FPL First Calgary

    First Calgary Petroleums Ltd. enters into USD$267 million bought deal
convertible bond offering

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    TSX: FCP AIM: FPL

    CALGARY, Nov. 15 /CNW/ - (TSX: FCP, AIM: FPL) - First Calgary Petroleums
Ltd. ("FCP" or the "Company") is pleased to announce that it has entered into
an agreement with Canaccord Adams Limited ("Canaccord") and J.P. Morgan
Securities Ltd. ("JPM") pursuant to which Canaccord and JPM have agreed to
purchase for resale to the public, on a bought deal private placement basis,
2,670 nominal 9 per cent unsecured convertible bonds due 2012 which will have
a conversion price of USD $4.20 (CDN $4.06 as of November 14, 2007) (the
Convertible Bonds"), at a price of USD $100,000 per Convertible Bond (the
"Offer Price"), for aggregate proceeds of USD $267,000,000 (the "Offering").
The conversion price represents a premium to the closing price on the TSX on
November 14, 2007 of 15%. If fully converted, up to 63,571,428 common shares
will be issued, representing 24.97% of the currently outstanding shares.
    The Offering is subject to certain conditions including normal regulatory
approvals, including the approval of the Toronto Stock Exchange. The
Convertible Bonds will be unlisted and offered by way of private placement in
certain provinces of Canada and elsewhere including in the United Kingdom and
Europe. These 5 year bonds are convertible commencing on the 41st day after
closing until 6 days prior to maturity. Closing is anticipated to occur on or
about 28 November 2007. The Convertible Bonds have not been and will not be
registered under the United States Securities Act of 1933, as amended and may
not be offered or sold in the United States except in transactions exempt from
the registration requirements of that Act. The net proceeds of the Offering
will be used to implement the Company's independent development strategy in
respect of its Algerian assets over the short to medium term and for working
capital purposes.

    Richard Anderson, President and CEO commented:

    "FCP is pleased to have entered into this financing with Canaccord and
JPMorgan. We anticipate that this financing along with the project debt
financing being worked on will complete FCP's need for funding to move our
Algerian project to 1st production. The dilution to shareholders is a
trade-off to dilution of FCP's interest in the asset. FCP continues to hold a
100% interest in Block 405b with its partner the Algerian National Oil
Company."

    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 the AIM market of the London Stock Exchange, trading
under the symbol 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.
    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. The information contained herein is not for publication or
distribution to persons in the United States. Neither this document nor the
information contained herein constitutes an offer to sell or the solicitation
of an offer to buy any securities in any jurisdiction where such offer or
solicitation would be unlawful.
    In the United Kingdom this announcement is directed exclusively at
persons who fall within Article 19 or 49 of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 or to whom this announcement may
otherwise be directed without contravention of section 21 of the Financial
Services and Markets Act 2000. The investments referred to in this
announcement shall be issued only to such persons.
    This announcement does not constitute an offer to sell securities within
the meaning of the Prospectus Directive (2003/71/EC) and is not intended to be
a Prospectus.
    Canaccord Adams Limited and J.P. Morgan Securities Ltd. are providing
services to the Company in relation to the Offering. Canaccord Adams Limited
and J.P. Morgan Securities Ltd. shall not regard any other person (including
any person who is a director or employee of the Company) as its client in
relation to the Offering and will not be responsible to any other person for
providing protections afforded to clients of Canaccord Adams Limited or J.P.
Morgan Securities Ltd. or advising any other person involved in the Offering.


For further information: Richard G. Anderson, President and CEO, First
Calgary Petroleums Ltd., Tel: (403) 264-6697; Other contacts: James Henderson,
Pelham Public Relations, Tel: +44 (0) 207 743 6673; Carina Corbett, 4C -
Burvale Limited, Tel: +44 (0) 207 559 6710; Nominated Adviser: John Wilkes,
David Nabarro, Nabarro Wells & Co Limited, Tel + 44 (0) 207 710 7400
(FPL)



END

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