SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)*
SEVEN SEAS PETROLEUM INC.
---------------------------
(Name of Issuer)
Common Stock, No Par Value
-------------------------------
(Title of Class of Securities)
817917107
---------------
(CUSIP Number)
December 31, 1998
-------------------------------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
Continued on following page(s)
Page 1 of 10 Pages
<PAGE>
SCHEDULE 13G
CUSIP No. 817917107 Page 2 of 10 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
Soros Fund Management LLC
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
DELAWARE
5 Sole Voting Power
Number of 1,176,400
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,176,400
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,176,400
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
3.13%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 817917107 Page 3 of 10 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
George Soros (in the capacity described herein)
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 0
Shares
Beneficially 6 Shared Voting Power
Owned By 1,176,400
Each
Reporting 7 Sole Dispositive Power
Person 0
With
8 Shared Dispositive Power
1,176,400
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,176,400
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
3.13%
12 Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 817917107 Page 4 of 10 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
Stanley F. Druckenmiller (in the capacity described herein)
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 1,681,600
Shares
Beneficially 6 Shared Voting Power
Owned By 1,176,400
Each
Reporting 7 Sole Dispositive Power
Person 1,681,600
With
8 Shared Dispositive Power
1,176,400
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,858,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[ ]
11 Percent of Class Represented By Amount in Row (9)
7.60%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 817917107 Page 5 of 10 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
Duquesne Capital Management, L.L.C.
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
PENNSYLVANIA
5 Sole Voting Power
Number of 1,681,600
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,681,600
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,681,600
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
4.47%
12 Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 6 of 10 Pages
Item 1(a) Name of Issuer:
Seven Seas Petroleum Inc. (the "Issuer").
Item 1(b) Address of the Issuer's Principal Executive Offices:
1990 Post Oak Boulevard, Suite 960, Houston, Texas 77056.
Item 2(a) Name of Person Filing:
This statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Soros Fund Management LLC, a Delaware limited
liability company ("SFM LLC");
ii) Mr. George Soros ("Mr. Soros");
iii) Mr. Stanley F. Druckenmiller ("Mr. Druckenmiller");
and
iv) Duquesne Capital Management, L.L.C., a Pennsylvania
limited liability company ("Duquesne LLC").
This Statement relates to Shares (as defined herein) held for
the accounts of Quantum Partners LDC, a Cayman Islands exempted limited duration
company ("Quantum Partners") and the Duquesne LLC Clients (as defined herein).
SFM LLC, a Delaware limited liability company, serves as principal investment
manager to Quantum Partners and as such, has been granted investment discretion
over portfolio investments, including the Shares, held for the account of
Quantum Partners. Mr. Soros is the Chairman of SFM LLC. Mr. Druckenmiller is the
Lead Portfolio Manager and a Member of the Management Committee of SFM LLC. Mr.
Druckenmiller also owns a 75% interest in, and is the sole managing member of,
Duquesne LLC, an investment advisory firm that serves as a discretionary
investment advisor to a limited number of institutional clients (the "Duquesne
LLC Clients").
Item 2(b) Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of SFM
LLC, Mr. Soros and Mr. Druckenmiller is 888 Seventh Avenue, 33rd Floor, New
York, NY 10106.
The address of the principal business office of Duquesne LLC
is 2579 Washington Road, Suite 322, Pittsburgh, Pennsylvania 15241-2591.
Item 2(c) Citizenship:
i) SFM LLC is a Delaware limited liability company;
ii) Mr. Soros is a United States citizen;
<PAGE>
Page 7 of 10 Pages
iii) Mr. Druckenmiller is a United States citizen; and
iv) Duquesne LLC is a Pennsylvania limited liability
company.
Item 2(d) Title of Class of Securities:
Common Stock, no par value (the "Shares").
Item 2(e) CUSIP Number:
817917107
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned:
As of February 11, 1999, each of the Reporting
Persons may be deemed the beneficial owner of the
following number of Shares:
i) Each of SFM LLC and Mr. Soros may be deemed
to be the beneficial owner of the 1,176,400
Shares held for the account of Quantum
Partners.
ii) Mr. Druckenmiller may be deemed the
beneficial owner of 2,858,000 Shares. This
number consists of (A) 1,176,400 Shares held
for the account of Quantum Partners and (B)
1,681,600 Shares held for the accounts of
the Duquesne LLC Clients.
iii) Duquesne LLC may be deemed the beneficial
owner of the 1,681,600 Shares held for the
accounts of Duquesne LLC Clients.
Item 4(b) Percent of Class:
i) The number of Shares of which each of SFM
LLC and Mr. Soros may be deemed to be the
beneficial owner constitutes approximately
3.13% of the total number of Shares
outstanding.
ii) The number of Shares of which Mr.
Druckenmiller may be deemed to be the
beneficial owner constitutes approximately
7.60% of the total number of Shares
outstanding.
iii) The number of Shares of which Duquesne LLC
may be deemed to be the beneficial owner
constitutes approximately 4.47% of the total
number of Shares outstanding.
<PAGE>
Page 8 of 10 Pages
Item 4(c) Number of shares as to which such person has:
SFM LLC
-------
(i) Sole power to vote or to direct the vote: 1,176,400
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,176,400
(iv) Shared power to dispose or to direct the disposition of: 0
Mr. Soros
---------
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 1,176,400
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of: 1,176,400
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the vote: 1,681,600
(ii) Shared power to vote or to direct the vote: 1,176,400
(iii) Sole power to dispose or to direct the disposition of: 1,681,600
(iv) Shared power to dispose or to direct the disposition of: 1,176,400
Duquesne LLC
------------
(i) Sole power to vote or to direct the vote: 1,681,600
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,681,600
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
<PAGE>
Page 9 of 10 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
The shareholders of Quantum Partners, including Quantum Fund
N.V., a Netherlands Antilles company, have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the Shares, held by
Quantum Partners in accordance with their ownership interests in Quantum
Partners.
The Duquesne LLC Clients have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the Shares, held for
their account.
Each of SFM LLC and Mr. Soros expressly disclaims beneficial
ownership of any Shares held for the accounts of the Duquesne LLC Clients.
Duquesne LLC expressly disclaims beneficial ownership of any Shares held for the
account of Quantum Partners.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each signatory certifies that, to the best of
his/its knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the Issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
<PAGE>
Page 10 of 10 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: February 12, 1999 SOROS FUND MANAGEMENT LLC
By: /S/ MICHAEL C. NEUS
-----------------------------------
Michael C. Neus
Assistant General Counsel
Date: February 12, 1999 GEORGE SOROS
By: /S/ MICHAEL C. NEUS
-----------------------------------
Michael C. Neus
Attorney-in-Fact
Date: February 12, 1999 STANLEY F. DRUCKENMILLER
By: /S/ MICHAEL C. NEUS
-----------------------------------
Michael C. Neus
Attorney-in-Fact
Date: February 12, 1999 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /S/ GERALD KERNER
-----------------------------------
Gerald Kerner
Managing Director
