Seven Seas Receives Notice of Involuntary Bankruptcy Petition

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Seven Seas Receives Notice of Involuntary Bankruptcy Petition

    HOUSTON, Dec. 23 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Amex: SEV) announced that the Company has received notice that the holders of
a majority of the Company's Senior Subordinated $110 Million Notes ("Senior
Notes") have filed an involuntary bankruptcy petition, Chapter 7, with the
United States Bankruptcy Court, Southern District of Texas, Houston Division.
    As previously announced, the Company is in default under its Senior Notes
due to a failure to make a scheduled $6,875,000 interest payment on
November 15, 2002.
    Seven Seas will consider various responses and alternatives prior to
taking any action with respect to the petition.  The Company's subsidiaries
intend to continue operations in the ordinary course and proceed with the
closing of the previously announced sale of their 57.7% participating interest
in the shallow Guaduas Oil Field and related assets.
    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.

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