FPL First Calgary

    First Calgary Petroleums Ltd. announces operations update

 

    TSX: FCP   LSE: FPL                                                     

 

    CALGARY, July 26 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") announces that with the recent common share financing of

approximately CDN $137 million, the Company has now defined its active

drilling and operations programme. The drilling rig is now in the process of

moving to the RTN-1 exploration location on Block 406a which is expected to

commence drilling in early August. In addition, drilling locations are being

prepared for ZCH-2 on Block 406a and for the next three well locations on

Block 405b. The Company is currently in the tender process to contract a

second drilling rig in order to accelerate its proposed drilling schedule for

the next 18 months.

    The Company has also decided to suspend operations on the ZCHW-1 well. As

a result of mechanical difficulties encountered during completion operations,

the Company cemented off the bottom section of the wellbore containing the

indicated hydrocarbon pay zones without being able to test the well. FCP

considered a sidetrack drilling programme to re-enter the target pay zones but

decided that given the time constraints imposed by the Block 406a joint

venture exploration period ending in November 2005 and the resource potential

of other drilling opportunities, it was not beneficial to the Company to spend

further time and resources on this prospect.

 

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

actively engaged in 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. First Calgary Petroleums Ltd. 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: contact 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 FCP.)



END

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