EXHIBIT 99.2
SEVEN SEAS PETROLEUM, INC.
CASE NO.: 02-45206-H2-11
PETITION DATE: DECEMBER 20, 2002
- --------------------------------------------------------------------------------
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
CASE NAME: CASE NUMBER: CH 11 CONVERSION DATE: CH 11 TRUSTEE APPOINTED:
SEVEN SEAS PETROLEUM, INC. 02-45206-H2-11 JANUARY 14, 2003 JANUARY 14, 2003
TRUSTEE'S MONTHLY OPERATING REPORT SUMMARY FOR: MARCH 2003
MONTH JAN 2003 FEB 2003 MAR 2003
----- -------- -------- --------
REVENUES (MOR-6) 0 0 0
INCOME (LOSS) BEFORE INTEREST, DEPRECIATION,
OTHER ITEMS & INCOME TAXES (MOR-6) (177,000) (384,000) (203,000)
NET INCOME (LOSS) (MOR-6) (265,000) (473,000) (293,000)
PAYMENTS TO INSIDERS (MOR-9) NONE NONE NONE
PAYMENTS TO PROFESSIONALS (MOR-9) NONE NONE 55,000
TOTAL DISBURSEMENTS (MOR-7) 1,687,781 1,496,000 122,000
The original of this document must be filed with the U.S. Bankruptcy Court and a
copy must be sent to the U.S. Trustee
REQUIRED INSURANCE MAINTAINED EXPIRATION
AS OF SIGNATURE DATE DATE
----------------------------- ----------
CASUALTY YES(X) NO ( ) 12/31/2003 CHAPTER 11 TRUSTEE: Ben B. Floyd
LIABILITY YES(X) NO ( ) 12/31/2003 FIRM: Floyd, Isgur, Rios & Wahrlich, P.C.
VEHICLE YES(X) NO ( ) 12/31/2003 ADDRESS: 700 Louisiana, Suite 4600
WORKERS' COMP YES(X) NO ( ) 12/31/2003 ADDRESS:
OTHER __________ YES( ) NO ( ) - - CITY, STATE, ZIP: Houston, TX 77002
TELEPHONE: (713) 222-1470
FACSIMILE: (713) 222-1475
Are all accounts receivable being collected within terms? YES
Are all post-petition liabilities, including taxes, being paid within terms? YES
Have any pre-petition liabilities been paid? NO
If yes, describe:
Are all funds received being deposited into Trustee's bank accounts?
ALL FUNDS ARE BEING DEPOSITED INTO ACCOUNTS CONTROLLED BY THE TRUSTEE.
Were any assets disposed of outside the normal course of business? NO
If yes, describe:
Are all U.S. Quarterly Fee Payments current? YES, AS OF FILING DATE.
What is the status of the Plan of Reorganization? PENDING
I certify under penalty of perjury that the following complete Monthly Operating
Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and
correct.
SIGNED:____________________________________ DATE:______________
Ben B. Floyd, Chapter 11 Trustee
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CASE NAME: CASE NUMBER: CH 11 CONVERSION DATE: CH 11 TRUSTEE APPOINTED:
SEVEN SEAS PETROLEUM, INC. 02-45206-H2-11 JANUARY 14, 2003 JANUARY 14, 2003
COMPARATIVE BALANCE SHEETS (000'S)
JAN 31, FEB 28, MAR 31,
ASSETS 2003 2003 2003
------ ------ ------- ------
CURRENT ASSETS
Cash 4,656 3,162 3,063
Accounts Receivable, Net 200 200 200 A.
Inventory: Lower of Cost or Market 0 0 0
Prepaid Expenses 25 25 16
Investments in Subs 6,396 7,756 7,722
Other 2,285 2,193 2,101 B.
------ ------ ------
TOTAL CURRENT ASSETS 13,562 13,336 13,102
Furniture, Equipment & Fixtures (*) 0 0 0 C.
Less Accumulated Depreciation 0 0 0
Net Book Value of F&F 0 0 0
OTHER ASSETS:
1.
2.
3.
3.
------ ------ ------
TOTAL OTHER ASSETS
------ ------ ------
TOTAL ASSETS 13,562 13,336 13,102
MOR-2
(*) Per MOR filed by the Debtor
A. Note receivable due from Larry Ray in November 2003.
B. Capitalized costs related to debt issuance. Costs are amortized over life
of debt.
