FPL First Calgary

RNS Number:4933A
First Calgary Petroleums Ltd
28 March 2006

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
                               THE UNITED STATES



  FIRST CALGARY PETROLEUMS LTD. ANNOUNCES C$141 MILLION BOUGHT DEAL FINANCING



Calgary, Canada, March 27, 2006 - First Calgary Petroleums Ltd. ("FCP" or the 
"Company") (TSX:FCP, AIM: FPL) is pleased to announce that it has entered into
an agreement with Canaccord Adams Limited ("Canaccord") pursuant to which
Canaccord has agreed to purchase for resale to the public, on a bought deal
basis, 15,670,000 Common shares of FCP (the "Common Shares") at a price of
C$9.00 or approximately #4.45 per Common Share (the "Issue Price"), resulting in
gross proceeds of approximately C$141 million or approximately #70 million.  The
terms of the Offering provide for an option (the "Underwriter's Option")
pursuant to which Canaccord may purchase up to an additional 3,670,000 Common
Shares at the Issue Price.  If the Underwriter's Option is fully exercised, this
would raise approximately an additional C$33 million or approximately #16
million. Canaccord will also be entitled to an over-allotment option (the "Over-
allotment Option") to purchase up to a further 15 per cent. of the Common Shares
offered in the bought deal, including the Underwriters option (up to a further
2,901,000 Common Shares) at the Issue Price. The Over-allotment Option will be
exercisable in whole or in part, at the sole discretion of Canaccord for a
period of 45 days from the  closing of the Offering. If the Underwriter's Option
and the Over-allotment Option are exercised in full, the gross proceeds raised
pursuant to the offering including the Underwriters' Option and Over-allotment
option will be approximately C$200 million or approximately #100 million. The
Common Shares have not been and will not be registered under the United States
Securities Act and may not be offered or sold in the United States except in
transactions exempt from the registration requirements of that Act.



The offering is subject to certain conditions including normal regulatory
approvals.  The Common Shares will be offered in certain provinces of Canada by
way of a short form prospectus and on a private placement basis elsewhere
including in the United Kingdom and Europe.  Closing is anticipated to occur on
or about April, 18 2006.



Net proceeds of the Offering will be used to implement the Company's independent
exploration and appraisal strategy in respect of its Algerian assets over the
short to medium term and for working capital purposes.



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 under the symbol
FCP and on AIM, trading under the symbol FPL.



For further information, contact: Richard G. Anderson, President and CEO, and
John van  der Welle, CFO, 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



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.



This news release shall not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction.  The Common Shares will not and
have not been registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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