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CHIEFTAIN SUBSIDIARY FILES CONVERTIBLE PREFERRED STOCK OFFERING

 CHIEFTAIN SUBSIDIARY FILES CONVERTIBLE PREFERRED STOCK OFFERING
 EDMONTON, Alberta, Sept. 2 /PRNewswire/ -- Chieftain International Funding Corp. (AMEX: CID, Toronto, Alberta: CID), a wholly owned finance subsidiary of Chieftain International Inc., today filed with the Securities and Exchange Commission for the offering in the United States of up to 2,760,000 shares of convertible preferred stock. The preferred stock will be convertible into common shares of Chieftain International Inc. In addition, certain obligations to holders of the preferred stock will be guaranteed on a subordinated basis by Chieftain International Inc.
 Chieftain intends to use the net proceeds of the offering to fund the acquisition of gas and oil producing properties in the United States, none of which have yet been identified. The underwriters of the offering are Bear, Stearns & Co. Inc. and Prudential Securities Inc.
 Chieftain is engaged in gas and oil exploration, development and production in the United States and to a lesser extent, internationally. Its activities are concentrated in the Gulf of Mexico area, the Four Corners area of Utah and the British sector of the North Sea. Chieftain's common shares are traded on the American Stock Exchange, The Toronto Stock Exchange and The Alberta Stock Exchange.
 A registration statement relating to these securities has been filed with the SEC. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. A preliminary prospectus can be obtained from the secretary, Chieftain International Inc., 1201 Toronto Dominion Tower, Edmonton Centre, Edmonton, Alberta, Canada, T5J 2Z1.
 -0- 9/2/92
 /CONTACT: Tom Campbell, Chieftain International Inc., 403-425-1950/
 (CID) CO: Chieftain International Inc. ST: Alberta IN: OIL SU: OFR


JB -- LA034 -- 6172 09/02/92 19:10 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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