Seven Seas Provides Escuela 2 Update

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Seven Seas Provides Escuela 2 Update

    HOUSTON, May 7 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced that the Escuela 2 exploration well reached a total
measured depth of 16,471 feet last week when the drill pipe became stuck while
a gas influx was being circulated out of the hole.  The Company has recovered
pipe down to 15,955 feet and is currently conditioning the hole to run
9 5/8-inch casing to a depth of approximately 15,800 feet.  After the casing
is set, the Company plans to resume drilling in 8 1/2-inch hole around the
unrecovered drill string.
    Based on geologic information to date, including paleontological studies
of rock samples, the Company believes that at 16,471 feet, the well bore was
in the lower Villeta formation.  Absent additional mechanical problems, the
Company believes that it can reach a total depth of 18,000 feet within the
$15 million escrowed to drill this well.  If the geologic data are encouraging
at this depth, the well may be drilled deeper than 18,000 feet, potentially
resulting in expenditures beyond the $15 million.  Completion and testing the
well could increase the well costs by approximately $2 million above the
drilling costs.
    "Our optimism for the Subthrust Dindal Prospect remains unchanged," stated
Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas.
    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