Seven Seas Announces Year End 2001 Reserve Estimates; Change in Transfer Agent

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Seven Seas Announces Year End 2001 Reserve Estimates; Change in Transfer Agent

    HOUSTON, March 6 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced today that Ryder Scott Company Petroleum Consultants has
estimated the Company's net proved oil reserves and the pre-tax net present
value of its proved oil reserves as of December 31, 2001.
    --  Net Proved Reserves -- As of December 31, 2001, Seven Seas' total net
        proved oil reserves were 47.6 million barrels of oil, as compared to
        48.0 million as of December 31, 2000.  All of these reserves are
        attributable to the Company's interest in the Guaduas Oil Field.
    --  Net Present Value -- Based on SEC guidelines, the pre-tax net present
        value of the Company's proved oil reserves as of December 31, 2001
        (discounted at 10%) was $272.3 million, a decrease of 31 percent from
        $394.1 million as of December 31, 2000.

    The decrease in the pre-tax net present value is due principally to a
26 percent reduction in the price of oil on December 31, 2001 versus the price
on December 31, 2000.
    Ryder Scott also estimated that the remaining gross proved reserves of the
Guaduas Oil Field as of December 31, 2001 were 153.8 million barrels of oil
compared to 155.9 million barrels of oil as of December 31, 2000.  This
reduction in net proved oil reserves is primarily the result of the production
of 2 million barrels of oil in 2001.  As of today, the Guaduas Oil Field has
produced over 3.8 million barrels of oil.
    Seven Seas also announced that effective March 1, 2002, American Stock
Transfer & Trust Company (AST) of New York City has been appointed transfer
agency and registrar for the Company's common stock.  AST's contact
information follows:

                   American Stock Transfer & Trust Company
                                59 Maiden Lane
                              New York, NY 10038
                          Telephone: (800) 937-5449

    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.

http://www.sevenseaspetro.com
Company News On-Call:

http://www.prnewswire.com/comp/123145.html
CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum Inc., +1-713-622-8218