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| American Stock Exchange Halts Trading of Seven Seas |
HOUSTON, Dec. 26 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc. (Amex: SEV) announced that the American Stock Exchange ("AMEX") halted trading of the Company's shares effective December 24, 2002. The AMEX's decision is in response to the involuntary bankruptcy petition filed by the holders of the majority of the Company's $110 Million Senior Subordinated Notes on December 22, 2002. As previously announced, the Company does not intend to appeal the AMEX's decision to delist and expects a delisting of the Company's shares on December 27, 2002. The Company plans to pursue quotation of its shares on the OTC Bulletin Board. As previously announced, Seven Seas will consider various responses and alternatives prior to taking any action with respect to the involuntary petition. 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
