CHIEFTAIN INTERNATIONAL

Chieftain International has participated in three successful wells in the U.S. Gulf of Mexico. The No. A-3 exploratory well on Vermilion 267 was drilled by Marine Drilling's jackup, Marine 18 to a depth of 12,840 feet and encountered over 75 feet of natural gas/condensate reservoir rock in Pliocene sands. Chieftain holds a 60 percent working interest and Basin Exploration is the operator. Exploratory well No. 5 in Matagorda Island 704 was drilled to a total depth of 13,046 feet by Diamond Offshore's jackup, Ocean Tower. Chieftain owns a 25 percent working interest in this block and Houston Exploration is the operator. On High Island A-531 the No. 4 well was drilled by R&B Falcon's jackup RBF254 (ex-Seahawk) to a depth of 11,028 feet. The well encountered 40 feet of net oil and gas reservoirs in multiple sands. Chieftain owns a 50 percent working interest and is the operator. Production is scheduled to commence from these wells in late 2000 and early 2001.
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