FPL First Calgary

    First Calgary Petroleums Ltd. announces Gas Marketing Agreement Signed

    TSX: FCP  LSE: FPL

    CALGARY, Nov. 7 /CNW/ - First Calgary Petroleums Ltd. ("FCP") announces
that it has signed a long term Take or Pay Gas Marketing Agreement with
Sonatrach, Algeria's national oil company, covering Block 405b in Algeria's
Berkine Basin. Pursuant to the agreement, Sonatrach will market the total
natural gas production from Block 405b using a price formula linked to the
price of European oil products. The entering of the Gas Marketing Agreement
represents a major step forward in FCP's plans to develop Block 405b,
commencing with the MLE field. Further details on FCP's and Sonatrach's
development plans for the MLE field will be announced later.

    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: contact First Calgary Petroleums Ltd.: Richard G.
Anderson, President and CEO, Tel: (403) 264-6697; John van der Welle, Finance
Director and CFO, Tel: +44 (0) 203 043 0270; Other contacts: David Nabarro,
Nabarro Wells & Co Limited, Tel + 44 (0) 207 710 7400; James Henderson, Pelham
Public Relations, Tel: +44 (0) 207 743 6673; Carina Corbett, 4C - Burvale
Limited, Tel: +44 (0) 207 907 4761
(FCP. FPL)



 



END

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