FCP Announces Test Results from MZLS-1 Well in Algeria

Lejmet Block, Berkine Basin, AlgeriaLejm
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First Calgary Petroleums Ltd. 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(*)    Choke   Mmcf/d   Bbls/d    Mmcf/d   Bbls/d   Boe/d+
    Lower        4,341    32/64    19.0    1,975      58.4    6,015   15,749
    Middle       2,747    32/64    12.2    1,233      14.2    1,306    3,673
                                          TOTALS      72.6    7,321   19,422

    (*)  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.

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