FPL First Calgary

    Update on the Evaluation of Strategic Alternatives

 

    TSX: FCP LSE: FPL

 

    CALGARY, April 16 /CNW/ - In October 2004, First Calgary Petroleums Ltd.

("FCP" or the "Company") announced that it had initiated a process to seek and

evaluate strategic alternatives for the Company. Those alternatives included

the consideration of a number of transactions, including an outright sale of

the Company or a strategic partnership for the development of FCP's Algerian

assets.

    In connection with this process, FCP, through its advisers Lehman

Brothers, contacted a number of companies to seek indications of interest in

FCP. A majority of the companies contacted participated in an indepth study of

FCP's assets. As of Thursday, April 14, the Company had received a number of

complex proposals for the Company or its assets. Over the next few weeks FCP

and its advisers will be engaged in discussions with certain of the

participants with a view towards reaching a conclusion to the process. At this

time, FCP will not comment on the forms of the proposals or the identities of

the parties. There can be no assurance that any transaction will be entered

into or completed as a result of this process.

    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

    (FPL)

 



END

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