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

To: stevedhu who wrote (78922)	11/14/2000 9:48:39 AM
From: Wowzer	Read Replies (2) \| Respond to of 95453

Will this be enough to push ESNJ over 4 for good?........ Tuesday November 14, 9:30 am Eastern Time Press Release SOURCE: Esenjay Exploration, Inc. Esenjay Exploration, Inc. Announces Two Natural Gas Discoveries in The Hackberry Embayment Klaver #1 Discovery Is Producing 10.6 Million Cubic Feet of Natural Gas And 580 Barrels of Condensate Per Day HOUSTON, Nov. 14 /PRNewswire/ -- Esenjay Exploration, Inc. (Nasdaq: ESNJ - news) today announced a significant Hackberry Embayment discovery in its Lovells Lake 3D-seismic project area located in Jefferson County, Texas. The Klaver #1 well was tested and turned to sales in July and is currently producing at the rate of 10.6 million cubic feet (mmcf) of gas and 580 barrels (bbl) of condensate per day with flowing tubing pressure of 6,480 pounds per square inch through a 13/64`` choke. The well has flow tested at rates exceeding 20 mmcf of gas and 1,200 bbls of condensate per day. Current plans are to increase production to 15 mmcf of gas and associated condensate. Since first sales in July, the well has produced approximately 1.8 billion cubic feet (bcf) of gas and 100,000 bbl of condensate. The Klaver #1 is an 11,150 foot exploratory well drilled to test the Hackberry Sands in a previously undrilled geopressured fault block located in the company's Lovells Lake 3-D Seismic Project. Esenjay owns a 12.5% working interest in the well. David W. Berry, Esenjay's Chairman, stated, ``The Klaver #1 is an important Hackberry discovery for Esenjay. Over the last several months we have consolidated our acreage position in the trend. We plan to drill an additional ten wells in our Hackberry Embayment Trend in 2001.'' Esenjay also announced its most recent Hackberry discovery. The O'Brien #2 well, also located in Jefferson County, Texas, was drilled to a total depth of 8,835 feet. Logging results indicated a productive well and production casing has been set. The O'Brien #2 is the first well drilled by Esenjay in the recently completed ``Cheek'' proprietary 3-D seismic survey. The Cheek survey adds an additional 48 square miles of 3-D seismic data to Esenjay's core Hackberry trend exploration project area, which now includes six contiguous 3-D seismic surveys covering approximately 275 square miles. Esenjay also owns a 12.5% working interest in the O'Brien #2. The Hackberry Embayment is one of Esenjay's four core exploration trend areas. Year-to-date the Company has participated in ten Hackberry exploratory wells targeting natural gas reservoirs at depths of 8,500 to 11,500 feet. Of these ten wells, three are currently producing, four are being completed and three wells were dry holes. Combined gross daily production from Esenjay's 14 producing wells in the Hackberry Embayment is now approximately 43 mmcf natural gas and 2,100 bbl of natural gas liquids, of which approximately 19 mmcf of natural gas and 700 bbl of natural gas liquids is attributable to the three producing wells completed in 2000. Additional production volumes from the four wells now being completed is expected by the end of the year. Esenjay has a 12.5% working interest in five of its six 3-D seismic surveys in the Hackberry Embayment project area. Esenjay owns a 7.67% interest in the remaining survey. Principal partners in the trend are Helmerich & Payne, Inc. (NYSE: HP - news) and Aspect Resources LLC. Esenjay also announced that it has retained Shimmerlik Corporate Communications, Inc. (SCC) to assist the Company with its investor relations efforts. Warren Shimmerlik (212) 247-5200 and Greg Panagos (713) 838-2274 will be Esenjay's daily contacts with the financial community. Mr. Berry said, ``SCC will be assuming these responsibilities from Riches In Resources, Inc. (Neal Feagans), which has served the Company for the past several years. Esenjay is very appreciative of Neal's hard work and dedication to the Company.'' SCC is a New York based investor relations consulting firm specializing in the energy industry. 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 exploration projects utilizing computerized exploration technologies and 3-D seismic data prior to drilling. [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. Email this story - Most-emailed articles - Most-viewed articles