Lehman Brothers, FCP's financial advisor, and FCP are very pleased with the progress made to date of the review of strategic alternatives. As previously stated, various alternatives are being reviewed, one of which could result in the sale of FCP. In light of negative rumours circulating regarding the timelines and status of the review, FCP wishes to clarify the process is proceeding as originally planned and anticipates the process will require at least 45 days to complete.
Interpretation of the 613 km2 of 3D seismic data acquired on Rhourde Yacoub Block 406a is ongoing and to date has resulted in the identification of two exploration drilling locations on the southern portion of the Block. FCP has contracted a Saipem drilling rig for one year with the drilling of the first well scheduled to commence in early April 2005. The drilling of these two exploration wells will satisfy all remaining work commitments pursuant to the Rhourde Yacoub contract.
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.
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