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| Seven Seas Provides Operations Update; Oil Production at 7,200 Barrels Per Day |
HOUSTON, July 26 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced today that gross production from the Guaduas Oil Field has increased to approximately 7,200 barrels of oil per day, 3300 barrels per day net to Seven Seas. The previously announced problem with the heater treater has been fixed. The Tres Pasos 1-W, Tres Pasos 1-E, and El Segundo 5-S wells are now on production along with the El Segundo 1-N, El Segundo 1-S and El Segundo 2-E wells. The recently completed El Segundo 5-S well is producing approximately 2,200 barrels of oil per day (of the 7,200 total amount) following the replacement of the electric submersible pump. The El Segundo 2-E is producing about 500 barrels of oil per day of the total amount, but also about 400 barrels per day of water from the formations above the Cimarrona that have not been successfully shut off. The Company will continue to monitor the production from the El Segundo 2-E before commencing additional remedial operations. The Tres Pasos 5-W well has resumed drilling and Seven Seas expects to have initial completion and testing results in about three weeks. 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.
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Seas Petroleum Inc., +1-713-622-8218
