FCP Sees Positive Results from Algerian Wells

First Calgary Petroleums Ltd. announces production test results from LES-2, an appraisal well located on FCP's 100% held Ledjmet Block 405b in Algeria. Production testing of the well has resulted in successful tests of 33,653 barrels of oil equivalent per day (boe/d), comprised of 18,357 barrels of condensate per day and 91.8 million cubic feet of gas per day, normalized to a flowing wellhead pressure of 2000 psi.

    Rates were as follows:
                               Test Conditions         Normalized Rates(xx)
                          FWHP      Condensate  Gas  Condensate  Gas   TOTAL
    Interval             psi(*) Choke  BBL/d   MMcf/d  BBL/d  MMcf/d Boe/d(+)
    Siegenian F6-2A Lower 4,034  32/64  2,494   12.2    9,467    50.9  17,951
    Siegenian F6-2A
    Middle                3,020  32/64  1,601    9.9    1,690    11.9   3,673
    Triassic TAG-I Lower  2,944  32/64  2,090    7.1    4,326    17.1   7,176
    Triassic TAG-I Upper  2,422  28/64  1,377    5.7    1,888     7.8   3,188
    Triassic TAG-M        2,298  32/64  1,754    7.2      986     4.1   1,665
                                              TOTALS   18,357    91.8  33,653

    (*)  FWHP - Flowing Wellhead Pressure, pounds per square inch
    (xx) rate normalized to a FWHP of 2000 psi
    (+)  using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel
         of oil equivalent. A boe conversion of 6 Mcf: 1 bbl is based on an
         energy equivalency conversion method primarily applicable at the
         burner tip and does not represent a value equivalency at the
         wellhead. Accordingly, boes may be misleading, particularly if used
         in isolation.

The Company also announces initial results from the drilling of MLE-6, an appraisal well on the MLE Field. Wireline logging of MLE-6 indicates the presence of 46 metres of net hydrocarbon pay over multiple geological intervals. The MLE-6 well is the most westerly and down-dip well drilled on the MLE Field to date. It is located 7.4 km southwest of the MLE-1 discovery well.

Richard G. Anderson, FCP's President and CEO stated, "The LES-2 well testing has yielded excellent results and has added another geological interval to the list of productive zones on Block 405b. The TAG-M, or Middle Triassic Sandstone, was successfully tested and is now recognized by FCP as a new play fairway extending across much of the southwestern portion of Block 405b. Cumulative test rates for the eleven wells now tested on Block 405b approximate 230,000 barrels of oil equivalent per day.

The MLE-6 well (the twelfth well on Block 405b) is significant as it indicates an extension of certain pools within the MLE Field."