First Calgary Petroleums Ltd. - 2006 Third Quarter Results
CALGARY, Nov. 8 /CNW/ - First Calgary Petroleums Ltd. (First Calgary, FCP
or the Company) announces its results for the three months ended September 30,
2006.
Highlights for the Quarter
- Significant progress made on commercialisation with signing of a
long term take or pay gas marketing agreement with Sonatrach,
Algeria's national oil company
- On track with MLE field - exploitation licence approval
expected in the fourth quarter of 2006, with the award of the
engineering procurement and construction contract expected in
2007 and first production currently scheduled for 2009
- Aggressive exploration programme continuing with 3 drilling rigs
operating on Ledjmet Block 405b, focusing on new untested
exploration areas and remote appraisal locations
- GSM-1 exploration well - completed indicating a new oil pool
discovery
- ZER-1 exploration well - completed and tested oil and gas
- GSME-1 exploration well - evaluating test results
- LES-4 and MZLS-2 appraisal wells - currently testing
- MZLN-2 appraisal well - due to be tested
- MZLN-3, ZER-2 and LES-6 appraisal wells currently drilling
- Current exploration and appraisal programme fully funded with
working capital balance at September 30, 2006 of U.S. $130 million
Richard Anderson, President and CEO, commented:
"The successful conclusion of a long term gas marketing agreement with
Sonatrach is a major step towards declaration of commerciality for Block 405b,
which is currently expected in the fourth quarter. We are now planning the
appraisal drilling programme for 2007 onward, which we anticipate will lead to
further stages of commercialisation in due course."
FCP has scheduled a conference call for today at 11:00 a.m. EST,
4:00 p.m. GMT for investors and analysts. To participate in the conference
call, please dial:
UK: +44 (0) 208 515 2310 ( 4:00 p.m. GMT)
North America: +1 866 388 8634 (11:00 a.m. EST)
An archived recording of the conference call will be available for 5 days
by calling:
UK: +44 (0) 207 190 5901 Passcode: 134354,
followed by the number sign
North America: +1 303 590 3030 Passcode: 1154184,
followed by the number sign
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.
First Calgary Petroleums Ltd.
Management's Discussion and Analysis
For the three and nine month periods ended September 30, 2006
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MANAGEMENT'S DISCUSSION AND ANALYSIS
Management's discussion and analysis (MD&A) is a review of operations,
current financial position and outlook for First Calgary Petroleums Ltd.
(First Calgary, FCP or the Company). It should be read in conjunction with the
unaudited interim financial statements for the periods ended September 30,
2006 and 2005 and the 2005 Annual Report incorporating the audited financial
statements and MD&A for the year ended December 31, 2005. In this discussion
and analysis $ refers to the U.S. dollar and C$ refers to the Canadian dollar.
OPERATIONAL REVIEW
Commercialisation
Significant progress was made towards the commercialisation of Block 405b
with the signing of a long term take or pay gas marketing agreement with
Sonatrach. 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.
FCP is in the final stages of the MLE field commercialisation process
and remains on track with its project timeline envisaging approval by the
Algerian authorities of an Exploitation License Application by the end of
2006. Once approved, the front end engineering and design (FEED) work for the
development will commence, followed by the award of the engineering,
construction and procurement contract in 2007 and first production in 2009.
Exploration and Appraisal Operations
First Calgary maintained an aggressive level of operational activity in
the third quarter, with three drilling rigs operating on Ledjmet Block 405b.
Drilling activities in the quarter continued to focus on exploring the block
prior to relinquishment at the end of this year in order to maximize retention
of the most attractive acreage. Consequently the 2006 programme targets new,
untested exploration areas as well as remote appraisal locations designed to
define the limits of existing discoveries. The following summarizes the
exploration and appraisal activities that were performed during the quarter.
The testing programme on the GSM-1 exploration well was completed. Test
results indicated a new oil pool discovery in the Devonian F6-1 zone at a
depth of 4176 metres. The well also tested oil from the F6-1 zone at 1321
barrels of oil per day (BOPD) and 1.1 million cubic feet (MMCF) of gas per day
with a 32/64 inch choke setting. The wellhead flowing pressure was 810 psig.
