FPL First Calgary

    Attention Business Editors:

    First Calgary Petroleums Ltd. Commences Drilling 2nd Well in Algeria

    TSX SYMBOL: FCP

    LSE SYMBOL: FPL

    CALGARY, Feb. 3 /CNW/ - First Calgary Petroleums Ltd. (FCP) today advised

drilling has commenced on its 100% held Yacoub Block 406a in Algeria. The 

YCB-1 well commenced drilling January 31, 2003.

    The YCB-1 well, located in the northwest part of the Yacoub block, has an

estimated drilling time of 45 days to drill, log, case and test. The YCB-1

well is located 2 km updip from the RKFN-1 well, drilled and abandoned in

1997, which proved the presence of more than 120 meters of porous reservoir

sandstone and which tested oil from the top of the Triassic TAGI sandstone.

The YCB-1 well is located on a structural closure defined by 3D seismic

acquired by First Calgary in 2002. The YCB-1 well will be drilled to a depth

of 3750 meters to evaluate all potential pay zones, including the Triassic,

Carboniferous, and Devonian sandstones.

    First Calgary's Yacoub Block 406a contains 1091 km2 and lies in immediate

proximity to Anadarko's Hassi Berkine field, BHP / AGIP's ROD field, Cepsa's

RKF field, and Sonatrach's Ourhroud field. These fields are estimated to

contain combined reserves of 4.3 billion barrels oil.

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

(403) 264-6697, European Contact: 4C Communications; Carina Corbett, Tel   

+44 (0) 20 7907 4761, Website: www.fcpl.ca/

    (FCP.)



END

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