EXHIBIT 99.1


SEVEN SEAS PROVIDES UPDATE ON REORGANIZATION
Friday October 3, 6:00 pm ET

RECEIVES OFFICIAL NOTICE THAT DEEP DINDAL ASSOCIATION CONTRACT TO BE TERMINATED

HOUSTON, Oct. 3 /PRNewswire-FirstCall/ -- Seven Seas Petroleum Inc. (OTC Pink
Sheets: SVSSF - News) announced today that the Company has received notice from
Ecopetrol confirming termination of the Deep Dindal Association Contract. The
Company must meet statutory obligations with the Ministry of Mines and
Environment of Colombia before plugging and abandoning the well. The Company has
escrowed the necessary funds to cover budgeted plugging and abandonment costs.

As previously announced, the Company has no source of cash flow and is working
to create value from several contingent assets for the benefit of its creditors,
whom the Company owes over $150,000,000. Pursuant to the Plan of Reorganization
approved by the bankruptcy court, effective August 14, 2003, all secured,
unsecured and administrative claims will be paid before the Company's
shareholders.

The contingent assets consist of potential recoveries from litigation against
the Company's former directors and officers, historical net operating losses in
the Company's Colombian subsidiaries, and the Company's estimated 2003 Colombian
tax refund. Value of the contingent assets is highly speculative and it is
uncertain whether any of the contingent assets will result in recoveries for the
Company's creditors.

Even if Seven Seas is successful in obtaining maximum value for each of the
contingent assets, it currently appears unlikely that there will be any recovery
for the Company's shareholders.

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.

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Source: Seven Seas Petroleum Inc.