Business Context and Reporting Period
This Form 8-K is a current report filed by Enerjex Resources, Inc. on August 17, 2017. The filing addresses Item 5.02 regarding the departure of certain officers and the appointment of new officers. The company is incorporated in Nevada and maintains its principal executive offices in San Antonio, Texas.
Key Personnel Changes
- Appointment: Robert Schleizer was appointed as Interim Chief Financial Officer and principal accounting/financial officer effective August 17, 2017.
- Resignation: Douglas M. Wright resigned as Chief Financial Officer to pursue other business opportunities.
- Background: Mr. Schleizer brings over 30 years of experience in financial restructuring, crisis management, and financing. He currently serves as Interim CFO of Camber Energy, Inc.
Financial Metrics and Material Changes
This filing does not contain audited financial statements, revenue figures, profit margins, cash flow data, or debt levels for Enerjex Resources, Inc. The document focuses exclusively on corporate governance changes.
Related Service Agreement: The filing discloses a material agreement entered into on May 1, 2017, between Enerjex Resources, Inc. and Camber Energy, Inc. Under this agreement, Enerjex provides general and administrative services to Camber for a fee of $150,000 per month.
Outlook, Risks, and Contingencies
Related Party Transactions: The filing highlights potential conflicts of interest or related party dynamics:
- Richard E. Menchaca, a member of Enerjex's Board of Directors, is a co-guarantor of bank debt held by Camber Energy, Inc.
- Robert Schleizer, the newly appointed Interim CFO of Enerjex, simultaneously serves as the Interim CFO of Camber Energy, Inc.
The filing does not provide specific forward-looking guidance, risk factors, or contingency plans beyond the disclosure of the service agreement and personnel changes.
Investor Verification Checklist
- Verify the extent of the $150,000 monthly service agreement with Camber Energy and its impact on Enerjex's cash flow.
- Review the related party disclosures regarding Richard E. Menchaca's guarantee of Camber Energy's debt.
- Assess the implications of Robert Schleizer serving as Interim CFO for both Enerjex and Camber Energy simultaneously.
- Confirm the status of Douglas M. Wright's resignation and any transition arrangements.