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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 September 30, Nine months ended September 30,
2000 1999 2000 1999
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BASIC EARNINGS PER SHARE
Weighted average common shares
Outstanding.................................... 18,883,393 16,062,302 18,863,839 15,881,590
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Basic loss per share......................... ($0.33) ($0.06) ($0.31) ($0.61)
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DILUTED EARNINGS PER SHARE
Weighted Average Common Shares
Outstanding................................... 18,883,393 16,062,302 18,863,839 15,881,590
Shares issuable from assumed conversion of
Common share options and warrants............ 805,340 7,500 775,389 7,500
Convertible preferred stock.................. 356,999 27,163 356,999 9,154
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Weighted average common shares
Outstanding, as adjusted....................... 20,045,731 16,096,965 19,996,227 15,898,244
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Diluted loss per share....................... ($0.31) ($0.06) ($0.29) ($0.61)
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EARNINGS FOR BASIC AND DILUTED
COMPUTATION
Net loss........................................... ($6,297,899) ($1,040,374) ($5,758,993) ($9,629,774)
Preferred share dividends.......................... --- --- --- ---
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Net loss to common shareholders
(Basic and diluted earnings per share
computation).............................. ($6,297,899) ($1,040,374) ($5,758,993) ($9,629,774)
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