Seven Seas Reports Fourth Quarter and Twelve Month Results

Apr 03, 2001, 01:00 ET from Seven Seas Petroleum Inc.

    HOUSTON, April 3 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex:   SEV)
 today announced a net loss of $5.9 million, or $0.16 per share, for the year
 ended December 31, 2000, as compared to a loss of $6.8 million, or $0.18 per
 share, for the year ended December 31, 1999.
 
     (In thousands, except per share and oil production information)
     3 Months to December 31:                            2000           1999
 
     Revenues                                          $3,078         $2,602
     Net loss                                          (1,330)          (618)
     Loss per share                                     (0.04)         (0.02)
     Oil production (Net barrels)                     107,689        153,593
 
     Year Ended December 31:
 
     Revenues                                          $6,434         $5,313
     Net loss                                          (5,907)        (6,789)
     Loss per share                                     (0.16)         (0.18)
     Oil production (Net barrels)                     189,988        199,216
 
     The Company also announced that Arthur Andersen LLP, in its auditor's
 report on the Company's December 31, 2000 financial statements, stated that
 the Company's current financial position, in the absence of additional
 financing to meet existing commitments and capital needs, raises "substantial
 doubt about the Company's ability to continue as a going concern."
     "With the assistance of CIBC World Markets Co., we are currently engaged
 in efforts to obtain additional capital to fund the development and
 exploration strategy as outlined in our recently filed Form 10-K," stated
 Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas.  Mr.
 Hefner concluded, "As I stated at the February 28, 2001 shareholders' meeting,
 I am optimistic that we will raise the new capital required to fully fund our
 development and exploration strategy."
 
     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.
 
     Contacts:
     Bryan B. Sanchez, Investor Relations
     Seven Seas Petroleum Inc.
     713-622-8218
     www.sevenseaspetro.com
 
     Ken Dennard / kdennard@easterly.com
     Lisa Elliott / lisae@easterly.com
     Easterly Investor Relations
     713-529-6600
 
 

SOURCE Seven Seas Petroleum Inc.
    HOUSTON, April 3 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex:   SEV)
 today announced a net loss of $5.9 million, or $0.16 per share, for the year
 ended December 31, 2000, as compared to a loss of $6.8 million, or $0.18 per
 share, for the year ended December 31, 1999.
 
     (In thousands, except per share and oil production information)
     3 Months to December 31:                            2000           1999
 
     Revenues                                          $3,078         $2,602
     Net loss                                          (1,330)          (618)
     Loss per share                                     (0.04)         (0.02)
     Oil production (Net barrels)                     107,689        153,593
 
     Year Ended December 31:
 
     Revenues                                          $6,434         $5,313
     Net loss                                          (5,907)        (6,789)
     Loss per share                                     (0.16)         (0.18)
     Oil production (Net barrels)                     189,988        199,216
 
     The Company also announced that Arthur Andersen LLP, in its auditor's
 report on the Company's December 31, 2000 financial statements, stated that
 the Company's current financial position, in the absence of additional
 financing to meet existing commitments and capital needs, raises "substantial
 doubt about the Company's ability to continue as a going concern."
     "With the assistance of CIBC World Markets Co., we are currently engaged
 in efforts to obtain additional capital to fund the development and
 exploration strategy as outlined in our recently filed Form 10-K," stated
 Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas.  Mr.
 Hefner concluded, "As I stated at the February 28, 2001 shareholders' meeting,
 I am optimistic that we will raise the new capital required to fully fund our
 development and exploration strategy."
 
     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.
 
     Contacts:
     Bryan B. Sanchez, Investor Relations
     Seven Seas Petroleum Inc.
     713-622-8218
     www.sevenseaspetro.com
 
     Ken Dennard / kdennard@easterly.com
     Lisa Elliott / lisae@easterly.com
     Easterly Investor Relations
     713-529-6600
 
 SOURCE  Seven Seas Petroleum Inc.