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FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File number 33-51630:
CHIEFTAIN INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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NEVADA 98-0127391
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AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its annual report on Form 10K for the
year ended December 31, 1998 as set forth in the page attached hereto:
SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA
(correction of typographical error. Working capital amount for
1998 was $2,383 -- should read $2,392.)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
CHIEFTAIN INTERNATIONAL, INC.
(Registrant)
/s/ E. L. Hahn
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E. L. Hahn
Senior Vice President, Finance and Treasurer
(Principal Financial Officer)
Date: April 13, 1999
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SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA
CHIEFTAIN INTERNATIONAL,INC. AND SUBSIDIARIES
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Year ended December 31, 1998 1997 1996 1995 1994
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(in thousands except shares, per share amounts and operating data)
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INCOME STATEMENT DATA:
Revenue ............................................... $ 64,391 $ 72,055 $ 63,099 $ 31,071 $ 34,876
Production costs ...................................... 16,355 13,325 12,220 9,563 8,839
General and administrative expenses ................... 4,796 4,308 3,972 3,346 3,402
Interest .............................................. 437 -- -- -- --
Depletion and amortization(1) ......................... 42,081 36,951 30,920 18,779 21,527
Additional depletion(2) ............................... 6,244 -- -- -- 15,434
Income (loss) from operations, before dividends
on preferred shares of a subsidiary ................ (4,113) 10,160 9,784 (775) (9,528)
Dividends on preferred shares of a subsidiary ......... 4,942 4,942 4,942 4,942 4,942
Net income (loss) applicable to common shares(1) ...... (9,055) 5,218 4,842 (5,717) (14,470)
Net income (loss) per common share(1).................. (0.67) 0.38 0.37 (0.54) (1.32)
Weighted average number of common shares outstanding... 13,480,067 13,620,728 13,065,414 10,633,142 10,986,116
OTHER DATA:
Cash flow from operations ............................. $ 37,847 $ 49,473 $ 41,841 $ 13,186 $ 17,647
Net gas and oil capital expenditures .................. $ 92,573 $ 69,453 $ 57,673 $ 100,502 $ 28,059
BALANCE SHEET DATA (at end of period):
Working capital ....................................... $ 2,392 $ 22,676 $ 42,854 $ 11,216 $ 103,225
Total assets(1) ....................................... $ 318,584 $ 285,125 $ 267,442 $ 204,555 $ 211,032
Long-term debt ........................................ $ 40,000 $ -- $ -- $ -- $ --
Shareholders' equity(1) ............................... $ 234,946 $ 249,466 $ 244,122 $ 190,534 $ 200,754
OPERATING DATA:
Average Daily Net Production:
Gas (mmcf) ......................................... 67.1 64.2 59.8 29.5 28.4
Oil and liquids (b) ................................ 3,012 2,261 2,005 1,643 1,631
Gas equivalent (mmcf) .............................. 85.2 77.8 71.8 39.3 38.2
Average Sales Price:
Gas (per mcf) ...................................... $ 1.99 $ 2.33 $ 2.09 $ 1.54 $ 1.97
Oil and liquids (per b) ............................ 11.74 18.94 20.99 16.94 15.86
Average Production Cost:
Gas (per mcf) ...................................... $ 0.30 $ 0.27 $ 0.25 $ 0.35 $ 0.34
Oil and liquids (per b) ............................ 5.78 5.81 6.57 7.31 6.79
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Notes:
(1) Reference is made to Note 11 of the Notes to Consolidated
Financial Statements which describes the impact of United States
accounting principles.
(2) This amount reflects write-downs in the carrying value of UK and
Libyan gas and oil properties in 1998 and US and Peruvian gas
and oil properties in 1994 in accordance with full cost
accounting rules under Canadian GAAP.
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