Seven Seas Provides Update on Guaduas Oil Field Production

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Seven Seas Provides Update on Guaduas Oil Field Production

    HOUSTON, May 2 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced that Guaduas Oil Field gross production averaged
approximately 8,200 barrels per day (3,800 net to Seven Seas) during
April 2002.  Daily gross production is currently around 7,500 barrels per day
(3,500 net).  Production continues to fluctuate and to be curtailed as a
result of high gas-oil ratios in certain wells.
    Seven Seas believes that gross production from existing wells will start
to increase when gas injection facilities are completed, now anticipated to be
later this month.  The later completion date is the result of delays in the
deliveries of the compressors.  The Company is studying whether some of the
electronic submersible pumps in existing wells must be reconfigured before
gross production rates from existing wells can reach the projected pre-
curtailment rates.  These results may not be known for several months.  The
Company does not believe that the current gas-oil ratio problems will
negatively affect proved reserves.  Notwithstanding the curtailment, Seven
Seas believes that at present oil prices revenues from current levels of
production will continue to exceed operating expenses, general and
administrative costs and debt interest payments.
    The Company expects to have results from the sixth Guaduas Oil Field
development well, the Tres Pasos 7-W, within the next two weeks.
    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