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     January 2, 2003
         (Date of earliest event reported)     December 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 December 31, 2002, Seven Seas Petroleum Inc. announced that five members
of its Board of Directors  resigned  effective  December 31, 2002. Larry A. Ray,
President  and Chief  Operating  Officer of the Company  will remain as the sole
director of the Company. The resignations were in response to:

o    An  involuntary  petition in  bankruptcy  filed  against the Company in the
     United States Bankruptcy Court for the Southern District of Texas,  Houston
     Division, on December 20, 2002;

o    Chesapeake  Energy  Corporation,  as collateral agent for the Company's $45
     Million Senior Secured Notes, exercising control over Seven Seas' U.S. bank
     accounts; and

o    The inability of the Company to obtain  adequate  directors'  and officers'
     insurance for corporate activities after December 30, 2002.

     Mr. Ray  indicated  that there were no present  plans to fill the vacancies
caused by the  resignations  and that the Company would  continue to work toward
closing the  previously  announced  sale of its  Guaduas Oil Field,  financing a
production test of the Escuela 2 well and monetizing the Company's Colombian tax
credits for the benefit of the Company's stakeholders.

Item 7.  Financial Statements and Exhibits.

         (c)  Exhibits

              99       Press release of December 31, 2002

                                   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:

                               Name: Ronald A. Lefaive
                               Title: Vice President of Finance and Chief
                                        Financial Officer

Date:  January 2, 2003

                                INDEX TO EXHIBITS

Exhibit No.   Description                     Method of Filing
- -----------   -----------                     ----------------

     99       Press release of December 31,   Filed herewith electronically
              2002