FCP Logs Pay with LEW-1 in Algeria

First Calgary Petroleums Ltd. announces production test results from LEW-1, an exploration well located approximately 7 km northwest of the MZLS-1 well on FCP's 100% held Ledjmet Block 405b in Algeria. Production testing of the well has resulted in successful tests of oil and gas of 9,803 barrels of oil equivalent per day (boe/d), comprised of 7,536 barrels per day (bbl/d) of 51 oAPI oil and 13.6 million cubic feet of gas per day (mmcf/d), normalized to a flowing bottom hole pressure of 2000 psi.

    Production test rates were as follows:
    LEW-1 well:               Test Conditions            Normalized Rate(xx)
                       FBHP            Oil    Gas      Oil    Gas     TOTAL
    Interval          Psi(*)  Choke   bbl/d  mmcf/d   bbl/d  mmcf/d  boe/d(+)
    Siegenian F6-2A
     Lower            4,934   32/64   3,231    5.2    6,436    10.3    8,153
    Siegenian F6-2A
     Middle           2,407   32/64   1,034    3.1    1,100     3.3    1,650
                                             TOTALS   7,536    13.6    9,803

    (*)  FBHP Psi - Flowing Bottom Hole Pressure, pounds per square inch
    (xx) rate normalized to a FBHP of 2000 psi

    (+)  using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel
         of oil equivalent

LES-2 well cased

The Company also announces initial results from the drilling of LES-2, an appraisal well to the LES-1 oil and gas discovery. Wireline logging of LES-2 indicates the presence of 37 metres of net hydrocarbon pay over multiple geological intervals. Production testing is anticipated to commence in early January 2005. The LES-2 well, drilled to a depth of 4,440 metres, is located 2.7 km southeast of the LES-1 well.

Richard Anderson, President and CEO stated, "We are delighted with the LEW-1 testing and the LES-2 drilling results on Block 405b. The LEW-1 exploration well was drilled over 20 km west of the MLE Field. To date, the 10 successful wells on this Block have production tested in excess of 200,000 barrels of oil equivalent per day.(+)"

DeGolyer & MacNaughton, independent engineers, are currently conducting an assessment of the reserves on Blocks 405b and 406a. This evaluation of the reserves is expected mid January, 2005.