FORM 4
___ Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding
Company Act of 1935 or Section 30(f) of the Investment
Company Act of 1940
1. Name and Address of Reporting Person:
Hefner, III Robert A.
(Last) (First) (Middle)
6305 Waterford Blvd., Suite 470
(Street)
Oklahoma City Oklahoma 73118
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Seven Seas Petroleum Inc. (AMEX = SEV; TSE = SVS.U)
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Statement for Month/Year
4/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director
[X] Officer (give title below)
[ ] 10% Owner
[ ] Other (specify below)
Chairman, Chief Executive Officer & Managing Director
7. Individual or Joint/Group Filing
(Check Applicable Line)
[X] Form filed by One Report Person
[ ] Form filed by More than One Reporting Person
=================================================================
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instr. 3)
Common Stock, No Par Value
2. Transaction Date (Month/Day/Year)
4/6/99
3. Transaction Code (Instr. 8)
Code V
---- -
P
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
------ ---------- -----
10,000 Shares A $4.09
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
5,226,917
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
I
7. Nature of Indirect Beneficial Ownership (Instr. 4)
By Limited Partnership
-------------------------
1. Title of Security (Instr. 3)
Common Stock, No Par Value
2. Transaction Date (Month/Day/Year)
4/8/99
3. Transaction Code (Instr. 8)
Code V
---- -
P
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
------ ---------- -----
1,000 Shares A $3.81
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
5,226,917
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
I
7. Nature of Indirect Beneficial Ownership (Instr. 4)
By Limited Partnership
-------------------------
1. Title of Security (Instr. 3)
Common Stock, No Par Value
2. Transaction Date (Month/Day/Year)
4/9/99
3. Transaction Code (Instr. 8)
Code V
---- -
P
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
------ ---------- -----
1,000 Shares A $3.94
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
5,226,917
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
I
7. Nature of Indirect Beneficial Ownership (Instr. 4)
By Limited Partnership
-------------------------
1. Title of Security (Instr. 3)
Common Stock, No Par Value
2. Transaction Date (Month/Day/Year)
3. Transaction Code (Instr. 8)
Code V
---- -
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
------ ---------- -----
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
15,000
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
I (1)
7. Nature of Indirect Beneficial Ownership (Instr. 4)
By Corporation
-------------------------
1. Title of Security (Instr. 3)
Common Stock, No Par Value
2. Transaction Date (Month/Day/Year)
3. Transaction Code (Instr. 8)
Code V
---- -
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
------ ---------- -----
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
6,000
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Instr. 4)
-------------------------
=================================================================
Table II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned (e.g., puts, calls, warrants, options,
convertible securities)
1. Title of Derivative Security (Instr. 3)
Stock Options (Right to Buy)
2. Conversion or Exercise Price of Derivative Security
$18.75
3. Transaction Date (Month/Day/Year)
4. Transaction Code (Instr. 8)
Code V
---- -
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instr. 3, 4 and 5)
(A) (D)
--- ---
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
---------------- ---------------
(2) 11/27/2001
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
----- --------------------------
Common Stock 50,000 Shares
8. Price of Derivative Security (Instr. 5)
9. Number of Derivative Securities Beneficially Owned at End of
Month (Instr. 4)
50,000 Shares
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instr. 4)
D
11. Nature of Indirect Beneficial Ownership (Instr. 4)
-------------------------
1. Title of Derivative Security (Instr. 3)
Stock Options (Right to Buy)
2. Conversion or Exercise Price of Derivative Security
$10.70
3. Transaction Date (Month/Day/Year)
4. Transaction Code (Instr. 8)
Code V
---- -
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instr. 3, 4 and 5)
(A) (D)
--- ---
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
---------------- ---------------
(3) 7/17/2002
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
----- --------------------------
Common Stock 300,000 Shares
8. Price of Derivative Security (Instr. 5)
9. Number of Derivative Securities Beneficially Owned at End of
Month (Instr. 4)
300,000 Shares
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instr. 4)
D
11. Nature of Indirect Beneficial Ownership (Instr. 4)
-------------------------
1. Title of Derivative Security (Instr. 3)
Stock Options (Right to Buy)
2. Conversion or Exercise Price of Derivative Security
$18.55
3. Transaction Date (Month/Day/Year)
4. Transaction Code (Instr. 8)
Code V
---- -
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instr. 3, 4 and 5)
(A) (D)
--- ---
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
---------------- ---------------
(4) 11/25/2007
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
----- --------------------------
Common Stock 150,000 Shares
8. Price of Derivative Security (Instr. 5)
9. Number of Derivative Securities Beneficially Owned at End of
Month (Instr. 4)
150,000 Shares
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instr. 4)
D
11. Nature of Indirect Beneficial Ownership (Instr. 4)
-------------------------
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Explanation of Responses:
(1) The reporting person disclaims beneficial ownership of these
securities except to the extent of his pecuniary interest
therein.
(2) Immediately.
(3) Option rest in three equal annual installments beginning on
July 17, 1997.
(4) Options rest in three equal installments beginning November
25, 1998.
ROBERT A. HEFNER III
Robert A. Hefner III
**Signature of Reporting Person
05/10/99
Date
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space provided is insufficient, see
Instruction 6 for procedure.
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.