Seven Seas Reports Third Quarter Results

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Seven Seas Reports Third Quarter Results
    HOUSTON, Nov. 19 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced today results for the three-month and nine-month periods
ended September 30, 2002.  For the third quarter of 2002, the Company reported
a net loss of $5.5 million or $0.15 per share, compared to a net loss of
$1.4 million or $0.04 per share for the same three-month period in 2001.  For
the first nine months of 2002, the Company reported a net loss of
$113.9 million, or $3.00 per common share, compared to a net loss of
$3.5 million or $0.09 per share for the same nine-month period in 2001.  The
nine-month period ending September 30, 2002, includes the June 30, 2002
non-cash impairment of oil and gas properties equal to $128.2 million before
tax.

    American Stock Exchange Decision to Continue Listing
    Seven Seas has been notified by the American Stock Exchange ("AMEX") that
the Company currently fails to meet specific listing standards, primarily that
the Company has reported shareholders' equity of less than $2,000,000 and has
sustained net losses in two of the last three most recent fiscal years.
    In order to continue listing on the AMEX, the Company has submitted a plan
that details its efforts to remedy these deficiencies within the next
18 months.  The Company expects the AMEX to accept or reject the plan within
the next several weeks.
    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.


                  SEVEN SEAS PETROLEUM INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Unaudited; In thousands, except share data)

                              THREE MONTHS ENDED         NINE MONTHS ENDED
                                 SEPTEMBER 30,              SEPTEMBER 30,
                               2002          2001         2002          2001

    REVENUES
      Crude oil sales         $6,112        $4,621      $19,572        $9,232
      Interest income             71           224          380           624
                               6,183         4,845       19,952         9,856

    EXPENSES
      Oil and gas operating
       expenses                1,377         1,472        3,720         3,578
      Depletion, depreciation
       and amortization        2,618         1,298        6,867         2,721
      Interest expense         4,171         1,271        9,735         1,656
      General and
       administrative            736         1,097        3,004         4,208
      Other (income) expense     737            58          744           193
      Ceiling test impairment    ---           ---      128,228           ---
      Loss on legal settlement   ---         1,000          ---         1,000
                               9,639         6,196      152,298        13,356

    NET LOSS BEFORE
     INCOME TAXES             (3,456)       (1,351)    (132,346)       (3,500)
    INCOME TAX EXPENSE
     (BENEFIT)                 2,088           ---      (18,446)          ---
    NET LOSS                  (5,544)       (1,351)    (113,900)       (3,500)
    BASIC AND DILUTED
     NET LOSS PER COMMON
     SHARE                     $(.15)       $(0.04)      $(3.00)       $(0.09)
    WEIGHTED AVERAGE
     COMMON SHARES
     OUTSTANDING          37,934,855    37,858,530   37,900,062    37,850,430
SOURCE Seven Seas Petroleum Inc.
http://www.sevenseaspetro.com
Company News On-Call:
http://www.prnewswire.com/comp/123145.html
CONTACT:
Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218