FCP to Close Financing Soon

Further to the bought deal financing announced November 15, 2007, First Calgary Petroleums advises closing is now expected to occur on or about December 7, 2007.

Richard G. Anderson, President and CEO commented: "The USD 267,000,000 convertible bond 'bought deal' entered into with Canaccord Adams Limited and J. P. Morgan Securities Ltd. complements the Project Debt financing, which is expected to be arranged by Citigroup in H1 2008 and timed to the Engineering, Procurement and Construction contract award. FCP has worked with its Financial Advisor Citigroup and the convertible bond underwriters to ensure the structural compatibility of the convertible bond and the project debt financing. I am pleased with the end result. The convertible bond combined with the project debt will fund a substantial majority of FCP's costs to move our Algerian asset to 1st production."

First Calgary Petroleums Ltd. is an oil and gas exploration company actively engaged in 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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