Seven Seas Provides Financing Update

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Seven Seas Provides Financing Update

    HOUSTON, July 2 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV)
announced today that although it previously anticipated completing a financing
by the end of May 2001, unforeseen obstacles and complications have delayed
the process.  The Company now projects securing a financing within the next
45-days.  However, no assurances can be made that a financing will be secured
in this timeframe.
    If additional delays occur, the Company may be unable to meet its current
obligations, including a $6.9 million interest payment on its $110 million
senior notes and commitments under its Colombian association contracts and
with its Guaduas Oil Field partners.
    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.

    Contact:
               Bryan Sanchez, Investor Relations
               Seven Seas Petroleum Inc.
               713-622-8218
               http://www.sevenseaspetro.com

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