FPL First Calgary

    First Calgary Petroleums Ltd. Update


LSE:  FPL


    CALGARY, June 9 /CNW/ - In response to the recent market volatility in

the Company's common shares, First Calgary Petroleums Ltd. ("FCP" or the

"Company") wishes to provide an update on its strategic discussions. The

Company announced on May 24, 2005 that it had entered formal negotiations with

Repsol respecting the potential joint venture development of Block 405b in

Algeria. The Company advises that these discussions continue, however no

assurance can be provided that an agreement will be reached. A joint venture

would only be proposed for shareholder approval when the Company believes this

to be in its best interests.

    The Company's Annual General Meeting is scheduled for June 16, 2005 in

Calgary when it will provide a 'Strategic Overview' which will include an

update on the status of discussions with Repsol as at that date.

 

    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, Website: www.fcpl.ca; European

contacts: James Henderson, Pelham Public Relations, Tel: +44 (0) 207 743 6673;

Carina Corbett, 4C - Burvale Limited, Tel: +44 (0) 207 907 4761

    (FPL)

 



END

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