Chieftain International, Inc. and Hunt Oil Company of Dallas, Texas, announced that they have entered into a definitive agreement under which a wholly-owned Canadian subsidiary of Hunt Oil will make an offer to pay U.S. $29.00 per share for all of the common shares of Chieftain, including shares issuable on the exercise of outstanding stock options and on the conversion of the outstanding preferred shares of Chieftain's subsidiary, Chieftain International Funding Corp. The offer will be mailed as soon as practicable and will expire 35 days after mailing. It will be subject to the deposit under
the offer of at least 66 2/3% of the shares of Chieftain on a fully-diluted basis, all necessary regulatory approvals and other customary conditions. The value of the offer, assuming all shares are purchased on a fully-diluted basis, is approximately U.S. $600 million (approximately Cdn. $915 million).