Seven Seas Announces Preliminary Results for El Segundo 5-S; Commencement Of Tres Pasos 5-W, Relinquishment of Tapir Contract

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Seven Seas Announces Preliminary Results for El Segundo 5-S; Commencement Of Tres Pasos 5-W, Relinquishment of Tapir Contract

    HOUSTON, June 28 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV)
announced that during a 24-hour preliminary test and clean up, the El Segundo
5-S development well produced oil and load water at rates between 1,500 and
2,000 barrels per day.  Immediately prior to being temporarily shut-in to
demobilize the drilling rig, the well was producing 90% oil and 10% drilling
and completion fluids.  More definitive production testing will resume within
the next week.
    The Company further reported that it has commenced the drilling of the
Tres Pasos 5-W well, the second of a planned nine-well development program for
the Guaduas Oil Field.  This well will be drilled from the same surface
location as the El Segundo 5-S and has a projected bottom hole location
approximately 1.1 kilometers northwest of the El Segundo 5-S bottom hole
location.
    Seven Seas also announced that it reassigned its interest in the Tapir
Association Contract to the operator, relieving the Company of a potential
$2.1 million obligation.  The Company attributed no oil and gas reserves to
this contract area.
    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 further exploration, development and production of the
Guaduas Oil Field, 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 or fax,
800-758-5804, ext. 123145
CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum Inc., 713-622-8218