PRESS RELEASE

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


                         SEVEN SEAS BOARD MEMBERS RESIGN


     December  31,  2002 - HOUSTON,  TEXAS - Seven  Seas  Petroleum  Inc.  (Pink
Sheets:  "SVSSF") announced that R. Randolph  Devening,  Brian F. Egolf, Gary F.
Fuller,  Robert A. Hefner,  III and Dr. James R.  Schlesinger  resigned from the
Company's  Board of  Directors,  effective  December  31,  2002.  Larry A.  Ray,
President  and Chief  Operating  Officer of Seven  Seas 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.

     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.