C. All furniture & equipment is held in the Debtor subsidiaries.
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CASE NAME: CASE NUMBER: CH 11 CONVERSION DATE: CH 11 TRUSTEE APPOINTED:
SEVEN SEAS PETROLEUM, INC. 02-45206-H2-11 JANUARY 14, 2003 JANUARY 14, 2003
COMPARATIVE BALANCE SHEETS (000'S)
LIABILITIES & JAN 31, FEB 28, MAR 31,
OWNERS EQUITY 2003 2003 2003
------------- -------- -------- --------
LIABILITIES:
POST-PETITION LIABILITIES (MOR-4) 71 318 377
PRE-PETITION LIABILITIES:
Notes Payable - Secured 45,000 45,000 45,000 A.
Accrued Interest - Secured N/Ps 3,508 3,508 3,508 E.
Priority Debts 0 0 0
Federal Income Tax 0 0 0 B.
Accrued Liabilities 0 0 0
FICA/Withholding 0 0 0 C.
Unsecured Debt 119,377 119,377 119,377 D.
Other Liabilities 0 0 0
-------- -------- --------
TOTAL LIABILITIES 167,956 168,203 168,262
MEMBERS' EQUITY (DEFICIT):
Preferred Stock 0 0 0
Common Stock 1 1 1
Additional Paid-In Capital 225,940 225,940 225,940
Retained Earnings (380,335) (380,808) (381,101)F.
-------- -------- --------
TOTAL OWNERS' EQUITY (154,394) (154,867) (155,160)
-------- -------- --------
TOTAL LIABILITIES &
OWNERS' EQUITY 13,562 13,336 13,102
MOR-3
(*) Per MOR filed by the Debtor
A. The $45M debt is considered secured debt for purposes of this presentation.
B. A subsidiary of Debtor, SSPUSA, has not paid a 2003 tax prepayment as of
filing date.
C. Payroll is handled by a third party firm (Intuit payroll). Intuit collects
all payroll taxes and makes the payment.
D. Unsecured debt includes the $110M notes with accrued interest, the unpaid
pre-petition liabilities and the change of control agmts.
E. Payment to Secured noteholder's on 10/31/02 is assumed to be prepayment of
interest on secured debt. Interest stops accruing on 12/20/02.
F. O&G properties were written down to $20M in December '03 to the estimated
sales price. Liabilities were recorded for Change of Control Agmts and E-2
P&A costs were accrued for in December 2003.
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CASE NAME: CASE NUMBER: CH 11 CONVERSION DATE: CH 11 TRUSTEE APPOINTED:
Seven Seas Petroleum, Inc. 02-45206-H2-11 January 14, 2003 January 14, 2003
SCHEDULE OF POST-PETITION LIABILITIES (000's)
Jan 31, Feb 28, Mar 31,
2003 2003 2003
-------- -------- --------
TRADE ACCOUNTS PAYABLE 4 60 4
TAXES PAYABLE:
Federal Payroll Taxes 0 0 0 B.
State Payroll & Sales Taxes 0 0 0 B.
Other Taxes 0 0 0 A.
-------- -------- --------
TOTAL TAXES PAYABLE 0 0 0
SECURED DEBT
-------- -------- --------
ACCRUED INTEREST PAYABLE
ACCRUED PROFESSIONAL FEES:
Trustee Fees 33 43 62
Legal Fees 28 198 281
Accounting Fees 6 17 30
-------- -------- --------
TOTAL ACCRUED PROFESSIONAL FEES 67 258 373
OTHER ACCRUED LIABILITIES:
1.
2.
3.
4.
-------- -------- --------
TOTAL OTHER ACCRUED LIABILITIES
-------- -------- --------
TOTAL POST-PETITION
LIABILITIES (MOR-3) 71 318 377
MOR-4
A. A subsidiary of debtor, SSPUSA, will need to make 2003 tax prepayment.
B. Payroll is handled by a third party firm (Intuit payroll). Intuit collects
all payroll taxes and makes the payment.
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CASE NAME: CASE NUMBER: CH 11 CONVERSION DATE: CH 11 TRUSTEE APPOINTED:
Seven Seas Petroleum, Inc. 02-45206-H2-11 January 14, 2003 January 14, 2003
AGING OF POST-PETITION LIABILITIES (000's)
MONTH: MARCH 2003
==============================================================================================
TRADE FEDERAL PAYROLL STATE PAYROLL &
DAYS OUTSTANDING ACCOUNTS PAYABLE TAXES SALES TAXES AD VALOREM TAXES OTHER TAXES
---------------- ---------------- --------------- --------------- ---------------- -----------
0-30 4
31-60
61-90
91 AND OVER
---------------- --------------- --------------- ---------------- -----------
TOTAL 4 NONE NONE NONE NONE
AGING OF ACCOUNTS RECEIVABLE
MONTH: MARCH 2003
JAN FEB MAR
DAYS OUTSTANDING 2003 2003 2003
---------------- ---- ---- ----
0-30
31-60
61-90
91 AND OVER
---- ---- ----
TOTAL NONE NONE NONE
MOR-5
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