First Calgary Petroleums Ltd. Update

 

    TSX: FCP   LSE: FPL

 

    CALGARY, March 11 /CNW/ - In view of the recent press speculation, First

Calgary Petroleums Ltd (FCP) further updates its activities:

 

    STRATEGIC ALTERNATIVES

 

    Lehman Brothers, FCP's financial advisor, and FCP are very pleased

with the progress made to date of the review of strategic alternatives. As

previously stated, various alternatives are being reviewed, one of which could

result in the sale of FCP. In light of negative rumours circulating regarding

the timelines and status of the review, FCP wishes to clarify the process is

proceeding as originally planned and anticipates the process will require at

least 45 days to complete.

 

    OPERATIONS

 

    Interpretation of the 613 km2 of 3D seismic data acquired on Rhourde

Yacoub Block 406a is ongoing and to date has resulted in the identification

of two exploration drilling locations on the southern portion of the Block.

FCP has contracted a Saipem drilling rig for one year with the drilling of

the first well scheduled to commence in early April 2005. The drilling of

these two exploration wells will satisfy all remaining work commitments

pursuant to the Rhourde Yacoub contract.

    First Calgary Petroleums Ltd. is an oil and gas exploration company

actively engaged in international exploration and development activities

in Algeria. The Company's common shares trade on the Toronto Stock Exchange

in Canada (FCP) and on the AIM market of the London Stock Exchange in the

UK (FPL).

 

 

    This news release includes statements about expected future events and

financial results that are forward looking in nature and subject to risks and

uncertainties. FCP cautions that actual performance may be affected by a

number of factors, many of which are beyond its control. Future events and

results may vary substantially from what First Calgary Petroleums Ltd.

currently foresees.

  

    For further information: Richard G. Anderson, President and CEO, First

Calgary Petroleums Ltd., Tel: (403) 264-6697; Tony Durrant, Managing Director

Corporate Finance, Lehman Brothers Europe Limited, Tel: +44 (0) 207 102 2911

    (FCP.)

 

 

 

 



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