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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Telemarker who wrote (72078)	8/31/2000 11:21:40 AM
From: Wowzer	Read Replies (2) \| Respond to of 95453

Esenjay Exploration, Inc. (ticker: ESNJ, exchange: NASDAQ) News Release - 31-Aug-2000 -------------------------------------------------------------------------------- Esenjay Exploration, Inc. Announces Natural Gas Discovery HOUSTON, Aug. 31 /PRNewswire/ -- Esenjay Exploration, Inc. (Nasdaq: ESNJ) announced today that it has production tested its Dawdy Gas Unit #1 well at an unstimulated flowing rate of 9.9 MMCFG (million cubic feet of gas) and 312 barrels of condensate per day with flowing tubing pressure of 5,200 pounds per square inch through a 20/64" choke. The well was tested into the sales line. The Dawdy Gas Unit #1 is a 12,600 foot exploratory well drilled to test the Frio Sands in a previously undrilled geopressured fault block located in the company's Tidehaven 3-D Seismic Project. Esenjay is the operator of the well and owns a 33% working interest. Ocean Energy, Inc. (NYSE: OEI) owns a 24.5% working interest in the Dawdy Gas Unit #1. The other working interest partners are private companies. The Dawdy Gas Unit #1 is part of Esenjay's active drilling program in the Matagorda County area. Esenjay plans to drill four additional wells in the Matagorda area this year. Esenjay Exploration, Inc. is an independent energy company engaged in the exploration for and the development of natural gas and oil. It has a large inventory of technology enhanced natural gas exploration projects located along the Texas and Louisiana onshore gulf coast. It is focused on the generation and enhancement of these projects utilizing computerized exploration technologies and 3-D seismic data prior to drilling. Esenjay Exploration, Inc.'s common stock is listed on the Nasdaq Small Cap Market under the symbol ESNJ. [Cautionary Statement Regarding Forward-Looking Information] Certain statements contained herein that set forth management's intentions, plans, beliefs, expectations or predictions of the future are forward-looking statements. In all cases Esenjay's actual results could differ materially from those projected in any forward-looking statements. The risks and uncertainties include, but are not limited to, potential unfavorable or uncertain results of completion operations, operational uncertainties, risks associated with quantities of total reserves and rates of production from new gas and oil reserves and pricing assumptions regarding said reserves, potential delays in the timing of planned operations, potential cost overruns, regulatory uncertainties, as well as general industry and market conditions. Additional information concerning factors that could cause actual results to vary materially is contained in Esenjay's periodic filings with the U.S. Securities and Exchange Commission ("SEC"), all of which may be obtained by contacting Esenjay or the SEC. SOURCE Esenjay Exploration, Inc.

To: Telemarker who wrote (72078)	8/31/2000 10:25:34 PM
From: Ed Ajootian	Read Replies (2) \| Respond to of 95453

Telemarker, Yes, IMO PANA's a keeper, even here at $2.875, an 8-bagger from the beginning of the year. Their biggest project is on the verge of being validated by the first well to be drilled after a 3D seismic shoot. If thumbs up then we will really roll. O&G commodity prices have increased so much that it looks like PANA will be able to pay off a pretty hefty amount of its debt in these last 2 quarters after all, contrary to my earlier speculation about this.