SEVEN SEAS PETROLEUM INC. AND SUBSIDIARIES
             (A DEVELOPMENT STAGE ENTERPRISE)
  STATEMENTS OF CONSOLIDATED OPERATIONS AND ACCUMULATED DEFICIT
        (Unaudited, In thousands, except share data)


                                              Three months ended
                                                 March 31,
                                              2002           2001
REVENUE
  Crude oil sales                           $7,609         $3,394
  Interest income                              174            242
                                             7,783          3,636
EXPENSES
  Oil and gas operating expenses             1,295          1,032
  Depletion, depreciation and amortization   2,524            914
  Interest expense                           2,746            184
  General and administrative                 1,016          1,503
  Other expense                                (27)            69
                                             7,554          3,702
NET INCOME (LOSS) BEFORE INCOME TAXES          229           (66)
INCOME TAXES                                    --             --
NET INCOME (LOSS)                              229           (66)
BASIC NET INCOME (LOSS) PER COMMON SHARE     $0.01        $(0.00)
WEIGHTED AVERAGE
  COMMON SHARES OUTSTANDING             37,858,501     37,836,420
DILUTED NET INCOME (LOSS) PER COMMON SHARE   $0.01        $(0.00)
WEIGHTED AVERAGE FULLY DILUTED COMMON
     SHARES OUTSTANDING                 42,000,018     37,836,420