Attention Business Editors:

    First Calgary Petroleums Ltd. announces third successful gas well

    on Ledjmet Block 405b in Algeria

    CALGARY, Aug. 15 /CNW/ - First Calgary Petroleums Ltd. ("FCP") today

announced the third successful gas well located on its 100% held Ledjmet Block

405b in Algeria. The MLE-3 appraisal well on the MLE gas field has been

successfully drilled, logged, and cased to total depth of 4,497 metres. The

MLE-3 well is located 3.7 km east of the MLE-2 gas and condensate well

completed earlier this year.

    The logging programme on MLE-3 has identified hydrocarbon net pay of

121 metres, confirming the eastward extension of six hydrocarbon pay zones

encountered in the MLE-2 well and the identification of two new zones for a

total of eight pay intervals.

    "The results of the MLE-3 well exceeded our expectations. The addition of

new pay zones is particularly exciting as they have the potential to add

further reserves to those already defined," said Richard Anderson, President &

CEO.

    A testing unit is scheduled to move on the MLE-3 location August 20, 2003

to commence a 40 day production test.

    The drilling rig will move immediately to the MLE-4 location, 4.9 km

southwest of the MLE-3 well. Drilling is expected to commence on the MLE-4

well on or around September 6, 2003.

    Production tests completed to date on the MLE field are as follows:

       - MLE-2: gas and condensate from six zones with cumulative rates of

         44,330 barrels of oil equivalent per day, comprised of 189 million

         cubic feet of gas per day and 12,874 barrels of condensate per day.

       - MLE-1: gas and condensate from three zones with cumulative rates of

         8,911 barrels of oil equivalent per day, comprised of 43 million

         cubic feet of gas per day and 1,745 barrels of condensate per day.

    Independent engineering firm DeGolyer & MacNaughton of Dallas, Texas, has

estimated FCP's Ledjmet Block 405b gross proved, probable and possible

reserves to be more than 5.7 trillion cubic feet gas equivalent (TCFe). Of

this, proved reserves are 708 billion cubic feet gas equivalent and proved

plus probable reserves amount to 2.4 TCFe.

    FCP is a Canadian oil and gas exploration company that is actively

engaged in international exploration and development activities, primarily in

North Africa. The company's common shares trade on the Toronto Stock Exchange

in Canada (FCP) and on the AIM of the London Stock Exchange in the UK (FPL).

    This news release includes statements about expected future events and

financial results that are forward looking in nature and subject to risks and

uncertainties. FCP cautions that actual performance may be affected by a

number of factors, many of which are beyond its control. Future events and

results may vary substantially from what FCP currently foresees.

    For further information: Richard Anderson, President and CEO, First

Calgary Petroleums Ltd., Tel: (403) 264-6697, Web site: www.fcpl.ca, European

contact: Carina Corbett, 4C Communications, Tel: +44 (0) 20 7907 4761

    (FCP.)



END