SEV's quarterly report:
Press Release
Seven Seas Reports Third Quarter Results
First Quarter of Significant Oil & Gas Revenue
HOUSTON--(BUSINESS WIRE)--Nov. 14, 2000--Seven Seas Petroleum Inc. (AMEX:SEV - news; TSE:SVS.U - news) today announced results for the three months and nine months ended Sept. 30, 2000.
For the third quarter of 2000, the Company reported a net loss of $222,000 or $0.01 per share, on total revenue of $2.3 million as compared with a net loss of $1.3 million or $0.03 per share on revenue of $828,000 in the third quarter of 1999.
For the first nine months of 2000, the Company reported a net loss of $4.6 million or $0.12 per share on revenue of $3.4 million, as compared with a net loss of $6.2 million or $0.16 per share on revenue of $2.7 million in the first nine months of 1999.
The positive variance in the net loss for third quarter of 2000 versus third quarter of 1999 was primarily due to the commencement of post-exploration phase production from the Guaduas oil field on Aug. 9, 2000. Between Aug. 9, 2000 and Sept. 30, 2000, the Guaduas oil field produced approximately 180,000 barrels of oil (81,000 net to Seven Seas), generating approximately $1.9 million in net oil and gas revenues to Seven Seas.
``We intend to continue to truck production from the Guaduas oil field to generate revenue while the pipeline is being constructed in the field,'' stated Robert A. Hefner III, chairman and chief executive officer of Seven Seas. ``We are currently focused on securing the financing for the costs of the development of the field, including the pipeline and development wells, as well as the costs of the subthrust exploration well,'' concluded Mr. Hefner.
2000 Shareholders Meeting Update
Seven Seas reported today that the U.S. Securities and Exchange Commission (``SEC'') continues to review the Company's preliminary proxy materials for the 2000 shareholders meeting and the proposed migration of the Company's place of incorporation from the Yukon Territory, Canada to the Cayman Islands. The Company cannot predict when the SEC review will be completed. |
