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| Seven Seas Granted Extension of Cure Period |
HOUSTON, Dec. 5 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced today that in connection with its continuing efforts to sell its producing properties in Colombia, the Company has obtained an extension of time to cure a potential default under its Note Purchase and Loan Agreement with Chesapeake Energy Corporation until the close of business on Monday, December 9, 2002. This extension applies to the Company's previously announced failure to make the $6,875,000 semiannual interest payment on its 12.5% $110 Million Senior Subordinated Notes due November 15, 2002. 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.SOURCE Seven Seas Petroleum Inc.
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Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218
