PRESS RELEASE

SEVEN SEAS PETROLEUM, INC.              Contact:
                                        Daniel Drum, Investor Relations
LOGO                                    Seven Seas Petroleum Inc.
                                        713-622-8218
                                        www.sevenseaspetro.com

FOR IMMEDIATE RELEASE

SEVEN SEAS AND CHESAPEAKE ENERGY AGREE TO AMEND NOTE PURCHASE AND LOAN AGREEMENT

     November 1, 2002 - HOUSTON, TEXAS - Seven Seas Petroleum Inc. (AMEX: "SEV")
announced  today that it  amended  its Note  Purchase  and Loan  Agreement  with
Chesapeake  Energy  Corporation  ("Chesapeake")  yesterday.  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  prevented a potential  default and will allow the Company to
continue its  previously  announced  efforts with CIBC World Markets to sell its
producing  properties.  Several  companies  are expected to submit bids on these
properties later this month.

     As previously reported,  there continues to be uncertainty over whether the
Company will make the $6.9 million  semiannual  interest payment due on November
15, 2002.

Escuela 2 Update

     To date,  drilling  costs for the Escuela 2  exploration  well have reached
approximately $24.2 million. The Company has temporarily suspended operations on
the well.  As  previously  reported,  the Company is actively  seeking to secure
additional  financing or find a partner to  participate in the completion of the
well and test the commercial potential of the Deep Dindal prospect.

Cristales Association Contract

     Effective  October  23rd,  the Company  relinquished  its rights  under the
Cristales   Association   Contract.   Based  on  the  Company's  geological  and
geophysical analysis of the first year's work and the approximately $2.5 million
required to secure the second year obligation,  the Company decided not to renew
the contract.

     Seven Seas  Petroleum Inc. is an independent  oil and gas  exploration  and
production company operating in Colombia, South America.

Statements  regarding  anticipated  oil and gas production and other oil and gas
operating  activities,  including the costs and timing of those activities,  are
"forward  looking  statements"  within the meaning of the Securities  Litigation
Reform Act. The statements involve risks that could  significantly  impact Seven
Seas Petroleum Inc. These risks include, but are not limited to, adverse general
economic conditions,  operating hazards,  drilling risks, inherent uncertainties
in interpreting engineering and geologic data, competition, reduced availability
of  drilling  and other well  services,  fluctuations  in oil and gas prices and
prices for  drilling  and other well  services  and  government  regulation  and
foreign political risks, as well as other risks discussed in detail in the Seven
Seas Petroleum Inc.'s filings with the U.S. Securities and Exchange Commission.