Seven Seas Reports Fourth Quarter and Year End Results

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Seven Seas Reports Fourth Quarter and Year End Results
    HOUSTON, April 1 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) today announced results for the three months and twelve months
ended December 31, 2001.  For the fourth quarter of 2001, the Company reported
a net loss of $1.2 million, or $.03 per share, as compared to a net loss of
$1.3 million, or $0.04 per share, for the fourth quarter of 2000.  For the
year ended December 31, 2001, the Company reported a net loss of $4.7 million,
or $0.12 per share, as compared to a net loss of $5.9 million, or $0.16 per
share, for the year ended December 31, 2000.
    Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
was $3.9 million for the fourth quarter of 2001, as compared with a negative
EBITDA of $0.2 million for the fourth quarter of 2000.  EBITDA was
$4.8 million for the year ended December 31, 2001, as compared with a negative
EBITDA of $3.6 million for the year ended December 31, 2000.
    Revenues from oil sales increased $4.7 million (175%) to $7.4 million in
the fourth quarter of 2001 from $2.7 million in the fourth quarter of 2000.
For the year ended December 31, 2001, revenues from oil sales increased
$12.0 million (260%) to $16.6 million from $4.6 million for the year ended
December 31, 2000.  This significant increase in revenues is attributable to
the completion of the pipeline connecting the Guaduas Oil Field to Colombia's
existing pipeline network and a successful development drilling program.
    "Our work over the past year now provides our Company with a steady and
increasing stream of cash flow and the most solid financial position in our
history," stated Robert A. Hefner III, Chairman and Chief Executive Officer of
Seven Seas.  "We look forward to increased production rates by the end of
April, when our natural gas injection system should begin operating,"
concluded Mr. Hefner.
    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.

                             - Table to Follow -


                  SEVEN SEAS PETROLEUM INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except share data)

                                 Three months ended      Twelve months ended
                                    December 31,             December 31,
                                 2001         2000        2001        2000
    REVENUE
      Crude oil sales            $7,349      $2,673      $16,581     $4,632
      Interest income               279         405          903      1,802
                                  7,628       3,078       17,484      6,434
    EXPENSES
      Oil and gas operating
       expenses                   2,513       1,403        6,091      2,612
      Depletion, depreciation
       and amortization           1,965         635        4,686      1,729
      General and administrative  1,434       1,847        6,642      7,256
      Interest expense            1,660         461        3,316        558
      Other (income) expense       (229)         42          (36)       146
                                  7,343       4,388       20,699     12,301

    NET INCOME (LOSS) BEFORE
     INCOME TAXES                   285      (1,310)      (3,215)    (5,867)

    INCOME TAX PROVISION          1,457          20        1,457         40

    NET LOSS                     (1,172)     (1,330)      (4,672)    (5,907)

    BASIC AND DILUTED NET LOSS
     PER COMMON SHARE            $(0.03)     $(0.04)      $(0.12)    $(0.16)

    WEIGHTED AVERAGE COMMON
     SHARES OUTSTANDING      37,858,530  37,836,420   37,852,474 37,835,780
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