|
|
| Seven Seas Completes Fourth Successful Development Well |
Tres Pasos 6-N Producing 3,000 Barrels Per Day
HOUSTON, Jan. 7 /PRNewswire/ -- Seven Seas Petroleum Inc. (AMEX: "SEV")
announced that the Tres Pasos 6-N well, the fourth development well of the
Guaduas Oil Field, has been completed and is producing approximately 3,000
barrels of oil per day. The addition of this well will increase Guaduas Oil
Field gross production to approximately 11,000 barrels per day (5,000 barrels
net to Seven Seas). Gross oil production continues to be temporarily
curtailed by approximately 1,500 barrels per day due to high gas-oil ratios on
certain wells and may continue to fluctuate until excess gas production can be
re-injected into the field. The facilities required for gas re-injection are
expected to be complete in March or April 2002.
The Company has commenced drilling of a fifth development well, the Tres
Pasos 6-E well, to a total measured depth of approximately 6,900 feet. This
well will be drilled from the same surface location as the Tres Pasos 6-N,
which is located 1.5 kilometers northwest of the surface location of the El
Segundo 1-E Guaduas Oil Field discovery well.
The Company also announced that the Escuela 2 subthrust exploration well
is currently drilling at a depth of 7,506 feet.
"We are looking forward to an eventful and productive 2002 with the
drilling of the Escuela 2 well and additional development wells that will
continue to increase pipeline production," stated Robert A. Hefner III,
Chairman and CEO of Seven Seas.
Seven Seas Petroleum Inc. is an independent oil and gas exploration and
production company operating in Colombia, South America. The Company's
primary emphasis is on the development and production of the Guaduas Oil Field
and exploration of the Subthrust Dindal Prospect, both of which are located in
Colombia's prolific Magdalena Basin.
Statements regarding anticipated oil and gas production and other oil and
gas operating activities, including the costs and timing of those activities,
are "forward looking statements" within the meaning of the Securities
Litigation Reform Act. The statements involve risks that could significantly
impact Seven Seas Petroleum Inc. These risks include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting engineering and geologic data,
competition, reduced availability of drilling and other well services,
fluctuations in oil and gas prices and prices for drilling and other well
services and government regulation and foreign political risks, as well as
other risks discussed in detail in the Seven Seas Petroleum Inc.'s filings
with the U.S. Securities and Exchange Commission.
SOURCE Seven Seas Petroleum Inc.
back to topRelated links:
CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum, +1-713-622-8218
