Seven Seas Provides Escuela 2 Update

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Seven Seas Provides Escuela 2 Update

    HOUSTON, June 11 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced that the Escuela 2 exploration well reached a total
measured depth of 17,433 feet when the drill string became stuck at
16,791 feet while coming out of the hole to change the drilling bit.  After
unsuccessfully attempting to recover approximately 200 feet of drill string
that was left in the hole, the Company is currently setting a cement plug at a
depth of approximately 16,600 feet and plans to resume drilling operations in
a second sidetracked hole.
    Seven Seas believes the Escuela 2 wellbore was drilling in the Lower
Villeta formation at 17,433 feet.  Based on the most recent geological and
paleontological information, the Company now believes the Escuela 2 should be
drilled to a depth between 19,000 and 19,500 feet.  The additional estimated
cost to drill the sidetracked hole to 19,500 feet is approximately
$1.0 million.  To date, drilling costs have reached the $15 million originally
escrowed for this well.  As previously stated, completion and testing could
increase the well costs by an additional $2 million above the drilling costs.
    "Based upon all the new information we have gained from the Escuela 2
well, we continue to believe that the upside potential of the Subthrust Dindal
Prospect remains as large as we originally perceived," stated Robert A.
Hefner III, Chairman and Chief Executive Officer of Seven Seas Petroleum Inc.
    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.

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