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| Seven Seas Announces Closing of Sale of Producing Properties |
HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(OTC Pink Sheets: SVSSF) announced the closing of the sale of its Colombian
subsidiaries' interest in the shallow Guaduas Oil Field inclusive of the
40-mile Guaduas-La Dorada Pipeline to Sociedad Internacional Petrolera, S.A.
(Sipetrol). The purchase price is $20 million, subject to certain adjustments
and taxes.
Seven Seas is operating under the administration of a court-appointed
trustee under Chapter 11 of the United States Bankruptcy Code. The Company
has no source of cash flow from operations and is currently seeking to secure
additional financing to test and complete the Escuela 2 exploration well.
Seven Seas Petroleum Inc. is an independent oil and gas exploration and
production company operating in Colombia, South America.
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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CONTACT:
Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218
