FPL First Calgary

    Grant of options to Directors

    TSX: FCP AIM: FPL

    CALGARY, May 14 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") announces that today 200,000 options to acquire common shares at an
exercise price of $2.78 (Cdn.) per share were granted to each of the Directors
of the Company:

    Alastair Beardsall
    Raymond Cej
    H. Garfield Emerson
    Menno Grouvel
    Keith Henry
    Matthew Lechtzier
    Shane O'Leary
    Frank Proto and
    Yuri Shafranik

    The exercise price of $2.78 (Cdn.) per share represents a 24% premium to
the $2.25 (Cdn.) previous day's closing price of the FCP shares on the Toronto
Stock Exchange. Pursuant to the Company's stock option plan, options granted
have a term of five years from the date of grant and vest one-third on the
first anniversary of the date of grant and one-third on each of the second and
third anniversary dates.
    With the options granted above, the total number of stock options
outstanding is approximately 17.7 million. Of this total number, the Directors
now hold the following options: Messrs. Cej, Grouvel, Henry, Lechtzier and
Proto - 200,000 each; Mr. Beardsall - 350,000; Mr. Emerson - 266,666; Shane
O'Leary - 970,000; and Yuri Shafranik - 450,000.

    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 press release is being issued in compliance with the rules of the
    AIM market of the London Stock Exchange.


For further information: First Calgary Petroleums Ltd.: Patricia
Lew-Lapointe, Manager, Investor Relations, Tel: (403) 264-6697; Nominated
Advisers: Richard Swindells, David Nabarro, Nabarro Wells & Co. Limited, Tel
+ 44 (0) 20 7634 4705
(FPL)

 



END

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