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CHIEFTAIN REPORTS FIRST HALF RESULTS

 EDMONTON, Alberta, July 21 /PRNewswire/ -- Chieftain International, Inc. today reported cash flow, after preferred dividends, of U.S. $1.19 (C$1.52) per share for the first six months ended June 30, 1993. Financial results for the period, with comparative amounts for the first half of 1992, are as follows:
 Six Months Ended June 30,
 U.S.$ Canadian$
 1993 1992 1993 1992
 (In thousands except per share amounts)
 Gross revenue $21,168 $14,469 $27,144 $17,317
 Cash flow $15,519 $9,210 $19,900 $11,022
 Cash flow after
 dividends on preferred
 shares of subsidiary $13,048 $9,210 $16,731 $11,022
 Per common share $1.19 $0.97 $1.52 $1.16
 Income (loss) before
 dividends on preferred
 shares of subsidiary $2,407 ($591) $3,087 ($708)
 Preferred share dividends $2,471 --- $3,169 ---
 Net income (loss)
 applicable to common
 shares ($64) ($591) ($82) ($708)
 Per common share ($0.01) ($0.06) ($0.01) ($0.07)
 Working capital at
 June 30 $115,187 $ 33,166 $147,704 $ 39,696
 Chieftain increased gas production by 20 percent to 47.3 million cubic feet per day during the first six months of 1993 from the comparable period in 1992 in response to higher natural gas prices. The average wellhead price realized by Chieftain was US$1.97 (C$2.53) per thousand cubic feet, representing a 35 percent increase from the comparable period of 1992. As the third quarter began, the strength in the gas market was sustained, with July spot prices in the Gulf of Mexico 30 percent higher than in July 1992. The company anticipates that with continued high volumes, cash flow during the third quarter will be stronger than that of the comparative quarter of 1992.
 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, 1993 and 1992.
 -0- 7/21/93
 /CONTACT: Tom Campbell of Chieftain International Inc., 403-425-1950/
 (CID.)


CO: Chieftain International Inc. ST: Alberta IN: OIL SU: ERN

JB -- LA013 -- 3878 07/21/93 10:55 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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