests
issued under any Potential Issuance or any other such issuances consummated prior to the date of this Letter Agreement.

 

    	 

    	 

    

 

EnerJex Resources, Inc., et al.

May 1, 2015

Page 2

 

Administrative Agent and the Banks hereby
(1) agree that, notwithstanding anything to the contrary in any Loan Document, proceeds of up to $1,000,000 in the aggregate received
by Parent and/or the other Borrowers from any Potential Issuance or any other such issuances consummated prior to the date of this
Letter Agreement solely for the period following the date of this Letter Agreement through, and including, November 1, 2015 shall
not be subject to the Liens under the Loan Documents or Liens arising from applicable law and (2) waive the prohibition against
making Restricted Payments under Section 7.06 of the Credit Agreement, solely, in each case, to permit the Parent and/or the other
Borrowers to pay any dividends as Restricted Payments that become due and payable to the holders of any equity interest issued
pursuant to any Potential Issuance or any other such issuances consummated prior to the date of this Letter Agreement, as expressly
provided in clause (1) above. The Loan Documents are hereby deemed modified to give effect to the terms of this Letter Agreement.

 

The agreement and waiver
set forth above in this Letter Agreement shall not be considered an admission or agreement that any other modifications
are contemplated by the Administrative Agent or the Banks in any Loan Document or establish any course of dealing among Administrative
Agent, Banks and Borrower with regard to future waivers, agreements or amendments. This Letter Agreement should not be construed
as an indication that Administrative Agent or Banks would be willing to agree to any future modifications to any of the terms of
the Credit Agreement or other Loan Documents, or any waiver of any Events of Default or Defaults that may exist or occur
thereunder. Except as otherwise expressly provided in this Letter Agreement, neither the Credit Agreement nor the Loan Documents
are amended or otherwise modified and such Loan Documents shall continue in full force and effect.

 

Please acknowledge
your agreement with the foregoing by executing in the space below, and delivering to us, an executed counterpart of this Letter
Agreement no later than 5:00 p.m. Central time, on May 1, 2015 (which may be by facsimile or electronic transmission).

 

  

[Signature pages follow]

 

    	 

    	 

    

 

EnerJex Resources, Inc., et al.

May 1, 2015

Page 3

 

 

	 	Very truly yours,	 
	 	 	 
	 	TEXAS CAPITAL BANK, N.A.,	 
	 	As Administrative Agent	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	 	 	 
	 	BANKS:	 
	 	 	 	 
	 	TEXAS CAPITAL BANK, N.A.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	 	 	 
	 	IBERIABANK	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 

 

 

	Agreed and Accepted:	 
	 	 
	ENERJEX RESOURCES, INC.	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer	 
	 	 	 
	 	 	 
	ENERJEX KANSAS, INC.	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer	 

 

    	 

    	 

    

 

EnerJex Resources, Inc., et al.

May 1, 2015

Page 4

 

 

	WORKING INTEREST, LLC	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer	 
	 	 	 
	 	 	 
	BLACK SABLE ENERGY, LLC	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer	 
	 	 	 
	 	 	 
	BLACK RAVEN ENERGY, INC.	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer	 
	 	 	 
	 	 	 
	– and –	 
	 	 	 
	 	 	 
	ADENA, LLC	 
	 	 	 
	 	 	 
	By: 	 	 
	 	Robert G. Watson, Jr.	 
	 	Chief Executive Officer

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