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| Seven Seas Announces Preliminary Results of Tres Pasos 6-E Well; Shares Underlying Series A Warrants Registered |
HOUSTON, Feb. 6 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced today that the Tres Pasos 6-E well has reached a total measured depth of 6,179 feet, but did not encounter sufficient fractures in the Cimarrona reservoir. As a result, the Company is preparing to side-track the well to improve the connectivity with the fracture system. The Company previously drilled four development wells capable of producing at an average rate per well of approximately 2,200 barrels of oil per day. Escuela 2 Update The Escuela 2 subthrust exploration well is currently drilling at a depth of 10,240 feet in 12 1/4-inch hole. The Company posts updates on the progress of this well on its web site (http://www.sevenseaspetro.com ) each Tuesday morning. Production Update Gross production from the Guaduas Oil Field is approximately 10,400 barrels of oil per day (4,800 barrels net to Seven Seas). Gross production continues to be temporarily curtailed by approximately 2,500 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 April 2002. Series A Warrant Shares Registered with SEC Seven Seas' registration statement registering (1) shares held by certain Seven Seas security holders and (2) the 12,619,500 shares underlying the Series A warrants has been declared effective by the U.S. Securities and Exchange Commission, making the Series A warrants exercisable. The Series A warrants accompanied the $22.5 million senior secured notes that the Company issued in December 2001 as part of a rights issue to its shareholders. The Series A warrants are identifiable by CUSIP number 817917115. Copies of the prospectus may be obtained by writing or calling: Bryan Sanchez, Investor Relations Seven Seas Petroleum Inc. 5555 San Felipe, Suite 1700 Houston, Texas 77056 Telephone: (713) 622-8218 Email: infossp@sevenseaspetro.com 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.
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Seas Petroleum Inc., +1-713-622-8218
