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| Seven Seas Unable to Secure Funding to Test Escuela 2 Exploration Well |
HOUSTON, Sept. 2 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(OTC Pink Sheets: SVSSF) announced that the Company, to date, has been
unsuccessful in securing additional financing to test the Escuela 2
exploration well. Ecopetrol had extended the Deep Dindal association
contract's first year exploration period until October 31, 2003. This
extension was conditioned on the Company securing and providing proof of the
necessary funds to test the Escuela 2 well by September 1, 2003.
Since funding has not been obtained, it is likely that the Company will be
required to relinquish the Deep Dindal association contract unless Ecopetrol
provides a further extension by October 31, 2003. If the contract is
relinquished, the Company will be obligated to plug and abandon the well.
Seven Seas Petroleum Inc. is an independent oil and gas exploration and
production company.
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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CONTACT:
Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218
