SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report November 1, 2002
(Date of earliest event reported) October 31, 2002
SEVEN SEAS PETROLEUM INC.
(Exact Name of registrant as Specified in its Charter)
Cayman Islands 0-22483 73-468669
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification Number)
5555 SAN FELIPE, SUITE 1700, HOUSTON, TEXAS 77056
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 622-8218
Item 5. Other Events
On November 1, 2002, Seven Seas Petroleum Inc. announced that on October
31, 2002 it amended its Note Purchase and Loan Agreement with Chesapeake Energy
Corporation ("Chesapeake"). Under the amendment Chesapeake waived the
requirement that the Company make monthly payments to a collateral escrow
account equal to one-sixth of the semi-annual $6.9 million interest payment on
the Company's 12-1/2% $110 Million Senior Subordinated Notes, including the
payment that was due on October 10, 2002. The Company agreed to pay Chesapeake,
as collateral agent for the holders of the Company's 12% $45 Million Senior
Secured Notes, the current balance of approximately $4.7 million in the escrow
account. The amendment was subject to certain conditions which Chesapeake
separately confirmed were satisfied on October 31, 2002.
Item 7. Financial Statements and Exhibits
(c) Exhibits
10(II) Limited Consent and Second Amendment to Note Purchase
and Loan Agreement by and between the registrant, its
subsidiaries and Chesapeake Energy Corporation dated
October 30, 2002
99 November 1, 2002 press release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SEVEN SEAS PETROLEUM INC.
By: RONALD A. LEFAIVE
Name: Ronald A. Lefaive
Title: Vice President of Finance and Chief
Financial Officer
Date: November 5, 2002
INDEX TO EXHIBITS
Exhibit No. Description Method of Filing
- ----------- ----------- ----------------
10(II) Limited Consent and Second Filed herewith electronically
Amendment to Note Purchase
and Loan Agreement by and
between the registrant, its
subsidiaries and Chesapeake
Energy Corporation dated
October 30, 2002
99 November 1, 2002 Press release Filed herewith electronically