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                                                                     Page 1 of 8

                                    FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


[x]       QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934


For the quarterly period ended: March 31, 2001

OR

[ ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the transition period from             to
                               -----------    -------------

Commission file number:  33-51630
                         --------


                      CHIEFTAIN INTERNATIONAL FUNDING CORP.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)



                   Nevada                                     98-0127391
      ---------------------------------                  -------------------
        (State or other jurisdiction                      (I.R.S. Employer
      of incorporation or organization)                  Identification No.)


   1201 TD Tower, 10088 - 102 Avenue
       Edmonton, Alberta, Canada                               T5J 2Z1
----------------------------------------               ----------------------
(Address of principal executive offices)               (Zip Code/Postal Code)

Registrants' telephone number, including area code:  (780) 425-1950


                                 Not Applicable
                   ------------------------------------------
                     (Former name, former address and former
                   fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes       X          No
    --------------      -------------

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:


   Title of each Class                  Date                 Number Outstanding
---------------------------         --------------           ------------------
Common Shares, no par value         April 30, 2001                 200,000


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                                                                     Page 2 of 8

                      CHIEFTAIN INTERNATIONAL FUNDING CORP.

                                      INDEX


                                                                        Page No.

PART I:   FINANCIAL STATEMENTS

          Item 1.   Financial Statements

          Chieftain International Funding Corp.

          Balance Sheet - March 31, 2001 and December 31, 2000             3

          Statement of Income and Retained Earnings - Three months
                    ended March 31, 2001 and 2000                          4

          Statement of Cash Flows Three months ended March 31,
                    2001 and 2000                                          5

          Notes to Financial Statements                                    6

          Item 2.   Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                    7

          Signatures                                                       8

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                                                                     Page 3 of 8

CHIEFTAIN INTERNATIONAL FUNDING CORP.

(a subsidiary of Chieftain International (U.S.) Inc.)

BALANCE SHEET

<TABLE>
<CAPTION>

                                                                      MARCH 31         December 31
                                                                        2001               2000
--------------------------------------------------------------------------------------------------
(US$)
(unaudited)

<S>                                                                <C>                 <C>
ASSETS

Current assets:
     Cash                                                          $   183,533         $    27,488
     Due from affiliated companies                                   6,693,331           6,576,734
                                                                   -------------------------------
                                                                     6,876,864           6,604,222

Investment in preferred shares of Chieftain International
     (U.S.) Inc. at cost                                            78,500,000          78,500,000
                                                                   -------------------------------
                                                                   $85,376,864         $85,104,222
                                                                   ===============================

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Accounts payable and accrued                                  $     6,600         $     6,600

Preferred shares issued (Note 2)                                    63,402,903          63,402,903

Common shareholder's equity:
     Share capital
       Authorized
         10,000,000 common shares, par value $0.01 each
       Issued                                                            2,000               2,000
         200,000 common shares
     Additional paid in capital                                     14,998,000          14,998,000
     Retained earnings                                               6,967,361           6,694,719
                                                                   -------------------------------
                                                                    21,967,361          21,694,719
                                                                   -------------------------------
                                                                   $85,376,864         $85,104,222
                                                                   ===============================
</TABLE>


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                                                                     Page 4 of 8

CHIEFTAIN INTERNATIONAL FUNDING CORP.

STATEMENT OF INCOME AND RETAINED EARNINGS


<TABLE>
<CAPTION>

Three months ended  March 31                                 2001           2000
-----------------------------------------------------------------------------------
(US$)
(unaudited)

<S>                                                       <C>             <C>
Revenue:
     Dividends                                           $ 1,422,813     $ 1,422,813
     Interest                                                148,314          70,892
                                                         ---------------------------
                                                           1,571,127       1,493,705
Expense:
     General and administrative                               15,949          18,022
                                                         ---------------------------

Income before income taxes and
     dividends on preferred shares                         1,555,178       1,475,683
Income tax expense  - (Note 3)                                47,000          19,000
                                                         ---------------------------
Net income before dividends on preferred shares            1,508,178       1,456,683

Dividends on preferred shares                             (1,235,536)     (1,235,536)
                                                         ---------------------------


Net income applicable to common shares                       272,642         221,147

Retained earnings, beginning of period                     6,694,719       5,632,504
                                                         ---------------------------

Retained earnings, end of period                         $ 6,967,361     $ 5,853,651
                                                         ===========================
</TABLE>


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                                                                     Page 5 of 8

CHIEFTAIN INTERNATIONAL FUNDING CORP.

STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>

Three months ended March 31                             2001        2000
----------------------------------------------------------------------------
(US$)
(unaudited)

<S>                                                  <C>           <C>
Operating activities:
     Net income applicable to common shares          $ 272,642     $ 221,147
     Change in non-cash working capital -
         Current liabilities                                --            --
                                                     -----------------------
                                                       272,642       221,147

Investing activity:
     Advances to affiliated companies                 (116,597)     (282,271)
                                                     -----------------------
Change in cash                                         156,045       (61,124)

Beginning cash                                          27,488       147,982
                                                     -----------------------
Ending cash                                          $ 183,533     $  86,858
                                                     =======================
</TABLE>


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                                                                     Page 6 of 8

CHIEFTAIN INTERNATIONAL FUNDING CORP.

NOTES TO FINANCIAL STATEMENTS

March 31, 2001 and 2000

(unaudited)

1.   Basis of Presentation:

     In the opinion of Chieftain International Funding Corp. ("Funding Corp."),
     the accompanying unaudited financial statements contain all adjustments
     (consisting of only normal recurring adjustments) necessary to present
     fairly the financial position as at March 31, 2001 and December 31, 2000
     and the results of operations and cash flows for the three months ended
     March 31, 2001 and 2000. Certain information and notes normally included in
     Funding Corp.'s financial statements prepared in accordance with Canadian
     generally accepted accounting principles have been condensed or omitted for
     interim reporting pursuant to the rules and regulations of the Securities
     and Exchange Commission. These financial statements should be read in
     conjunction with the financial statements and the notes thereto included in
     Funding Corp.'s Annual Report on Form 10-K for the year ended December 31,
     2000.

     Preparation of financial statements in conformity with generally accepted
     accounting principles requires management to make informed judgements and
     estimates. Actual results may differ from those estimates.

     The results of operations and cash flows for the three month period ended
     March 31, 2001 are not necessarily indicative of the results to be expected
     for the full year.

2.   Preferred Shares:

     The Articles of Funding Corp. authorize the issuance of a maximum of
     10,000,000 preferred shares with a par value of $1.00 each.

     In 1992, Funding Corp. sold 2,726,700 shares of $1.8125 convertible
     redeemable preferred stock at $25.00 per share through an underwritten
     public offering in the United States. Proceeds of the issuance of preferred
     shares, net of offering costs of $4.7 million, were $63.4 million.

3.   Income Taxes:

     Funding Corp. and its parent company file corporate income tax returns on a
     consolidated basis. As a result, income taxes payable have been offset by
     the parent company's tax losses and are reflected in the amount due from
     the parent company.

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                                                                     Page 7 of 8

         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS


Chieftain International Funding Corp., a special purpose subsidiary of Chieftain
International (U.S.) Inc., was formed in 1992 for the primary purpose of
financing the U.S. business operations of its parent.

Analysis of Operating Results - Three months ended March 31, 2001 and 2000

Funding Corp.'s income is derived from dividends on preferred shares and
interest on short-term notes, all of which are issued by its parent company,
Chieftain International (U.S.) Inc.

Dividends received on 3,140,000 redeemable Class B preferred shares amounted to
$1,422,813 for each of the first three months of 2001 and 2000.

Interest earned on short-term notes for the first three months of 2001 was
$148,314, a 109% increase from the amount earned in the comparable 2000 period.
Such increase resulted from increases in average investment yield and in the
average amount invested compared to the 2000 first three months. Future dividend
income is expected to remain constant while interest income should increase,
subject to rate fluctuations, reflecting increases in short-term investment
amounts.

Income taxes are calculated on interest income less general and administrative
costs. Dividends received from the parent are tax exempt.

Capital Resources and Liquidity

Funding Corp. is dependent upon the dividend income from its investment in
preferred shares of its parent company to provide funds for payment of dividends
on its publicly-held preferred shares.

Funds provided from operations increased to $272,642 for the first three months
of 2001 compared with $221,147 for the 2000 comparable period. Funds not
required for current working capital were invested in short-term notes issued
and payable by the parent company.

Cash balances at March 31, 2001 and 2000 were $183,533 and $86,858,
respectively.

Outlook

On March 8, 2001, the Board of Directors of Chieftain International, Inc.
("Chieftain"), Funding Corp.'s ultimate parent company, announced that it had
authorized CIBC World Markets, Inc., Chieftain's financial adviser, to examine
strategic alternatives to enhance shareholder value, including a possible merger
or sale of Chieftain. As part of this process, data rooms have been opened in
Dallas and Edmonton.

Information Regarding Forward Looking Financial Statements

This 10-Q contains forward-looking statements that are subject to risk factors
associated with the Company's business. The Company believes that the
expectations reflected in these statements are reasonable, but may be affected
by a variety of factors affecting the Company's business.





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



Chieftain International Funding Corp.
-------------------------------------
           (Registrant)




/s/ STANLEY A. MILNER
-----------------------------------------
Stanley A. Milner, A.O.E., LL.D.
President and Chief Executive Officer
Principal Executive and Financial Officer


Dated:  April 30, 2001