Seven Seas Provides Escuela 2 Exploration Well Update

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Seven Seas Provides Escuela 2 Exploration Well Update

    HOUSTON, April 18 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced that the Escuela 2 exploration well is currently
drilling below 15,650 feet.  Over the past week the well has experienced a
significant change in lithology and possibly the dip angle of the formations
being drilled, indicating that a fault may have been crossed.  However, the
Company does not believe that the wellbore has crossed the Cambao fault, which
is interpreted to separate the overthrusted Guaduas Oil Field from the
Subthrust Dindal Prospect.  The Company believes that the wellbore is
currently drilling in the overthrusted Villeta formation.  The well has been
drilling faster as a result of the change in lithology from hard shales and
cherts to softer, natural gas bearing shales and limestones.  Additionally,
the well has experienced encouraging gas shows.  The Company will release
further information about the well as soon as more definitive information is
available and analyzed.
    To date, Seven Seas has spent approximately $11.0 million of the
$15.0 million escrowed for this well.  Provided no major mechanical
difficulties are encountered, the Company believes that it can drill to the
original objective depth of 18,000 feet without spending more than the
escrowed $15.0 million.  If the well reaches the objective formations,
completing and testing the well could increase the well costs by $2.2 million
above the drilling costs.
    "We are optimistic about the potential of the Escuela 2 well," stated
Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas
Petroleum Inc.  "The Subthrust Dindal Prospect's potential remains as large as
originally envisioned," 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.

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