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| Seven Seas Announces Record Date for Rights Offering |
HOUSTON, Oct. 4 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced a record date of Monday, October 8, 2001 for its previously announced rights offering. Seven Seas shareholders of record will be distributed rights to purchase an aggregate of $22.5 million of Series A senior secured notes with detachable warrants to purchase 12,619,500 shares of Seven Seas' common stock. A prospectus relating to the rights offering will be mailed to all shareholders of record as soon as practicable after the effective date of the related registration statement. Shareholders will have thirty days from the day the prospectus is mailed to decide whether to participate. Shareholders who are residents of Canada will only be offered their rights if the Company is able to timely obtain relief from Canadian securities regulatory requirements applicable to rights offerings. The Company has applied for relief on the basis that it is prepared to provide Canadian shareholders the same offering material as it provides to U.S. shareholders. Seven Seas believes that the incremental cost and time required to comply with additional Canadian regulatory requirements, which include converting accounting and reserve information to Canadian standards and translating the prospectus to French, are not justified in the Company's circumstances at this time and would not provide meaningful additional protection to Canadian shareholders. The Company estimates that it has approximately 1,800 shareholders who are Canadian residents and who hold a total of approximately 3.0 million shares, or 8.1% of the Company's outstanding common stock. The Company will issue a subsequent news release upon receiving a response to its application for relief from the Canadian requirements. Copies of the prospectus may be obtained by writing or calling: Bryan Sanchez, Investor Relations Seven Seas Petroleum Inc. 5555 San Felipe, Suite 1700 Houston, Texas 77056 Telephone: (713) 622-8218 Email: infossp@sevenseaspetro.com A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. 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
