FPL First Calgary

    First Calgary Petroleums Ltd. - Exercise of Stock Options by a Director

    TSX: FCP

    AIM-LSE: FPL

    CALGARY, Dec. 20 /CNW/ - First Calgary Petroleums Ltd. announces that

20,000 new common shares have been issued today by the company and represents

the exercise of stock options by Richard G. Anderson, President & CEO of First

Calgary Petroleums Ltd. The stock options were exercised on December 17, 2002

at an exercise price of CAD$0.50/share. Mr. Anderson continues to hold

1,847,000 employee stock options in the company and currently owns 1,557,447

common shares, 1.44% of the total outstanding common shares, 1.32% of total

outstanding common shares assuming maximum subscription.

    This press release is being issued in compliance with the rules of the

Alternative Investment Market of the London Stock Exchange ("AIM").

 

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

Telephone: (403) 264-6697 or European contact: 4C Communications, Carina

Corbett, Telephone:+44(0)20 7907 4761

    (FCP. FPL)



END

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