EX-99.1 3 h10096exv99w1.txt BANKRUPTCY MONTHLY OPERATING REPORT - SEPT.2003 EXHIBIT 99.1 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: SEPTEMBER 2003

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

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. YES Were any assets disposed of outside the normal course of business? NO If yes, describe: Are all U.S. Quarterly Fee Payments current? YES What is the status of the Plan of Reorganization? TRUSTEE'S PLAN OF REORGANIZATION WAS APPROVED AND EFFECTIVE AUGUST 14, 2003 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 Page 1 of 9 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)

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. Page 2 of 9 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)

MOR-3 (*) PER MOR FILED BY THE DEBTOR A. The $45M debt is considered secured debt for purposes of this presentation. The 8/14 distribution to the Secured Creditors, $10,877K, is classified as a payment on principal 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. A distribution of $500,000 was made to the $110m noteholders on 8/14 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. Other Liabilities of $3,113K represent the difference between the sales proceeds dividended from the subsidiaries and the remaining investments in the subsidiaries. Page 3 of 9 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)

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. Page 4 of 9 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

MOR-5 Page 5 of 9 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

STATEMENT OF INCOME (LOSS) (000'S)

MOR-6 Page 6 of 9 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

STATEMENT OF CASH RECEIPTS & DISBURSEMENTS (000'S)

A. $11,609,000 consists of proceeds from sale of Guaduas oil field previously held in subsidiaries. The proceeds were dividended to the parent to pay creditors and administrative claims. MOR-7 Page 7 of 9 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

BANK ACCOUNT RECONCILIATION (000'S)

Additional Debtor subsidiary proceeds, approximately $200K USD are held in Colombian peso accounts--not shown above. Additionally $1,249 K resides in the subsidiaries and has been escrowed for the Escuela 2 plugging and abandonment costs MOR-8 Page 8 of 9 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

PAYMENTS TO INSIDERS AND PROFESSIONALS (000'S)

A. No insiders were funded directly by Debtor. However, two insiders are paid by SSPUSA, a subsidiary of the Debtor. Larry Ray was paid $31,666 for salary, and Ron Lefaive was paid $13,750 for salary. Under the KERP plan approved by the court, Lefaive received a KERP payment and Ray received forgiveness on a portion of his loan in May. Both were also reimbursed for accrued vacation & personal leave as of 5/31/03 in accordance with the KERP plan in May. Both also received reimbursement for out-of-pocket expenses. Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(30)(A)-(F) of the U.S. Bankruptcy Code) and the professionals. Also, for insiders identify the type of compensation paid (e.g., salary, commission, bonus, etc.) MOR-9 Page 9 of 9

SEVEN SEAS PETROLEUM INC 8-K