Seven Seas Completes El Segundo 5-E Well; Well Produces Approximately 2,400 Barrels Per Day During Test Production

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Seven Seas Completes El Segundo 5-E Well; Well Produces Approximately 2,400 Barrels Per Day During Test Production

    HOUSTON, Nov. 1 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV)
announced today that it completed drilling of the El Segundo 5-E well
(originally called the El Segundo 5-N), the third Guaduas Oil Field
development well.  During initial test production the well produced
approximately 2,400 barrels of oil per day.  With the addition of this well,
gross production from the Guaduas Oil Field will increase to approximately
8,000 barrels per day (approximately 3,700 barrels per day net to Seven Seas).
Production from the El Segundo 1-N and 1-S wells has temporarily been
curtailed until gas injection facilities are completed in early 2002, reducing
current production by approximately 1,500 barrels per day.
    The Company plans to commence next week the drilling of the fourth
development well, the Tres Pasos 6-N, to a projected total measured depth of
8,500 feet from a surface location approximately 1.5 kilometers northwest of
the El Segundo 1-E Guaduas Oil Field discovery well.
    "The El Segundo 5-E well is another success for Seven Seas that will
quickly result in increased revenues," 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