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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
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)
CAYMAN ISLANDS 0-22483 73-468669
(STATE OR OTHER JURISDICTION OF (COMMISSION (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) FILE NUMBER) IDENTIFICATION NO.)
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 ACCOUNTANT
The accounting firm Deloitte & Touche LLP has resigned as auditors of
Seven Seas Petroleum, Inc. ("the Company") effective May 16, 2003.
Deloitte & Touche began serving as the Company's auditors on July 19,
2002 and has not issued an audit report on the Company's financial statements
for either of the past two fiscal years.
There were no disagreements during the Company's two most recent
fiscal years and the subsequent interim period preceding Deloitte & Touche
LLP's resignation on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which if not
resolved to Deloitte & Touche LLP's satisfaction would have caused it to make
reference to the subject matter of the disagreement in connection with its
report.
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
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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 February 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
communications 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 27, 2003
By: /s/ Ronald A. Lefaive
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Ronald A. Lefaive
Vice President of Finance and
Chief Financial Officer