The oil gravity was 46 degrees API. The normalised rate(1) was 1714 BOPD. The
F6-2 zone tested a minor inflow of gas and condensate at a depth of
4280 metres. This test potentially delineates the down-dip limit to a new pool
that will be considered for further drilling during the appraisal period.
The testing programme on the ZER-1 exploration well was completed. The
well tested oil from the Devonian F6-1 zone at a depth of 4248 metres at
452 BOPD and 0.66 MMCF of gas per day with a 48/64 inch choke setting. The
wellhead flowing pressure was 95 psig with a normalised(1) rate of 380 BOPD.
The oil gravity was 44 degrees API.
The GSME-1 exploration well, located 4.3 km SE of GSM-1, was drilled in
the southern part of the block to a depth of 4373 metres. FCP has recently
finished the testing programme on this well. Tests were conducted on two
separate intervals. FCP is currently evaluating the test results, after which
a decision on the prospectivity of the structure as part of an appraisal
programme will be made.
The LES-4 appraisal well, located 2.0 km SW of LES-3, was drilled in the
central part of the block to a depth of 4466 metres. FCP is currently testing
the well with a programme designed to evaluate a combined total of 33 metres
in 5 tests over 4 geological horizons.
---------------------
(1) The normalised rate is 2000 psia flowing bottom hole pressure for oil
wells.
The MZLS-2 appraisal well, located 2.5 km NW of MZLS-1, was drilled in
the central part of the block to a depth of 4492 metres. FCP has initiated a
testing programme to evaluate a combined total of 12 metres, with 2 tests over
2 geological horizons.
The MZLN-2 appraisal well, located 1.2 km SE of MZLN-1, was drilled in
the central part of the block to a depth of 4473 metres in October. FCP is
planning a testing programme to evaluate a combined total of 33 metres, with 6
tests over 4 geological intervals.
First Calgary is currently drilling three appraisal wells; MZLN-3, ZER-2
and LES-6. MZLN-3 is located 2.3 km NE of MZLN-1, ZER-2 is located 4.3 km SW
of ZER-1, and LES-6 is located 1.1 km NE of LES-3.
Readers are referred to the map of Ledjmet Block 405b which is available
on the Company's website at www.fcpl.ca.
The block reaches the end of its five year exploration period at the end
of this year, at which time the part of the block without discoveries will be
relinquished. The retained area will then move into an appraisal period of up
to two years. Discussions with partner Sonatrach are continuing regarding the
area to be retained, and the work programme in the appraisal period.
FCP's interest in Rhourde Yacoub Block 406a was relinquished in the
quarter, as previously announced.
FINANCIAL RESULTS
The net loss for the quarter was $0.3 million (2005 - income of
$1.8 million). The year to date net income of $5.0 million (2005 - loss of
$3.4 million) is attributable to a $6.9 million foreign exchange gain, the
majority of which was realized in the second quarter from converting the April
equity financing proceeds (denominated in C$ and British pounds) into U.S.
dollars.
Three months ended Nine months ended
September 30 September 30
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------
Interest $ 2,052 $ 1,039 $ 4,840 $ 2,126
Interest income was higher in 2006 than the comparable 2005 periods due
to higher interest rates earned on short-term deposits and higher average cash
and cash equivalent balances on hand.
Three months ended Nine months ended
September 30 September 30
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------
General and administrative $ 2,666 $ 1,264 $ 6,495 $ 4,412
Capitalised 657 263 1,737 858
--------------------- ---------------------
Expensed $ 2,009 $ 1,001 $ 4,758 $ 3,554
The increase in general and administrative costs in 2006 is primarily the
result of growing employee levels required to manage and operate the Algerian
projects. In mid-2005 FCP began to capitalise certain general and
administrative costs incurred outside of Algeria.
