FCP Runs Production Casing on Oil Prospect in Algeria

First Calgary Petroleums Ltd. reports initial results from the drilling of ZCH-1, an exploration well located on FCP's 100% held Rhourde Yacoub Block 406a in Algeria. The well was drilled and logged to total depth of 3864m. Wireline logs indicate the presence of 60 metres of net oil pay over multiple intervals with porosities ranging from 8 % to 20 %. In addition to the wireline logging, the results of a wireline formation testing programme also confirmed the presence of hydrocarbon saturated reservoirs with the recovery of light gravity oil. Production liner is currently being set to total depth in preparation for completion and production testing.

The Company's ZCH-1 well is located on the southeast portion of Block 406a. The well was drilled on a fault controlled structure identified using 2D seismic data. The Company will commence a multi-zone production test immediately after setting the production liner, lasting approximately 30 days. Based on these results FCP has initiated a 630 km(2) 3D seismic programme to delineate the size of the structure and define both appraisal and further exploration drilling locations.

Richard Anderson, President and Chief Executive Officer, commented, "Results to date indicate that ZCH-1 is potentially a material oil discovery for FCP. The production test, 3D seismic survey and further drilling will allow us to quantify the potential size of this structure and identify further prospects for drilling on the Yacoub Block."

On completion of the 30 day production test, the drilling rig will move to the MZLN-1 location on FCP's Ledjmet Block 405b.

Update on Ledjmet Block 405b

The LEC-1 exploration well reached total depth of 4437 metres. Logging is currently underway and is expected to be completed this week.

Production testing on the MLE-5 appraisal well is continuing, with results expected shortly.