Seven Seas Receives Environmental License for Subthrust Exploration Well And Conducts Successful Production Test of Second Development Well

Search Blogs that Mention this News Release

Click this link to view linked Bookmarking Services

Click this link to view linked Blogging Services

Seven Seas Receives Environmental License for Subthrust Exploration Well And Conducts Successful Production Test of Second Development Well

    HOUSTON, Sept. 18 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV)
announced today that the Colombian Ministry of Environment has issued the
environmental license required to drill the initial subthrust exploration
well, the Escuela 2, to test the subthrust Dindal prospect that is covered by
the recently acquired Deep Dindal association contract.  The Company plans to
commence the drilling of the Escuela 2 well in the fourth quarter of 2001.  As
a result of a January 2001 farmout agreement with its partners in the Guaduas
Oil Field, Seven Seas has a 100% working interest in the Deep Dindal
association contract, subject to an obligation to assign a portion of this
interest to its partners after the first well has been drilled.
    Seven Seas also reported the successful completion of the Tres Pasos 5-W
well, the second of a nine development well program for the Guaduas Oil Field.
During production testing, the untreated well produced oil at rates of
700 to 1000 barrels per day.  The well will be put on pipeline production
while stimulation alternatives are evaluated.  The rig used to drill this well
is being mobilized to drill the next development well, the El Segundo 5-N from
the same surface location.
    "We are pleased that our Guaduas Oil Field development program continues
on a successful path and we are eager to commence the exploration of the
subthrust Dindal prospect," stated Robert A. Hefner III, Chairman and Chief
Executive Officer of 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.

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