Attention Business Editors:

    First Calgary Petroleums Ltd. Commences Drilling Algeria

    TSX SYMBOL: FCP

    LSE SYMBOL: FPL

    CALGARY, Nov. 7 /CNW/ - First Calgary Petroleums Ltd. (FCP) today advised

drilling has commenced on its 100% held Ledjmet Block 405b in Algeria. The

MLE-2 well, an appraisal to the MLE-1 discovery well already located on FCP's

lands, commenced drilling November 7, 2002.

    The MLE-2 well has an estimated drilling time of 41 days to drill, log,

case and complete. This will be followed by an extensive production testing

program of all prospective zones. The MLE-2 well is located 2.5 km updip from

the MLE-1 well which production tested 43 million cubic feet per day of gas

and 1745 barrels per day of condensate from 3 zones. The MLE-2 location was

selected using 3D seismic data and will be drilled to a depth of 4450 metres

to evaluate all potential pay zones, including the Triassic TAGI formation,

the Carboniferous F1 sandstone, and the Devonian.

    FCP has acquired 120 km2 of 3D seismic covering approximately 60% of the

MLE gas and condensate pool located on FCP's Ledjmet Block. FCP's MLE pool, as

evaluated by DeGolyer MacNaughton (independent Reservoir Engineers) presently

contains proven and probable reserves of 1.021 trillion cubic feet of gas

equivalent (TCFe) of which 447 billion cubic feet equivalent (BCFe) are

proven.

    On completion of the MLE-2 well, FCP will be moving the drilling rig to

its 100% Yacoub Block 406a to commence the drilling of the YCB-1 well. FCP's

acreage holdings in the prolific Berkine Basin cover approximately 2200 km2 or

500,000 acres.

   

    For further information: Richard G. Anderson, President and CEO,

Tel (403) 264-6697; Eleanor J. Barker, Vice President Investor Relations,     

Tel (416) 509-5680, Website: www.fcpl.ca

    (FCP.)



END
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