Chieftain sets Gulf of Mexico drilling program

The board of Chieftain International Inc., Edmonton, Alta., has approved a $162 million (Can.) budget for 2001 that is focused on the US Gulf of Mexico. It plans to participate in drilling 36 gross wells (13.7 net) in the gulf in 2001, operating half of them. About two-thirds are wildcats and the rest development wells.


The board of Chieftain International Inc., Edmonton, Alta., has approved a $162 million (Can.) budget for 2001 that is focused on the US Gulf of Mexico.

The budget anticipates prices of $3.71/Mcf (US) for gas and $24.55/bbl (US) for oil, which will enable it to fund its drilling program with internally generated cash flow.

Chieftain plans to participate in drilling 36 gross wells (13.7 net) in the Gulf of Mexico in 2001, operating half of them. About two thirds are wildcats and the rest development wells. The exploration program includes three deepwater prospects.

This year, Chieftain expects to participate in about 35 wells (13.1 net), all in the gulf, and the directors approved a 14% increase in the 2000 capital budget to $151 million (Can.).

Five wildcats are being drilled in the gulf. So far this year, Chieftain has participated in drilling 29 wells, of which 18 were successful.

Chieftain is an independent exploration and production company active primarily in the Gulf of Mexico, southeast Utah, and the UK North Sea. Headquartered in Edmonton, it has offices in Dallas and New Orleans.

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