Three months ended Nine months ended
September 30 September 30
--------------------- ---------------------
Capital Expenditures 2006 2005 2006 2005
-------------------------------------------------------------------------
Drilling, completion and
testing $ 30,758 $ 11,746 $ 88,750 $ 30,277
Geological and geophysical 902 142 2,621 1,238
MLE commercialisation 5,760 92 6,792 300
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37,420 11,980 98,163 31,815
Block management and
administration 4,060 1,315 19,104 4,567
Corporate 776 12 1,000 46
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Total capital expenditures 42,256 13,307 118,267 36,428
Less non-cash expenditures
(stock-based compensation,
asset retirement provisions) 1,102 12 2,729 46
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Net cash expenditures $ 41,154 $ 13,295 $ 115,538 $ 36,382
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Capital expenditures are significantly higher in 2006 than 2005
comparable periods mainly due to a larger exploration and appraisal drilling
programme. In 2005, FCP used one drilling rig compared to three rigs in 2006.
Full year capital expenditures are forecast to be approximately
$160 million.
Liquidity and Capital Resources
The Company had $130.0 million of working capital on hand as at
September 30, 2006 compared with $92.9 million at the end of 2005. Cash
balances and cash equivalents were $155.7 million at the end of the quarter.
The $37.1 million increase in the Company's working capital from
December 31, 2005 is the result of:
- Financing activities that generated $145.6 million from an April
equity financing of 19,445,636 common shares ($142.9 million net of
expenses) and the issue of 1,123,100 common shares (net proceeds of
$2.6 million)
from the exercise of employee stock options;
- Capital activities that used $115.5 million, primarily for
exploration and appraisal in Algeria; and
- A $6.9 million foreign exchange gain the majority of which was
realized in the second quarter on the conversion of the April equity
financing proceeds into U.S. dollars.
Development of the Ledjmet Block 405b reserves through to commercial
production will require significant funding, with 75 percent being FCP's share
assuming Sonatrach exercises its right to back-in for 25 percent. FCP has
relied upon equity to fund its short-term operations and capital programmes.
Development funding is expected to be in the form of project debt, equity,
joint venture farmout arrangements or some combination thereof. The capital
markets appear receptive to the oil and gas industry and the Company believes
this environment will continue into the foreseeable future. First Calgary has
been approached by a number of parties seeking to fund the Ledjmet development
and has appointed Citigroup as sole advisor to the Company on project debt for
the MLE field development. The gross development capital cost of the MLE field
is being updated and will be refined by FEED work due to commence shortly. To
date, no financing arrangements have been entered into.
The Company is listed on the Toronto Stock Exchange and the AIM market of
the London Stock Exchange. The diluted numbers of shares outstanding at the
following dates were:
November September December
7, 2006 30, 2006 31, 2005
-------------------------------------------------------------------------
Common shares 223,416,330 223,416,330 202,847,594
Employee stock options 9,405,600 9,305,600 9,132,033
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Diluted shares outstanding 232,821,930 232,721,930 211,979,627
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Selected Quarterly Information
2006 2005
(000's of U.S. dollars) Q3 Q2 Q1 Q4
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Interest income $ 2,052 $ 1,902 $ 886 $ 887
Income (loss) (266) 6,577 (1,313) (4,181)
Income (loss) per share 0.00 0.03 (0.01) (0.02)
Total Assets 649,354 641,938 491,776 482,776
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2005 2004
(000's of U.S. dollars) Q3 Q2 Q1 Q4
-------------------------------------------------------------------------
Interest income $ 1,039 $ 428 $ 659 $ 386
Income (loss) 1,797 (2,467) (2,720) (1,299)
Income (loss) per share 0.01 (0.01) (0.01) (0.01)
Total Assets 478,103 475,286 375,384 393,042
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Outlook
First Calgary's primary objective is to commercialise Ledjmet Block 405b,
starting with the MLE field, then expanding the development to incorporate
other commercial discoveries on the block. In addition, new exploration
acreage will be sought to utilize the Company's experienced exploration team
and expand its exploration portfolio.
In the short-term, activities include:
- Obtaining approval of the Exploitation License Application for the
MLE field development from the Algerian Ministry of Energy and Mines;
- The commencement of FEED work for MLE;
- Exploration and appraisal drilling within the contractual exploration
period of the block to maximize the retention of acreage for
appraisal following the partial relinquishment at year end;
- Formulating a second stage development plan for Block 405b; and
- Ongoing preparatory work with advisor Citigroup on project debt
financing for the MLE field development.
