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| Seven Seas Announces Results of Tres Pasos 16 Well; Rights Offering Underway and Set to End on December 7, 2001 |
HOUSTON, Nov. 27 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced that the Tres Pasos 16 exploration well was drilled to a total measured depth of 6,831 feet and has been temporarily abandoned. Information obtained from drilling and electric logs indicated that the well did not encounter the productive portion of the Cimarrona formation of the Guaduas Oil Field. The Company will continue to review the well results to determine if additional work on the well is merited. The Company also announced that it has begun the mobilization of the drilling rig for the Escuela 2 subthrust exploration well. The drilling of this well should commence within two weeks provided there are no weather delays. The Company's previously announced rights offering to shareholders is currently underway and will end on Friday, December 7, 2001. Shareholders who do not hold their shares through a broker may exercise their rights by completing the subscription documents previously sent to them and submitting those documents directly to the subscription agent to ensure receipt by 5 p.m., Eastern Standard Time, on December 7, 2001. Shareholders who hold their shares through a broker must provide instructions to their broker who will then take measures to notify the subscription agent. These shareholders will need to check with their brokers to determine the date by which their broker must receive instructions to exercise rights. Some brokers will need to receive instructions as early as Tuesday, December 4, 2001 to guarantee that the subscription agent is notified prior to the December 7, 2001 deadline. A copy of the prospectus for the rights offering may be obtained by visiting the Company's web site (http://www.sevenseaspetro.com ) and clicking on the marked link to view a printable version of the document. Alternatively, shareholders may contact Bryan Sanchez, Manager of Investor Relations, by calling (713) 622-8218 to request a copy of the document. 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
