Closing of Seven Seas $45 Million Financing Delayed

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Closing of Seven Seas $45 Million Financing Delayed

    HOUSTON, July 24 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV)
announced today that the closing of the sale of $22.5 million of senior
secured notes to Chesapeake Energy Corporation (NYSE: CHK) and $22.5 million
of short-term secured notes to a group of qualified investors did not occur as
scheduled on July 23, 2001.  The Company expects closing to take place today.
However, if the closing does not occur, the American Stock Exchange (AMEX) has
advised the Company that it will revoke its exception to the AMEX requirement
that the Company seek shareholder approval before consummating the financing.
Without the AMEX exception, the Company would be unable to proceed with the
$45 million financing under the terms previously announced.  The principal
reason for the postponement of the closing is a delay in receiving certain
legal opinions from foreign counsel.
    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
CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum Inc., +1-713-622-8218