Business Risks and Uncertainties
The MD&A for the year ended December 31, 2005 includes an overview of
certain business risks and uncertainties facing the Company. Those risks
remain in effect as at September 30, 2006.
In addition, FCP has noted the changes to the Algerian hydrocarbon laws
announced in the second quarter by the Algerian government. These changes will
be carefully reviewed when the legislation is fully published to determine the
impact on FCP's interest in Block 405b.
Advisory Regarding Forward-Looking Statements
Certain information with respect to the Company contained in this report,
including management's assessment of future plans and operations, contains
forward-looking statements. These forward-looking statements are based on
assumptions and are subject to numerous risks and uncertainties, some of which
are beyond FCP's control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency exchange rate
fluctuations, reserve estimates, environmental risks, competition from other
explorers, stock market volatility and ability to access sufficient capital.
FCP's actual results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur.
Company Information
Additional information is available on FCP's website at www.fcpl.ca or on
SEDAR's website at www.sedar.com.
November 7, 2006
First Calgary Petroleums Ltd.
Consolidated Balance Sheets
September December
(in thousands of U.S. dollars) 30, 2006 31, 2005
-------------------------------------------------------------------------
(unaudited)
Assets
Current assets
Cash and cash equivalents $ 155,685 $ 107,882
Accounts receivable 470 338
Deposits and prepaid expenses 885 387
-------------------------------------------------------------------------
157,040 108,607
Property, plant and equipment 492,314 374,169
-------------------------------------------------------------------------
$ 649,354 $ 482,776
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 27,019 $ 15,687
Asset retirement obligations 608 436
Shareholders' equity
Capital stock (note 2) 631,813 484,694
Contributed surplus (note 2) 17,387 14,430
Cumulative translation adjustment 6,502 6,502
Deficit (33,975) (38,973)
-------------------------------------------------------------------------
621,727 466,653
Operations and commitments (note 1)
-------------------------------------------------------------------------
$ 649,354 $ 482,776
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
FIRST CALGARY PETROLEUMS LTD.
Consolidated Statements of Operations and Deficit
Three months ended Nine months ended
September 30 September 30
(in thousands of U.S. dollars) 2006 2005 2006 2005
-------------------------------------------------------------------------
(unaudited)
Revenue
Interest $ 2,052 $ 1,039 $ 4,840 $ 2,126
Expenses
General and administrative 2,009 1,001 4,758 3,554
Foreign exchange loss (gain) (105) (2,181) (6,965) 278
Stock-based compensation
(note 2) 338 373 1,931 1,622
Capital taxes (recovery) - 28 (33) (1)
Depreciation and accretion 76 21 151 63
-------------------------------------------------------------------------
2,318 (758) (158) 5,516
Income (loss) for the period (266) 1,797 4,998 (3,390)
Deficit, beginning of period (33,709) (36,589) (38,973) (31,402)
-------------------------------------------------------------------------
Deficit, end of period (33,975) (34,792) (33,975) (34,792)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Income (loss) per share
(note 2)
Basic and diluted $ 0.00 $ 0.01 $ 0.02 $ (0.02)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
FIRST CALGARY PETROLEUMS LTD.
Consolidated Statements of Cash Flows
Three months ended Nine months ended
September 30 September 30
(in thousands of U.S. dollars) 2006 2005 2006 2005
-------------------------------------------------------------------------
(unaudited)
Operating activities
Income (loss) for
the period $ (266) $ 1,797 $ 4,998 $ (3,390)
Items not involving cash
Stock-based compensation 338 373 1,931 1,622
Foreign exchange loss
(gain) (233) 273 (903) 521
Depreciation and accretion 76 21 151 63
-------------------------------------------------------------------------
(85) 2,464 6,177 (1,184)
Change in non-cash working
capital 3,634 (3,239) 5,497 (2,231)
-------------------------------------------------------------------------
3,549 (775) 11,674 (3,415)
Financing activities
Proceeds from issuance of
shares - - 150,941 110,502
Proceeds from exercise of
options and warrants 256 806 2,615 1,505
Issue costs (55) (26) (7,997) (5,890)
-------------------------------------------------------------------------
201 780 145,559 106,117
Investing activities
Capital expenditures (41,154) (13,295) (115,538) (36,382)
Change in non-cash working
capital 2,727 576 5,828 (16,847)
-------------------------------------------------------------------------
(38,427) (12,719) (109,710) (53,229)
-------------------------------------------------------------------------
Change in cash and cash
equivalents (34,677) (12,714) 47,523 49,473
Exchange rate fluctuations
on change in cash and
cash equivalents 287 2,166 280 (297)
Cash and cash equivalents,
beginning of period 190,075 141,598 107,882 81,874
-------------------------------------------------------------------------
Cash and cash equivalents,
end of period $155,685 $131,050 $155,685 $131,050
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
First Calgary Petroleums Ltd.
