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| Seven Seas Board Members Resign |
HOUSTON, Dec. 31 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc.
(Pink Sheets: "SVSSF") announced that R. Randolph Devening, Brian F. Egolf,
Gary F. Fuller, Robert A. Hefner, III and Dr. James R. Schlesinger resigned
from the Company's Board of Directors, effective December 31, 2002. Larry A.
Ray, President and Chief Operating Officer of Seven Seas will remain as the
sole director of the Company. The resignations were in response to:
* An involuntary petition in bankruptcy filed against the Company in the
United States Bankruptcy Court for the Southern District of Texas,
Houston Division, on December 20, 2002
* Chesapeake Energy Corporation, as collateral agent for the Company's
$45 Million Senior Secured Notes, exercising control over Seven Seas'
U.S. bank accounts, and
* The inability of the Company to obtain adequate directors' and
officers' insurance for corporate activities after December 30, 2002.
Mr. Ray indicated that there were no present plans to fill the vacancies
caused by the resignations and that the Company would continue to work toward
closing the previously announced sale of its Guaduas Oil Field, financing a
production test of the Escuela 2 well and monetizing the Company's Colombian
tax credits for the benefit of the Company's stakeholders.
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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CONTACT:
Daniel Drum, Investor Relations of Seven Seas
Petroleum Inc., +1-713-622-8218
