|
|
| Seven Seas Closes Rights Offering |
HOUSTON, Dec. 17 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced that the rights offering to shareholders closed on Friday, December 14, 2001. Shareholders purchased approximately $2 million of Series A senior secured notes with warrants to purchase approximately 1.1 million shares at an exercise price of $1.78. The Company used the rights offering proceeds to redeem approximately $2 million of the Series B senior secured notes that it issued in July 2001. The remaining $20.5 million of Series B notes were exchanged for a like amount of Series A notes with warrants to purchase approximately 11.5 million shares of the Company's common stock at an exercise price of $1.78. The rights offering was the final step of a three- part financing in which the Company raised $45 million to fund its 2001 - 2002 development and exploration plan. 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.
back to topRelated links:
Company News On-Call:
CONTACT:
Bryan Sanchez, Investor Relations of Seven
Seas Petroleum Inc., +1-713-622-8218
