First Calgary Receives Approvals for Eni's Takeover Transaction

First Calgary has received shareholder, optionholder and court approvals for the previously announced plan of arrangement involving First Calgary, Eni Canada Holding Ltd., Eni S.p.A. and securityholders of First Calgary. 99.84% of the votes represented at the meeting in person or by proxy voted in favor of the transaction.

A meeting of bondholders of FCP was held in London, United Kingdom on October 14, 2008 to consider and approve the proposed transaction and other related matters. All of the votes represented at that meeting in person or by proxy voted in favour of the proposed transaction. The approvals required under the Investment Canada Act (Canada) in connection with the transaction have been obtained as well.

The completion of the proposed transaction is conditional upon the receipt of all required Algerian and other governmental approvals. The Company expects that all remaining required approvals will be received during November or December and that, subject to the satisfaction of customary closing conditions, the transaction will close prior to the end of 2008.

The Company intends to apply for suspension of its common shares from trading on AIM in conjunction with the closing of the plan of arrangement, and intends to cancel the admission of its common shares on AIM as soon as possible thereafter. It is intended that the common shares will be concurrently delisted from the TSX.


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