<PAGE>
EXHIBIT 99(a)
ESENJAY
EXPLORATION, INC.
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE NEWS RELEASE NUMBER 00-15
CONTACT: INVESTOR RELATIONS
ESENJAY EXPLORATION, INC. (713) 739-7100
--------------------------------------------------------------------------------
ESENJAY EXPLORATION, INC. ANNOUNCES
RETENTION OF DEUTSCHE BANC ALEX BROWN AND RANDALL & DEWEY, INC.
TO ASSIST IN DEVELOPING VALUE ENHANCING STRATEGIES
HOUSTON, TEXAS - OCTOBER 2, 2000 - Esenjay Exploration, Inc. (NASDAQ: ESNJ)
announced today that it has retained Deutsche Bank Securities, Inc. to advise
it concerning various strategic alternatives intended to better maximize
shareholder value. Randall & Dewey, Inc. has been retained to initiate and
manage a transaction to better realize this value through various
alternatives such as selling the Company for cash, merger, stock trade or
acquisition. Esenjay stated that its management believes that its current
share price does not sufficiently reflect the value of its extensive
undrilled project inventory.
Esenjay is an independent energy company engaged in the exploration for
natural gas primarily along the Texas and Louisiana onshore gulf coast. Its
focus is on the generation and enhancement of its projects through the use of
3-D seismic data. The Company currently has approximately 2,200 square miles
of mostly proprietary, 3-D seismic data. In 2000 it is participating in five
new 3-D seismic shoots. Esenjay's total capital expenditures budget for the
year 2000 is approximately $26 million. This budget is funded through a
combination of cash flow and sales of interests to industry partners and is
supplemented through its current credit facility. (A $29 million facility
pursuant to which the company can currently draw up to $24 million.) As of
September 28th, there was $17,841,782 million outstanding pursuant to the
facility.
Esenjay's current daily production is approximately 17 MMCF (million cubic
feet) of gas and 500 barrels of oil. The Company is currently drilling six
wells and expects to spud approximately 12 additional wells prior to
year-end.
Esenjay has 18,885,190 shares of common stock outstanding. All of its
previously issued and outstanding preferred stock was redeemed on September
22, 2000. The Company's shares closed Friday at $3 5/8, up 12 1/2 cents
per share.
Esenjay Exploration, Inc.'s common stock is listed on the Nasdaq Small Cap
Market under the symbol ESNJ.
Deutsche Bank Securities, Inc. is a subsidiary of Deutsche Bank, which
provides a broad array of investment banking and financial services
worldwide. Randall & Dewey, Inc. provides transaction and related services to
a broad cross section of the upstream oil and gas industry. Its clients
include major integrated oil and gas enterprises, as well as private and
independent companies.
[Cautionary Statement Regarding Forward-Looking Information]
The Press Release includes "forward-looking statements" within the meaning of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements other than statements of historical facts included
<PAGE>
in this Press Release, including statements regarding the Company's estimated
production rates, exploration plans and business strategy, plans and
objectives of management of the Company for future operations and budget
estimates, are forward-looking statements. The Company can give no assurances
that the assumptions upon which such forward-looking statements are based
will prove to have been correct. Important factors that could cause actual
results to differ materially from the Company's expectations ("Cautionary
Statements") include volatility of oil and gas prices, the markets for oil
and gas, environmental regulations, the substantial capital requirements
associated with oil and gas operations and other factors are set forth in the
Company's reports filed with the Securities and Exchange Commission,
including the Company's Form 10-KSB for its 1999 fiscal year and reports on
Form 10-QSB filed in 2000. All subsequent written and oral forward-looking
statements attributable in the Company or persons acting on its behalf are
expressly qualified by the Cautionary Statements.
