First Calgary Petroleums Updates Algerian Operations

In response to the recent price volatility in First Calgary Petroleums Ltd.'s common shares, the Company wishes to provide an update on its ongoing activities.

The MLE-5 appraisal well is currently drilling at 4376 meters and has a projected total depth of 4570 meters. The well is expected to reach total depth about February 6, 2004.

At MLE-4 the testing equipment assembly is on the wellsite. The production testing program is scheduled to commence on February 7, 2004 and continue for approximately 40 days.

On Block 406a, the Company has been granted an extension to April 11, 2004 to drill its second exploration well. The ZCH-1 drilling location has been surveyed and site construction has commenced.