Nine months ended September 30, 2006 (unaudited)
(in thousands of U.S. dollars unless otherwise indicated)
-------------------------------------------------------------------------
These interim consolidated financial statements of First Calgary
Petroleums Ltd. ("FCP" or "the Company") have been prepared by management
in accordance with accounting principles generally accepted in Canada
following the same accounting policies as the consolidated financial
statements for the year ended December 31, 2005. The disclosures included
below are incremental to those included with the annual consolidated
financial statements. The interim consolidated financial statements
should be read in conjunction with the consolidated financial statements
and the notes thereto for the year ended December 31, 2005.
1. Operations and commitments:
The Company's operations are in Algeria where it has the rights to
explore, appraise and develop Ledjmet Block 405b ("Block 405b"). The
Company's rights and obligations on Block 405b are set out in a
Production Sharing Contract (PSC) with Sonatrach, the national oil
company of Algeria. The contract is described in the Company's
December 31, 2005 annual financial statements and Annual Information
Form. Changes to the terms or commitments of the Block 405b contract
and the Yacoub Block 406a agreement are detailed in the following.
(a) Block 405b:
During the period FCP fulfilled its remaining work commitment
under the production sharing agreement by drilling the ZER-1
well.
(b) Block 406a:
The Company relinquished its interests in Block 406a effective
August 10, 2006, in accordance with the terms of the joint
venture agreement.
On November 7, 2006 FCP announced the signing of a long term Take or
Pay Gas Marketing Agreement with Sonatrach covering Block 405b.
The development of the Ledjmet Block 405b reserves through to
commercial production will require additional funding in the form of
project debt, equity, joint ventures or some combination thereof. FCP
is obligated to finance 75 percent of the development expenditures
assuming Sonatrach will exercise its right to participate in the
development. In July 2006 First Calgary appointed Citigroup as sole
financial advisor to the Company on raising project debt for the
development of the MLE field on Ledjmet Block 405b. The gross
development capital cost of the MLE field is being updated and will
be refined by front end engineering and design (FEED) work due to
commence shortly.
2. Capital stock:
(a) Issued share capital:
Number of
Shares Amount
---------------------------------------------------------------------
Common shares:
Balance, December 31, 2005 202,847,594 $ 484,694
Issued on public offering (i) 19,445,636 150,941
Issued on exercise of employee
stock options 1,123,100 2,615
Transfer from contributed surplus on
exercise of stock options - 1,560
Issue costs - (7,997)
---------------------------------------------------------------------
Balance, September 30, 2006 223,416,330 $ 631,813
---------------------------------------------------------------------
---------------------------------------------------------------------
(i) In the second quarter, the Company issued 19,445,636 common
shares for gross proceeds of $150.9 million (9,900,178 common
shares at (pnds stlg)4.40 per share and 9,545,458 common
shares at C$9.00 per share). The issue costs were
$8.0 million.
(b) Employee stock options:
The Company has up to 10% of its issued and outstanding common
shares available for issuance pursuant to its Stock Option Plan.
Stock options granted under the plan have a term of five years
and vesting terms are determined at the discretion of the Board,
ranging between two and three years. The exercise price of each
option is equal to the closing market price of the shares on the
date preceding the date of the grant. The following table
summarizes the changes in stock options outstanding during the
nine months ended September 30, 2006:
Number of Weighted Ave.
