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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Telemarker who wrote (80491)	12/1/2000 8:41:16 AM
From: JungleInvestor	Respond to of 95453

SEV news release: Press Release SOURCE: Seven Seas Petroleum Inc. Seven Seas Initiates Pressure Build Up Test in Guaduas Oil Field; Testing Of El Segundo 6-E Redrill Continues, Testing of Tres Pasos 3-E Well Postponed HOUSTON, Nov. 30 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV - news; TSE: SVS.U - news) announced today that it has shut in the Guaduas Oil Field for a pressure build up test that will be used by its independent reservoir engineers to estimate year-end 2000 oil and gas reserves. The Company and its partners agreed to conduct a pressure build up test following the Guaduas Oil Field's production of over 400,000 barrels of oil since August 9, 2000. The total amount of oil produced by the Guaduas Oil Field to date is approximately 1.2 million barrels. The Company expects to resume Trucking Production in early January 2001. ``This pressure build up test will further enhance our understanding of the Guaduas Oil Field and aid us in refining the development drilling program we plan to initiate in 2001,'' stated Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas. The Company also announced that testing of the El Segundo 6-E redrill has resumed and will continue for approximately one more week, as permitted by the Colombian Ministry of Mines and Energy. The El Segundo 6-E redrill will then be shut in and future operations will be determined following the evaluation of the production and pressure data from the well. Additionally, operations to test the Cimarrona formation of the Tres Pasos 3-E well have been postponed until after the Guaduas Oil Field pressure build up test. The Tres Pasos 3-E well was originally drilled in September 1998. The Cimarrona is the productive formation of the Guaduas Oil Field. 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.

To: Telemarker who wrote (80491)	12/1/2000 8:56:37 AM
From: jim_p	Respond to of 95453

Telemarker, I like TMR because it and ROIL have been two of the most successful small cap exploration company's in finding new reserves through drilling. TMR is selling at 2.12 times cash flow, reduced it's debt down to 58% from 82%, solved the overhang problem with Shell, and is growing production through drilling. I sold ROIL yesterday morning before the OS collapse. I was in the process of liquidation everything in the morning, but after selling about 1/4 of the portfolio, I reversed course and ended up buying back more than double of what I sold. I sold most of my OEI, but kept a small position due to the exploration upside in West Africa. SMOP had a change of control in the reorganization. The new ownership are not in the oil and gas business and purchased the bonds with the sole intent of selling the company after the reorganization. The new owners have a basis of about $1.00 per share, and are very anxious to sell and move on to their next deal. These are vulture capitalist who buy troubled companies with under lying value for a living. The new owners have given management a strong incentive to get the company sold ASAP. Most of the prospective buyers will want to see the deal closed by year end for accounting purposes. A buyer would show a very accretive deal at $5.00 per share. If you want to know more send me a PM. SMOP is also selling at 1.6 times cash flow, leverage is 28% and the company has nice long term reserves. Production declined only .53% from 2Q while the company was in bankruptcy and not spending exploration money. Jim