First Calgary Petroleums Ltd. Update
March 11 2005 - 2:00AM
PR Newswire (US)
First Calgary Petroleums Ltd. Update 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.) END DATASOURCE: FIRST CALGARY
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