First Calgary Reports CAFC Test Results

First Calgary Petroleums Ltd. issued an update on successful appraisal testing in the Central Area of Block 405b in Algeria, referred to as the Central Area Field Complex (CAFC).

The LES-4 and MZLN-2 wells combined flowed 21,303 barrels oil equivalent per day (boepd) on a normalized flow rate consisting of 13,161 barrels of oil plus condensate per day and 48.9 million cubic feet of gas per day. The MZLS-2 well had a successful normalized flow of 206 boepd and the GSME-1 well resulted in hydrocarbons being tested at non-commercial flow rates.

The well tests are summarized and included in a table below: --MZLN-2 well flowed 9,267 boepd consisting of 4,851 barrels condensate and 26.5 million cubic feet gas per day. The MZLN-2 wellbore defines two new pool discoveries that relate to a newly defined structural block. Further appraisal work is planned based on the new pool discoveries.
--MZLS-2 appraisal well flowed gas and condensate from the Tagi formation, representing a new pool discovery in addition to defining the western flank limit of the Lower Devonian pool discovered in MZLS-1
--GSME-1 well confirmed the hydrocarbon saturation within a Lower Devonian stratigraphic play, southward to the Block boundary and is being considered for future appraisal work.

	                              Test Flow Rates        Normalized Flow Rates
	                                   Oil/            Oil/
	                                   Conden-         Conden-
	                                   sate    Gas     sate     Gas     Boe(3)
	    Well/        Depth  Choke      (Bbls/  (MMcf/  (Bbls/   (MMcf/  per
	    Formation    (m)    (inches)   day)    day)    day)     day)    day
	     Devonian    4356   40/64ths   3,319    8.6     7,731    20.1   11,085(1)
	     Devonian    4307   36/64ths     243    1.6       163     1.1      338(2)
	     Devonian    4225   32/64ths     628    1.9       416     1.2      613(1)
	    MZLN-2                                          8,310    22.4   12,036
	    ------                                          -----    ----   ------
	     Devonian    4351   40/64ths   2,269   11.9     2,414    12.7    4,530(2)
	    TAGI         3417   32/64ths   1,841    9.0     2,437    13.8    4,737(2)
	    MZLS-2                                          4,851    26.5    9,267
	    ------                                          -----    ----    -----
	    TAGI         3579   32/64ths     368    1.7        82     0.7      206(2)

	                                         TOTALS    13,243    49.6   21,509
	                                         ------    ------    ----   ------
	                                         ------    ------    ----   ------

	    (1) Normalized flow rate for oil zones are defined as the flow resulting
	    from a calculated 2000 psia bottom hole flowing pressure equivalent of
	    the final flowing pressure from the actual test.

	    (2) Normalized flow rate for gas condensate zones are defined as the flow
	    resulting from a calculated 2000 psia flowing tubing head pressure
	    equivalent of the final surface flowing pressure from the actual test.

	    (3) Using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel
	    of oil equivalent.

Richard Anderson, President and CEO commented:

"The latest test results continue to confirm FCP's mapping and affirm the assessment of the resource potential of not only the CAFC but the entire Block. To date, in the CAFC only, FCP has cased and tested 13 wells with cumulative normalized flow rates exceeding 176,000 boepd. These wells combined with the 6 wells in the MLE field result in cumulative normalized test flow rates for the 19 cased wells on the Block of approximately 275,000 boepd consisting of over 1 billion cubic feet of gas per day and 104,000 barrels of oil and liquids per day.

"FCP continues to move towards the integration of the CAFC development into the MLE development with an aggressive appraisal work program throughout 2007."

First Calgary Petroleums Ltd. is an oil and gas exploration company actively engaged in international exploration and development activities in Algeria.


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