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| Seven Seas Provides Operations Update; Total Depth on Tres Pasos 5-W Reached |
HOUSTON, Sept. 5 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced today that it has completed drilling of the Tres Pasos 5-W to a total measured depth of 8,262 feet. Drilling took longer than anticipated due to an adjustment in the angle and direction of the wellbore to intersect the Cimarrona formation at the optimal location. The Company will report results after production testing is completed. The Company also reported that Guaduas Oil Field production continues at a gross rate of approximately 7,000 barrels per day (approximately 3,200 barrels per day net to Seven Seas). 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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