FPL First Calgary

    First Calgary Petroleums Ltd. announces discovery at LEW-1 exploration

    well

 

    CALGARY, Dec. 22 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") announces production test results from LEW-1, an exploration well

located approximately 7 km northwest of the MZLS-1 well on FCP's 100% held

Ledjmet Block 405b in Algeria. Production testing of the well has resulted in

successful tests of oil and gas of 9,803 barrels of oil equivalent per day

(boe/d), comprised of 7,536 barrels per day (bbl/d) of 51 oAPI oil and

13.6 million cubic feet of gas per day (mmcf/d), normalized to a flowing

bottom hole pressure of 2000 psi.

 

    Production test rates were as follows:

  

                      -------------------------------------------------------

    LEW-1 well:               Test Conditions            Normalized Rate(xx)

    -------------------------------------------------------------------------

                       FBHP            Oil    Gas      Oil    Gas     TOTAL

    Interval          Psi(x)  Choke   bbl/d  mmcf/d   bbl/d  mmcf/d  boe/d(+)

    -------------------------------------------------------------------------

    Siegenian F6-2A

     Lower            4,934   32/64   3,231    5.2    6,436    10.3    8,153

    -------------------------------------------------------------------------

    Siegenian F6-2A

     Middle           2,407   32/64   1,034    3.1    1,100     3.3    1,650

    -------------------------------------------------------------------------

                                             TOTALS   7,536    13.6    9,803

                                            ---------------------------------

 

    (x)  FBHP Psi - Flowing Bottom Hole Pressure, pounds per square inch

    (xx) rate normalized to a FBHP of 2000 psi

 

    (+)  using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel

         of oil equivalent

 

 

    LES-2 well cased

 

    The Company also announces initial results from the drilling of LES-2, an

appraisal well to the LES-1 oil and gas discovery. Wireline logging of LES-2

indicates the presence of 37 metres of net hydrocarbon pay over multiple

geological intervals. Production testing is anticipated to commence in early

January 2005. The LES-2 well, drilled to a depth of 4,440 metres, is located

2.7 km southeast of the LES-1 well.

    Richard Anderson, President and CEO stated, "We are delighted with the

LEW-1 testing and the LES-2 drilling results on Block 405b. The LEW-1

exploration well was drilled over 20 km west of the MLE Field. To date, the 10

successful wells on this Block have production tested in excess of 200,000

barrels of oil equivalent per day.(+)"

    DeGolyer & MacNaughton, independent engineers, are currently conducting

an assessment of the reserves on Blocks 405b and 406a. This evaluation of the

reserves is expected mid January, 2005.

    First Calgary Petroleums Ltd. is an 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: 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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