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CHIEFTAIN INTERNATIONAL REPORTS FIRST HALF RESULTS

 CHIEFTAIN INTERNATIONAL REPORTS FIRST HALF RESULTS
 EDMONTON, Alberta, July 21 /PRNewswire/ -- Chieftain


International, Inc. (AMEX: CID, Toronto, Calgary: CID) today reported cash flow of U.S.$0.97 (C$1.16) per share for the six-month period ended June 30, 1992. Financial results for the period, with comparative amounts for the first half of 1991, are as follows:
 Six Months Ended June 30
 U.S.$ Canadian$
 1992 1991 1992 1991
 (restated) (a) (restated) (a)
 (in thousands except per share amounts)
 Gross revenue $14,469 $14,295 $17,317 $16,325
 Cash flow $ 9,210 $ 9,964 $11,022 $11,379
 Per Common Share $ 0.97 $ 1.05 $ 1.16 $ 1.20
 Net income (loss) $ (591) $ 157 $ (709) $ 179
 Per Common Share $ (0.06) $ 0.02 $ (0.07) $ 0.02
 Working capital
 at June 30 $33,166 $42,640 $39,696 $48,695
 (a) Results for 1991 are restated to reflect discontinuance of contract drilling operations.
 In response to improved prices, Chieftain more than doubled natural gas sales to 45.3 million cubic feet (mmcf) per day during the second quarter of 1992 from 21.5 mmcf per day in the 1991 period. During the first half of 1992 gas sales increased by 22 percent to 39.4 mmcf per day compared with 31.8 mmcf per day during the first half of 1991. Gas prices, although stronger in the second quarter, averaged U.S.$1.46 (C$1.75) per thousand cubic feet (mcf) in the first half of 1992 compared with U.S.$1.60 (C$1.83) per mcf in the first six months of 1991.
 As the third quarter commenced spot prices were running 30 percent above July, 1991 prices and Chieftain's gas production was significantly greater than in the previous July. The Company anticipates that with continued high volumes, cash flow during the quarter ending September 30, 1992 will be stronger than in the comparative quarter of 1991.
 Chieftain has no debt. The Company reports financial information in U.S. dollars. For convenience, Canadian dollar equivalents are provided using exchange rates as at June 30, 1992 and 1991.
 -0- 07/21/92
 /CONTACT: Tom Campbell of Chieftain International, Inc., 403-425-1950/
 (CID.) CO: Chieftain International, Inc. ST: Alberta IN: OIL SU: ERN


CH -- LA019 -- 1375 07/21/92 13:11 EDT
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Date:Jul 21, 1992
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