Seven Seas Granted Extension of Cure Period

Seven Seas Petroleum Inc. announced that in connection with its continuing efforts to sell its producing properties in Colombia, the Company has obtained an additional extension of time to cure a potential default under its Note Purchase and Loan Agreement with Chesapeake Energy Corporation until the close of business on December 13, 2002. This extension applies to the Company's previously announced failure to make the $6,875,000 semiannual interest payment on its 12.5% $110 Million Senior Subordinated Notes due November 15, 2002.