Options Exercise Price
---------------------------------------------------------------------
Outstanding, December 31, 2005 9,132,033 C$ 4.95
Granted 1,446,000 9.12
Exercised (1,123,100) 2.62
Cancelled (149,333) 9.75
---------------------------------------------------------------------
Outstanding, September 30, 2006 9,305,600 C$ 5.80
---------------------------------------------------------------------
---------------------------------------------------------------------
The following table summarizes information about the options
outstanding and exercisable at September 30, 2006:
Options Outstanding Options Exercisable
------------------- -------------------
Weighted
Average
Remaining Weighted Weighted
Contractual Average Average
Range of Life Exercise Exercise
Exercise price Options (years) Price Options Price
---------------------------------------------------------------------
C$ 0.50 - 0.82 470,000 0.2 C$0.64 470,000 C$0.64
C$ 1.25 - 1.25 382,700 0.9 1.25 382,700 1.25
C$ 2.36 - 2.60 745,000 1.3 2.59 745,000 2.59
C$ 4.72 - 4.72 2,167,500 2.1 4.72 2,167,500 4.72
C$ 6.21 - 6.39 3,267,400 4.2 6.28 1,032,065 6.28
C$ 7.33 - 8.59 934,000 3.5 7.68 469,001 7.67
C$ 8.65 -10.50 1,025,000 4.4 9.42 73,335 9.63
C$ 11.10 -15.77 314,000 3.2 11.87 204,002 11.81
---------------------------------------------------------------------
9,305,600 3.1 years C$5.80 5,543,603 C$4.71
---------------------------------------------------------------------
---------------------------------------------------------------------
(c) Stock-based compensation expense:
For the nine months ended September 30, 2006, the Company
recorded $4.5 million (2005 - $1.6 million) of stock-based
compensation expense with a corresponding increase in contributed
surplus (three months ended September 30, 2006 - $1.3 million;
2005 - $0.4 million). Of the total stock-based compensation
expense, the Company has capitalised $1.0 and $2.6 million for
the three and nine month periods ended September 30, 2006,
respectively (2005 - nil).
The fair value of the options granted in the three months ended
September 30, 2006 was estimated to be C$3.76 per option and was
determined using the Black-Scholes option pricing model with the
following assumptions: expected volatility of 60 percent,
risk-free interest rate of 4 percent and expected lives of
4 years.
The fair value of the options granted in the nine months ended
September 30, 2006 was estimated to be C$4.61 per option and was
determined using the Black-Scholes option pricing model with the
following assumptions: expected volatility of 64 percent,
risk-free interest rate of 4 percent and expected lives of
4 years. There were no options granted in the first nine months
of 2005.
(d) Contributed surplus:
The changes in the contributed surplus balance are as follows:
---------------------------------------------------------------------
Balance, December 31, 2005 $ 14,430
Options granted 4,517
Options exercised (1,560)
---------------------------------------------------------------------
Balance, September 30, 2006 $ 17,387
---------------------------------------------------------------------
---------------------------------------------------------------------
(e) Per share amounts:
The income (loss) per share is based on the weighted average
shares outstanding for the period. The weighted average shares
outstanding for the three and nine month periods ended
September 30, 2006 were 223,319,043 and 215,181,831 respectively
(2005 - 201,487,820 and 189,675,069).
3. Income taxes:
The Company does not expect to incur current income taxes in 2006 due
to the availability of previously unrecognized tax loss
carry-forwards.
4. Segmented information:
The Company's activities are conducted in two geographic segments:
Canada and Algeria. All activities relate to exploration and
development of petroleum and natural gas in Algeria.
Canada Algeria Total
---------------------------------------------------------------------
Three months ended September 30
Capital expenditures
2006 $ 241 $ 40,913 $ 41,154
2005 $ 2 $ 13,293 $ 13,295
Nine months ended September 30
Capital expenditures
2006 $ 423 $ 115,115 $ 115,538
2005 $ 19 $ 36,363 $ 36,382
Total Assets
2006 $ 156,461 $ 492,893 $ 649,354
2005 $ 131,802 $ 346,301 $ 478,103
For further information: 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) 207 559 6710
(FCP. FPL)
END
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