EARNINGS / Seven Seas Petroleum Announces 3Q98 Financial Results from
Development Stage Operations
HOUSTON, Nov. 16 /CNW/ -- Seven Seas Petroleum Inc. (Amex: SEV; Toronto:
SVS.U) today announced a net loss of $3.5 million or $0.10 per share and $3.8
million or $0.12 per share for the nine months ended September 30, 1998 and
1997, respectively.
3 Months to September 30: 1998 1997
Revenues 1,431 308
Net loss (1,602) (973)
Loss per share (0.04) (0.03)
9 Months to September 30:
Revenues 2,665 979
Net loss (3,469) (3,831)
Loss per share (0.10) (0.12)
For the nine months ended September 30, 1998, the Company had capital
expenditures of approximately $24.3 million for the acquisition, exploration,
and development of its oil and gas properties with respect to its interests in
Colombia.
Seven Seas Petroleum Inc. is an international oil and gas exploration and
production company. For more information, contact Herbert C. Williamson III,
Chief Financial Officer at 713-622-8218.
/Company News On-Call: prnewswire.com or
fax, 800-758-5804, ext. 123145/
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