FPL First Calgary

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

    TSX: FCP

    AIM-LSE: FPL

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

60,000 new common shares have been issued today by the company and represents

the exercise of stock options by Martin G. J. Layzell, Vice President,

Exploration of First Calgary Petroleums Ltd. The stock options having an

expiry date of November 16, 2003, were exercised on January 16, 2003 at an

exercise price of CAD$0.25/share with all 60,000 common shares being sold by

Mr. Layzell on January 16, 2003 at CAD$2.58/share. Mr. Layzell continues to

hold 890,000 employee stock options in the company and currently owns 11,000

common shares.

    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.)



END

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