Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: kodiak_bull who wrote (86939)	2/12/2001 12:37:43 PM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

I've been on vacation in beautiful Santa Barbara, Calif., and did not have access to a computer to post SEV news releases. Following are recent news releases (expect others around time of annual meeting on financing, and reserves): Wednesday January 31, 5:00 pm Eastern Time Press Release SOURCE: Seven Seas Petroleum Inc. Seven Seas Announces Global Agreement With Guaduas Oil Field Partners HOUSTON, Jan. 31 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV - news; Toronto: SVS.U - news) announced today that it has signed a global agreement with Sipetrol S.A. and Cimarrona LLC, its partners in the Guaduas Oil Field, that pertains to the partners' participation in 1) the 36-mile Guaduas-La Dorada pipeline that is currently under construction and scheduled for completion by mid-2001 and 2) the drilling of a subthrust exploration well. The principal points of the global agreement are as follows: Partner Participation in Pipeline and Production Facilities -- Sipetrol and Cimarrona, which collectively own 42.3 percent of the Guaduas Oil Field, agree to participate in and pay their proportionate share of the Guaduas-La Dorada pipeline and production facilities required for pipeline production. The estimated cost of building the pipeline and the production facilities is $23.3 million, of which Seven Seas will be responsible for approximately $13.4 million and Sipetrol and Cimarrona will collectively be responsible for $9.9 million. Exploration Agreement for Subthrust Dindal Prospect -- Sipetrol, Cimarrona and Seven Seas have entered into an Exploration Agreement that provides Seven Seas with the opportunity to earn certain interests now held by Sipetrol and Cimarrona in the Subthrust Dindal Prospect, which lies beneath the Guaduas Oil Field, by drilling a subthrust exploration well and paying Sipetrol and Cimarrona's share of the costs of drilling and testing the well. Key points of the agreement follow: -- In order to earn interests at all depths of the Subthrust Dindal Prospect, Seven Seas must drill and test a subthrust exploration well that is: 1. commenced by January 1, 2002, or 12 months from the effective date of a new association contract for the Subthrust Dindal Prospect with Ecopetrol, should it be issued; 2. drilled to the shallower of 15,000 feet or a depth of 3,000 feet below the Cambao Thrust Fault, a major fault that may separate the Guaduas Oil Field from the Subthrust Dindal Prospect; and 3. proved to be capable during testing operations of producing oil or gas in quantities sufficient to generate revenue that exceeds the cost of operating the well. -- If Seven Seas earns Sipetrol's interest, Seven Seas' working interest in the Subthrust Dindal Prospect would increase to between 74.15 percent and 90.60 percent depending upon whether Sipetrol elects to retain either a 16.45 percent working interest or a 4.86 percent overriding royalty interest that is subject to proportional reduction by Colombian government participation. -- Cimarrona will retain its 9.4 percent working interest in the Subthrust Dindal Prospect; however, Cimarrona will assign all of its rights to receive revenues from the exploration well to Seven Seas until the Company recovers a 500 percent penalty attributable to Cimarrona's 9.4 percent share of the costs of drilling, testing, completing and operating the well. ``This global agreement is a major step forward for Seven Seas,'' stated Robert A. Hefner III, Chairman and Chief Executive Officer of Seven Seas. ``We are now moving ahead with the implementation of our dual strategy of building a solid financial foundation by developing the Guaduas Oil Field and placing it on pipeline production, and testing our upside potential by drilling the subthrust exploration well. Our next step is to secure the financing to simultaneously implement our development and exploration strategy.'' Additional information on the global agreement is available in a Form 8-K the Company recently filed with the U.S. Securities and Exchange Commission (SEC). Seven Seas has also filed a Registration Statement on Form S-4 with the SEC containing proxy materials for its annual and special shareholder meeting scheduled for February 28, 2001. Shareholders and investors are urged to read the management information circular/prospectus included in the Registration Statement because they contain important information. The Form S-4 and Form 8-K are available for free at the SEC's Web site (www.sec.gov) and at the Company's Web site (www.sevenseaspetro.com) within the section entitled ``Financial Reporting'' and the subsection ``SEC Filings.'' -------------------------------------------------- Wednesday January 24, 6:00 am Eastern Time Press Release SOURCE: Seven Seas Petroleum Inc. Seven Seas Announces Date for Shareholders Meeting and Provides Update On Guaduas-La Dorada Pipeline HOUSTON, Jan. 24 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV - news; Toronto: SVS.U - news) announced today that the Company's Registration Statement containing proxy materials for its annual and special shareholders meeting has been declared effective by the U.S. Securities and Exchange Commission (``SEC''). The meeting is now scheduled for February 28, 2001 at 9:00 a.m. Central Standard Time in the Auditorium of the Conference Center in the Marathon Oil Tower in Houston, Texas. Proxy materials will be mailed to shareholders on or about February 2, 2001, and are available through the SEC's Web site (www.sec.gov) and the Company's Web site (www.sevenseaspetro.com) within the section entitled ``Financial Reporting'' and the subsection ``SEC Filings''. Seven Seas also announced that it has begun to clear the right-of-way for the 36-mile Guaduas - La Dorada pipeline that will connect the Guaduas Oil Field to international oil markets via two of Colombia's existing major pipelines, the Oleoducto del Alto Magdalena (``OAM'') and the Oleoducto de Colombia (``ODC''). The pipeline is scheduled for completion in mid-2001. In addition, the Company recently signed an agreement to transport its share of the Guaduas Oil Field crude oil production through the OAM and ODC pipelines. Photographs of the clearing operation are available on the Company's Web site (www.sevenseaspetro.com) within the section entitled ``Guaduas Oil Field''. The Company further reported that the Colombian Ministry of Trade recently approved the Company's application to be exempt from import and value added taxes for certain equipment that will be imported to develop the Guaduas Oil Field. Under a Colombian decree entitled Plan Vallejo, imported equipment that is used to produce products or services for export will be exempt from Colombian taxes that would have increased the cost of the equipment by approximately 30 percent. The Company estimates that under Plan Vallejo the project could save approximately US$1.7 million.