FPL First Calgary

    First Calgary Petroleums Ltd. announces Exploration Period Extension to
Appraise Discoveries

    TSX: FCP LSE: FPL

    CALGARY, Dec. 20 /CNW/ - First Calgary Petroleums Ltd. ("FCP") announces
that Sonatrach, Algeria's national oil company, has agreed to extend the Block
405b Exploration Period for 24 months commencing December 30, 2006, as
provided for in the Production Sharing Contract, in order to complete the
appraisal of the LES, MZLN, MZLS, LEC, LEW and GSM discoveries in the central
area of the Block and to submit commerciality reports thereon.
    Richard Anderson, President and CEO, commented:
    "By year end, FCP will have drilled 17 wells situated west of the MLE
field. Of this total, 15 wells are located within the central area as
delineated by the LES, MZLN, MZLS, LEC, LEW and GSM discoveries. This area has
been termed the Central Area Field Complex or "CAFC", where the drilling
programme has defined geological structures that have multiple oil,
gas-condensate and gas pool discoveries. To date in the CAFC, the cumulative
production tests from 11 wells approximate 162,000 barrels of oil equivalent
per day (normalised to a 2000 psia flowing pressure). FCP and Sonatrach have
jointly agreed to an appraisal work programme that will see a minimum of 7
additional CAFC wells drilled during the extension period after which FCP will
make application for commercialization."
    "We look forward to working with Sonatrach during the extended
Exploration Period as we appraise the existing discoveries and move them
towards development and production."

    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).

    Notes:

    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.
    Barrels of oil equivalent (BOEs) have been calculated using a conversion
ratio of six thousand cubic feet of gas to one barrel of oil. Using BOEs may
be misleading, particularly if used in isolation. A conversion ratio of six
thousand cubic feet of gas to one barrel of oil is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
    Test rates are from multiple zones.


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: Jonathan Naess, 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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