HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced today that it amended its Note Purchase and Loan
Agreement with Chesapeake Energy Corporation ("Chesapeake") yesterday.  Under
the amendment Chesapeake waived the requirement that the Company make monthly
payments to a collateral escrow account equal to one-sixth of the semi-annual
$6.9 million interest payment on the Company's 12 1/2% $110 Million Senior
Subordinated Notes, including the payment that was due on October 10, 2002.
The Company agreed to pay Chesapeake, as collateral agent for the holders of
the Company's 12% $45 Million Senior Secured Notes, the current balance of
approximately $4.7 million in the escrow account.
    The amendment prevented a potential default and will allow the Company to
continue its previously announced efforts with CIBC World Markets to sell its
producing properties.  Several companies are expected to submit bids on these
properties later this month.
    As previously reported, there continues to be uncertainty over whether the
Company will make the $6.9 million semiannual interest payment due on
November 15, 2002.

    Escuela 2 Update
    To date, drilling costs for the Escuela 2 exploration well have reached
approximately $24.2 million.  The Company has temporarily suspended operations
on the well.  As previously reported, the Company is actively seeking to
secure additional financing or find a partner to participate in the completion
of the well and test the commercial potential of the Deep Dindal prospect.

    Cristales Association Contract
    Effective October 23rd, the Company relinquished its rights under the
Cristales Association Contract.  Based on the Company's geological and
geophysical analysis of the first year's work and the approximately
$2.5 million required to secure the second year obligation, the Company
decided not to renew the contract.

    Seven Seas Petroleum Inc. is an independent oil and gas exploration and
production company operating in Colombia, South America.
    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.

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http://www.prnewswire.com/comp/123145.html
CONTACT:
Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218

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