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CHIEFTAIN REPORTS FIRST QUARTER RESULTS

 EDMONTON, April 26 /PRNewswire/ -- Chieftain International Inc. (Toronto, Alberta: CID) today reported cash flow, after preferred dividends, of U.S.$0.54 (C$0.68) per share for the three-month period ended March 31, 1993. Financial results for the period, with comparative amounts for the first quarter of 1992, are as follows:
 CHIEFTAIN INTERNATIONAL INC.
 (In thousands except per share amounts)
 Three Months ended March 31,
 U.S.$ Canadian $
 1993 1992 1993 1992
 Gross revenue $10,204 $6,228 $12,829 $7,410
 Cash flow $7,159 $3,229 $9,001 $3,842
 Cash flow after
 dividends on
 preferred
 shares of
 subsidiary $5,924 $3,229 $7,448 $3,842
 Per common share $0.54 $0.34 $0.68 $0.40
 Income (loss) before
 dividends on preferred
 shares of subsidiary $759 ($752) $954 ($895)
 Preferred share
 dividends $1,235 $--- $1,553 $---
 Net income (loss)
 applicable to common
 shares ($476) ($752) ($599) ($895)
 Per common share ($0.04) ($0.08) ($0.05) ($0.09)
 Working capital at
 March 31 $114,969 $32,446 $144,540 $38,608
 Chieftain increased gas production by 50 percent to 49.5 million cubic feet (mmcf) per day during the first three 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$1.80 (C$2.26) per thousand cubic feet (mcf), representing a 30 percent increase from the comparable period of 1992. As the second quarter began, the strength in the gas market was sustained, with spot prices in the Gulf of Mexico more than 50 percent higher than in April 1992. The company anticipates that with continued high volumes, cash flow during the second 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 March 31, 1993 and 1992.
 -0- 4/26/93
 /CONTACT: Tom Campbell of Chieftain International Inc., 403-425-1950/
 (CID.)


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

EH -- LA015 -- 0677 04/26/93 12:28 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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