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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 21, 2001
ESENJAY EXPLORATION, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-80243 73-1421000
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
500 NORTH WATER STREET, SUITE 1100 S.
CORPUS CHRISTI, TEXAS 78471
(Address of Principal Executive Offices)
(361) 883-7464
(Registrant's telephone number, including area code)
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
Item 5: OTHER EVENTS AND REGULATION FD DISCLOSURE
ESENJAY EXPLORATION, INC. ANNOUNCES INITIAL CLOSING OF THE
SALE OF WORKING INTERESTS IN RUNNELLS FIELD
HOUSTON, TEXAS - ON NOVEMBER 21, 2001 - Esenjay Exploration, Inc. today
closed the initial segment of a two stage closing of the sale of a 23.45%
working interest in the Runnells Field to Santos USA Corp. The initial
closing resulted in Esenjay being paid
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$17,552,141 of the total sale price of approximately $20,250,000. The
closing on the second and final phase is expected in early December of 2001
pending completion of title related work.
Esenjay Exploration, Inc. announced on November 19, 2001 that it had agreed
to sell a 23.45% working interest in its Runnells Field to Santos USA Corp.
for $20.25 million in cash. Additionally, the Company would also be
reimbursed for the Runnells #7 drilling costs attributable to the interests
sold. The effective date of the sale is September 16, 2001. Esenjay retains a
9.68% working interest in the existing Runnells production unit, which
contains approximately 700 acres. Esenjay also retains a 10.57% working
interest in an additional 1,400 acres covering this structure. The Company
expects to record a gain on this sale of more than $12 million in the fourth
quarter of 2001.
Estimated net proved reserves associated with the interests being sold by
Esenjay (as of December 31, 2000 less production through September 16, 2001
and not including reserves added from the recently drilled Runnels #7 well)
total approximately 4.82 billion cubic feet equivalent of natural gas (BCFE).
Also included in the sale are additional probable reserves associated with
several undrilled well locations. At year-end 2000, Esenjay's total net
proved reserves were 23.8 BCFE. Third quarter 2001 production attributable to
the interests being sold was an estimated 365 million cubic feet equivalent
of natural gas, which was approximately 19% of Esenjay's total net production
during the period.
The Runnells field is a deep geopressured Frio discovery within the
Company-generated Duncan Slough 3-D seismic project in Matagorda County,
Texas. The discovery well was completed in December 2000 and one delineation
well has been completed to date. Additionally, the Runnells #7, a second
delineation well, has been drilled to a total depth of 15,000 feet and has
logged approximately 115 feet of net pay in the same Frio sand series that
produces in the Runnells #3 and #5. The Runnells #7 well is expected to be
tested in December. The well is located approximately 1,375 feet south of the
Runnells #3 discovery well and 3,700 feet west-southwest from the Runnells #5
delineation well in what appears to be a separate fault block.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 21, 2001 ESENJAY EXPLORATION, INC.
By: /s/ David B Christofferson
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David B Christofferson, Senior
Vice President and General Counsel