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ALBERTA ENERGY COMPANY REDUCES INTEREST IN CHIEFTAIN INTERNATIONAL INC. TO 25 PERCENT

 ALBERTA ENERGY COMPANY REDUCES INTEREST IN
 CHIEFTAIN INTERNATIONAL INC. TO 25 PERCENT
 EDMONTON, Alberta, June 2 /PRNewswire/ -- Alberta Energy Company Ltd. has reduced its interest in Chieftain International Inc. (AMEX: CID, Toronto, Calgary: CID) from 50 percent to 25 percent through the sale of 2.37 million Chieftain common shares in a special warrant transaction.
 Prior to this transaction AEC held 4.74 million of the total 9.48 million Chieftain common shares outstanding. AEC stated that it has no present intention of disposing of the balance of its interest in Chieftain and that proceeds from this transaction will be directed toward debt reduction and general corporate purposes.
 Chieftain welcomes the transaction as one which will have the positive effect of increasing liquidity in the company's common shares.
 Chieftain International is an Edmonton-based natural gas and oil exploration and production company which is active in the Gulf of Mexico region of the United States and the British Sector of the North Sea.
 Alberta Energy Company is a Canadian natural resource corporation with more than 40,000 shareholders. AEC participates in Canada's natural gas, oil, pipelines, forest products and petrochemical industries.
 -0- 6/2/92
 /CONTACt: Tom Campbell of Chieftain International Inc., 403-425-1950/
 (CID) CO: Chieftain International Inc. ST: Alberta IN: OIL SU:


CH -- LA024 -- 6375 06/02/92 16:34 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:221
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