FPL First Calgary

Drilling Report First Calgary Petroleums Ltd. announces test results from MZLS-1 well CALGARY, Dec. 8 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the "Company") today announces production test results from MZLS-1, an exploration well located on FCP's 100% held Ledjmet Block 405b in Algeria. Production testing of the well has resulted in successful tests of gas and condensate of 19,422 barrels of oil equivalent per day (boe/d), comprised of 72.6 million cubic feet of gas per day (mmcf/d) and 7,321 barrels of condensate per day (bbls/d), normalized to a flowing wellhead pressure of 2000 psi. Rates were as follows: ------------------------------------------------------------------------- Test Conditions Normalized Rates (xx) ------------------------------------------------------------------------- FWHP Gas Condensate Gas Condensate TOTAL Interval Psi(x) Choke Mmcf/d Bbls/d Mmcf/d Bbls/d Boe/d+ ------------------------------------------------------------------------- Siegenian F6-2 Lower 4,341 32/64 19.0 1,975 58.4 6,015 15,749 ------------------------------------------------------------------------- Siegenian F6-2 Middle 2,747 32/64 12.2 1,233 14.2 1,306 3,673 ------------------------------------------------------------------------- TOTALS 72.6 7,321 19,422 ----------------------------------- (x) FWHP Psi - Flowing Wellhead Pressure per square inch (xx) rate normalized to a FWHP of 2000 psi + using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel of oil equivalent The combined production test results from nine wells on Block 405b, including MZLS-1, now total approximately 196,000 barrels of oil equivalent per day+. The engineering firm of DeGolyer & MacNaughton is conducting an assessment of hydrocarbon reserves on both Blocks 405b and 406a. Results of the reserves estimates are expected to be available by year end. FCP is currently testing the LEW-1 exploration well and drilling two appraisal wells on Block 405b: LES-2 and MLE-6. The LEW-1 test results are expected within the next two weeks. The logging results from LES-2 are expected later this month and the MLE-6 logging results are anticipated in January 2005. First Calgary Petroleums Ltd. is a Canadian oil and gas exploration company actively engaged in international exploration and development activities in Algeria. The Company's common shares trade on the Toronto Stock Exchange in Canada (FCP) and on the AIM market 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 First Calgary Petroleums Ltd. currently foresees. For further information: contact: Richard G. Anderson, President and CEO, First Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca; European contacts: Jim Joseph, College Hill, Tel: +44 (0) 207 457 2020; Carina Corbett, 4C Communications Ltd., Tel: +44 (0) 207 907 4761 (FCP. FPL) END

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