Addendum No. 1 to Well Development Agreement

MIDWEST ENERGY, INC.

A wholly owned subsidiary of EnerJex Resources, Inc.

November 27, 2007

Euramerica Energy Inc.

c/o Antonio Beccari, President

Via Petronance, 13

25124 Brescia, Italy

Option for “Gas City Property” dated August 10, 2007

Euramerica Energy Inc. (“Euramerica”) and Midwest Energy, Inc. (“Midwest”) originally entered into an amended and restated letter agreement (the “Original Agreement”) on or about August 10, 2007 describing the terms for proceeding with an exploration and development program on the leases owned by Midwest Energy, Inc. (the “Property”). This letter (“Amendment No. 1”) amends certain sections of the Original Agreement as specified below.

RECITALS

WHEREAS, under the terms of the Original Agreement, Euramerica was granted an option (the “Option”) to purchase the Property through March 1, 2008 (the “Option Period”) at an agreed upon value of One Million Two Hundred Thousand United States Dollars ($1,200,000.00 US) (the “Purchase Price”) along with a commitment to contribute an additional Two Million ($2,000,000) development dollars;

WHEREAS, under the terms of the Original Agreement, Euramerica agreed to pay Midwest $524,000 to be used for exploratory drilling, logging and testing test wells and completing up to five conventional gas wells on the Property during the Option Period;

WHEREAS, this Amendment No. 1 addresses certain of the completion aspects (such as Oil Zones, Conventional Gas Zones & CBM Zones) of the exploration and development program for 10 exploratory wells drilled on the Property using the $524,000 in Euramerica funds. The wells are Specht #1, #2, #3, #4, Wilson #1, #2, Kipp #1, #2, Tidd #1 and Diebolt #1 (collectively the “Wells” and singularly a “Well”).

WHEREAS, the completion of the conventional natural gas Wells normally requires an upgraded pipeline infrastructure and the current pipeline on the Property is setup for and currently transports non-conventional gas. Euramerica desires, at present, to complete the conventional natural gas resources and has expressed to Midwest the desire to utilize the current pipeline to transport the conventional gas. This requires Midwest to shut-in all existing non-conventional natural gas (CBM) wells;

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WHEREAS, Midwest desires to fund the completion of potential oil zones within some of the Wells during the Option Period and Euramerica has declined to allocate additional capital to pursue the completion of the oil zones within the Wells;

WHEREAS, Euramerica and Midwest desire to amend the Original Agreement pursuant to the terms of this Amendment No. 1.

NOW THEREFORE, for and in consideration of the foregoing, and of the mutual covenants, agreements, undertakings, representations and warranties contained herein, the parties hereto agree as follows:

a)         Euramerica shall complete and put on production all Wells that have the possibility of producing viable quantities of conventional gas. The produced gas shall be subject to the terms of the Original Agreement.

b)        The completion date for the Euramerica Wells in the Original Agreement was anticipated to be on or before November 10, 2007 and now the completion and put on production date has been extended to on or before December 15, 2007.

a)         If Euramerica decides not to deploy risk capital for coal-bed methane (CBM) completion, Midwest shall be granted the first right to invest in the completion of CBM and after pay-out of the total expenses from revenue associated with each CBM well, Euramerica shall be gr