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CHIEFTAIN REPORTS OPERATING & FINANCIAL HIGHLIGHTS

 EDMONTON, Alberta, Feb. 17 /PRNewswire/ -- Chieftain International Inc. (AMEX: CID, Toronto, Calgary: CID) increased natural gas and oil production, cash flow and net income in 1992. The company maintained its debt-free status, completing the year with US$117 (C$149 million) in working capital.
 Financial results for the year ended Dec. 31, 1992, with comparative figures for 1991, are as follows:
 CHIEFTAIN INTERNATIONAL INC.
 Financial Highlights
 (in thousands except per share amounts)
 Year ended Dec. 31,
 U.S.$ Canadian $
 1992 1991 1992 1991
 Gross revenue $34,258 $30,189 $43,545 $34,886
 Cash flow after preferred
 share dividends $22,601 $20,948 $28,728 $24,208
 Per common share $2.32 $2.21 $2.95 $2.55
 Depletion and depreciation $21,142 $18,880 $26,874 $21,818
 Additional depletion --- $9,845 --- $11,377
 Net income (loss) from
 continuing operations before
 preferred share dividends $1,192 ($5,158) $1,515 ($5,961)
 Preferred share dividends $755 --- $960 ---
 Net income (loss) applicable
 to common shares $437 ($5,492) $555 ($6,347)
 Per common share $0.04 ($0.58) (0.06 ($0.67)
 Working capital at Dec. 31 $117,117 $31,636 $148,867 $36,559
 After production, proved and probable reserves of natural gas increased 5 percent to 96.0 bcf (82.4 bcf net of royalties) of which 77.3 bcf (66.9 bcf net of royalties) were proved at Dec. 31, 1992, compared with 91.8 bcf (78.9 bcf net) of which 77.8 bcf (67.4 bcf net) were proved at the end of 1991.
 After production, proved and probable reserves of oil and natural gas liquids (ngls) declined 4 percent to 7,092,000 barrels (6,123,000 barrels net) of which 7,045,000 barrels (6,084,000 barrels net) were proved at Dec. 31, 1992 compared with 7,361,000 barrels (6,340,000 barrels net) of which 7,303,000 barrels (6,292,000 barrels net) were proved at Dec. 31, 1991.
 The present value of future cash flow from proved and probable reserves, at constant prices discounted at 10 percent, increased by 18 percent to US$108.8 million (C$138.3 million). The present value of proved reserves increased by 15 percent to US$91.8 million (C$116.6 million).
 Natural gas production, before royalty deductions, increased 23 percent to 15 billion cubic feet (41.1 million cubic feet per day) in 1992. Production of oil and natural gas liquids (ngls), before royalty deductions, increased 5 percent to 657,000 barrels (1,800 barrels per day).
 The company reports financial information in U.S. dollars. For convenience, Canadian dollar equivalents are provided using exchange rates as at Dec. 31, 1992 and 1991.
 -0- 2/17/93
 /CONTACT: Tom Campbell of Chieftain International, 403-425-1950/
 (CID.)


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

KJ -- LA022 -- 7305 02/17/93 11:52 EST
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Date:Feb 17, 1993
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