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EXHIBIT 11 TO FORM 10QSB
ESENJAY EXPLORATION, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
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Three months ended June 30, Six months ended June 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
BASIC EARNINGS (LOSS) PER SHARE
Weighted average common shares
Outstanding .................................. 18,865,474 15,790,084 18,853,954 15,789,736
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Basic income (loss) per share .............. $ (0.12) $ (0.29) $ 0.03 $ (0.54)
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DILUTED EARNINGS (LOSS) PER SHARE
Weighted Average Common Shares
Outstanding .................................. 18,865,474 15,790,084 18,853,954 15,789,736
Shares issuable from assumed conversion of
Common share options and warrants .......... 722,222 9,162 544,916 10,025
Convertible preferred stock ................ 356,999 --- 356,999 ---
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Weighted average common shares
Outstanding, as adjusted ..................... 19,944,695 15,799,246 19,755,869 15,799,761
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Diluted income (loss) per share ............ $ (0.11) $ (0.29) $ 0.03 $ (0.54)
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EARNINGS FOR BASIC AND DILUTED
COMPUTATION
Net income (loss) ................................ $ (2,202,308) $ (4,507,922) $ 538,907 $ (8,589,400)
Preferred share dividends ........................ --- --- --- ---
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Net income (loss) to common shareholders
(Basic and diluted earnings per share
computation) ............................ $ (2,202,308) $ (4,507,922) $ 538,907 $ (8,589,400)
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