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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 2, 2003
SEVEN SEAS PETROLEUM INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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CAYMAN ISLANDS 0-22483 73-468669
(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
5555 SAN FELIPE, SUITE 1700
HOUSTON, TEXAS 77056
(ADDRESS OF PRINCIPAL
EXECUTIVE OFFICES
AND ZIP CODE)
(713) 622-8218
(REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
RESIGNATION OF PUBLIC ACCOUNTANTS
On May 16, 2003, Deloitte & Touche, LLP resigned as the Company's
independent accountant. The Company is currently operating without an
independent accountant and plans to begin a search for a replacement.
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
Seven Seas Petroleum Inc. ("SSPI" or the "Parent") is operating under the
protection of the United States Bankruptcy Court, Southern District of Texas,
Houston Division. The Court approved a January 14, 2003 voluntary Chapter 11
filing and appointed a trustee. The filing pertains only to SSPI, the Cayman
Islands-based corporate parent. The Parent's three Colombian subsidiaries (the
"Subsidiaries") contain the only material assets. The Subsidiaries are separate
legal entities and are in good financial standing.
On March 17, 2003, the Court signed an agreed Order that precluded SSPI's
Trustee from incurring any expense related to the preparation or filing of any
Form 10-Ks (including the Form 10-K that was not submitted as required on March
31, 2003.) The Court further ordered that the Trustee shall file with the
Securities and Exchange Commission, under cover of a Form 8-K, copies of monthly
operating reports that the Trustee is required to file with the Bankruptcy
Court. Form 8-Ks will also be filed to disclose material events that are not
otherwise fully disclosed in monthly operating reports.
MARCH 2003 MONTHLY OPERATING REPORT
The attached financial information was prepared for the March 2003 Monthly
Operating Report (MOR) for the bankruptcy court. This financial information is
not intended to comply with GAAP or any other generally accepted accounting
standard. The MOR reflects the position of the parent company, SSPI, on a
standalone basis. No employees are employed by SSPI and all significant assets
are held by the Subsidiaries.
The MOR balance sheet reflects SSPI's assets and liabilities and does not
reflect the consolidated entities' assets and liabilities. The MOR income
statement reflects income and expenses directly incurred by SSPI as well as a
management fee incurred for expenses relating to Seven Seas Petroleum USA, Inc.,
the management subsidiary operating in the United States. Numerous estimates
have been made in preparing the March 2003 MOR.
OVERVIEW OF SIGNIFICANT EVENTS
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DEEP DINDAL ASSOCIATION CONTRACT
The exploration period under the Deep Dindal Association Contract expired
on April 24th, 2003. The Company has requested an extension of the exploration
period from Ecopetrol in order to proceed with its efforts to obtain additional
financing to test and complete the Escuela 2 well. Based on communication with
Ecopetrol, the Company expects to receive an extension within the next month,
qualified with specific time targets for the completion of financing and the
commencement of operations. However, it remains uncertain whether an extension
can be obtained and if the Company can go forward with its efforts to farm-out
the Escuela 2 well.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
Exhibit 99.2 - Bankruptcy Monthly Operating Report-March
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.
Date: May 19, 2003
By: /s/ RONALD A. LEFAIVE
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Ronald A. Lefaive
Vice President of Finance and
Chief Financial Officer
EXHIBIT INDEX
Exhibit 99.2 - Bankruptcy Monthly Operating Report-March