First Calgary Issues Ledjmet Update

First Calgary Petroleums Ltd. (FCP) announces the following update on its exploration and appraisal activities on Ledjmet Block 405b.

Further to the operational update announced on September 26, 2006 and following receipt of Algerian approvals, FCP provides production test details for the GSM-1 exploration well:

--GSM-1: New oil pool discovery in the Devonian F6-1 zone at a depth of 4176 meters.
--Tested oil from the F6-1 zone at 1321 barrels of oil per day (BOPD) and 1.1 million cubic feet (MMCF) of gas per day with a 32/64 inch choke setting. The wellhead flowing pressure was 810 psig. The oil gravity is 46 degrees API. The normalized rate(1) is 1714 BOPD. Additional appraisal activity is required to establish ultimate potential.
--Gas and condensate show in Devonian F6-2 at a depth of 4280 meters.
--F6-2 zone tested a minor inflow of gas and condensate. This test potentially delineates the down-dip limit to a new pool that will be considered for further drilling during the appraisal period.

Other Activity

FCP continues its drilling and testing programs on the Block. The following summarizes the status of operational activities:

--ZER-1: test details:
Tested oil from the Devonian F6-1 zone at a depth of 4248 meters at 452 BOPD and 0.66 MMCF of gas per day with a 48/64 inch choke setting. The wellhead flowing pressure was 95 psig with a normalized(1) rate of 380 BOPD. The oil gravity is 44 degrees API.

--GSME-1: testing complete; results under evaluation.

FCP has recently finished the testing program on this well. Tests were conducted on two separate intervals. FCP is currently evaluating the test results, after which a decision on the prospectivity of the structure as part of an appraisal program will be made.

--LES-4: testing continuing.

FCP is currently testing LES 4 with a program designed to evaluate a combined total of 33 meters in 5 tests over 4 geological horizons.

--MZLS-2: drilled, logged and cased; testing underway.

FCP has recently initiated a testing program to evaluate a combined total of 12 meters, with 2 tests over 2 geological horizons.

--MZLN-2: drilled, logged and cased; awaiting testing.

FCP is currently planning a testing program to evaluate a combined total of 33 meters, with 6 tests over 4 geological intervals.

--MZLN-3: currently drilling; Triassic TAGI and Lower Devonian targets.

--ZER-2: currently drilling; TAGI and Lower Devonian targets.

--LES-6: drilling rig is currently moving to the well location; drilling anticipated to commence in November.

(1) The normalized test rate is 2000 psia flowing bottom hole pressure for oil wells.

President and Chief Executive Richard Anderson commented, "In the north-western part of the block, the ZER-1 test results indicate that there are producible hydrocarbons in the structure. Based on this information FCP is drilling a follow up well, ZER-2, located 4.3 km to the SW, to evaluate the potential in the ZER area.

"Towards the southern boundary of 405b, our test results from GSM-1 also indicate producible hydrocarbons in the structure, with good reservoir quality, but additional appraisal activity is required to establish ultimate potential. Following the GSME-1 well, further technical analysis of the southern area is ongoing.

"In the Central Area of 405b our aggressive drilling program continues and is on track with our 2006 plan which we outlined in last month's operational update."

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).

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