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| Seven Seas Reports First Quarter Results |
Operations Update
HOUSTON, May 14 /PRNewswire-FirstCall/ --
Seven Seas Petroleum Inc. (Amex: SEV) reported net income of $229,000 or $0.01
per share on a fully diluted basis during the first quarter of 2002, as
compared with a net loss of $66,000 or $0.01 per share in the first quarter of
2001.
"Record first quarter revenues of $7.8 million continue to demonstrate our
financial stability," stated Robert A. Hefner III, Chairman and Chief
Executive Officer of Seven Seas.
Operations Update
The Tres Pasos 7-W, the sixth development of the Guaduas Oil Field, has
been completed and is currently producing approximately 600 barrels of oil per
day. The Company is planning to stimulate the well to enhance its productive
capacity.
The Company also announced that it has set 9-5/8-inch casing to a depth of
15,800 feet in the Escuela 2 exploration well.
"After successfully running casing, we are anxious to begin drilling the
final phase of the Escuela 2 well," 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 Oil and Gas 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.
SEVEN SEAS PETROLEUM INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF CONSOLIDATED OPERATIONS AND ACCUMULATED DEFICIT
(Unaudited, In thousands, except share data)
Three months ended
March 31,
2002 2001
REVENUE
Crude oil sales $7,609 $3,394
Interest income 174 242
7,783 3,636
EXPENSES
Oil and gas operating expenses 1,295 1,032
Depletion, depreciation and amortization 2,524 914
Interest expense 2,746 184
General and administrative 1,016 1,503
Other expense (27) 69
7,554 3,702
NET INCOME (LOSS) BEFORE INCOME TAXES 229 (66)
INCOME TAXES -- --
NET INCOME (LOSS) 229 (66)
BASIC NET INCOME (LOSS) PER COMMON SHARE $0.01 $(0.00)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 37,858,501 37,836,420
DILUTED NET INCOME (LOSS) PER COMMON SHARE $0.01 $(0.00)
WEIGHTED AVERAGE FULLY DILUTED COMMON
SHARES OUTSTANDING 42,000,018 37,836,420
SOURCE Seven Seas Petroleum Inc.
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CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum Inc., +1-713-622-8218
