Canadian Stock Profiles| Canadian Stock Profiles |
| Houston, Texas
based Seven Seas Petroleum has been exploring for oil in
the Magdalena Basin 60 miles west-northwest of Bogota
since 1995. In 1996, its wholly owned subsidiary GHK Company Colombia Inc. discovered oil in the Guaduas field. To date, thirteen wells have been drilled, of which six have proven to be commercially viable, four did not, and three remain to be tested. GHK owns a 57.7% interest in the Guaduas field with the rest held by Ecopetrol, the Colombian national oil company and other partners. As of Dec. 31, 1999, the field had proven reserves of 154.0 million barrels of oil. In May 2000, Ecopetrol pulled out of the development phase of the project, giving Seven Seas and its partners an increased interest until 200% of development costs have been recouped. In early August, full scale production commenced with the company anticipating revenues of between $0.9 and $1.4 million per month to Seven Seas. This quadruples the company's existing revenues and should move the company into a profitable position. Seven Seas also owns a 75% interest in the Montecristo and Rosablanca areas in the northern Middle Magdalena Basin. Seven Seas Petroleum is an American company trading on both the American and Toronto Stock Exchanges. Shares Outstanding: 37,800,000
Address: Phone: 713-622-8218 This page last updated: Aug. 13, 2000 |
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