Chieftain Provides Operational Update

Chieftain's ongoing field development in the US Gulf of Mexico continues to add new natural gas and oil production. As a result, second quarter production is anticipated to average approximately 150 mmcfe per day (123 mmcfe after royalties), an increase of 18% from the first quarter of 2001 and a 49% increase from the average production rate for 2000.

During the month of April 2001, three natural gas wells commenced production at South Timbalier 250 (50% working interest), West Cameron 300 (35% working interest) and East Cameron 83 (25% working interest). In early May, three new multi-well fields commenced production at Eugene Island 189 (100% working interest), High Island A-510/A-531 (50% working interest) and West Cameron 370 (40% working interest). Five additional fields are in the design and/or construction phases of development with initial production expected later in 2001 and early in 2002.

Recent drilling results include discoveries at Galveston 241 and East Cameron 369 and further success in the drilling of the South Pass 38 No. 2 well. At Galveston 241, Chieftain participated in a successful natural gas development well. Drilled from an existing production platform to a depth of 9,060 feet, the well encountered 46 net feet of hydrocarbon-bearing sands and has been completed. Production is expected to commence by mid-year. Chieftain has an 18.8% working interest in the well.


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