FCP Commences Algerian Drilling Operatiions

First Calgary Petroleums Ltd. has commenced drilling operations on its 100% held Ledjmet Block 405b in Algeria. The MLE-2 well, an appraisal to the MLE-1 discovery well already located on FCP's lands, commenced drilling November 7, 2002.

The MLE-2 well has an estimated drilling time of 41 days to drill, log, case and complete. This will be followed by an extensive production testing program of all prospective zones. The MLE-2 well is located 2.5 km updip from the MLE-1 well which production tested 43 million cubic feet per day of gas and 1745 barrels per day of condensate from 3 zones. The MLE-2 location was selected using 3D seismic data and will be drilled to a depth of 4450 metres to evaluate all potential pay zones, including the Triassic TAGI formation, the Carboniferous F1 sandstone, and the Devonian.

FCP has acquired 120 km2 of 3D seismic covering approximately 60% of the MLE gas and condensate pool located on FCP's Ledjmet Block. FCP's MLE pool, as evaluated by DeGolyer MacNaughton (independent Reservoir Engineers) presently contains proven and probable reserves of 1.021 trillion cubic feet of gas equivalent (TCFe) of which 447 billion cubic feet equivalent (BCFe) are proven.

On completion of the MLE-2 well, FCP will be moving the drilling rig to its 100% Yacoub Block 406a to commence the drilling of the YCB-1 well. FCP's acreage holdings in the prolific Berkine Basin cover approximately 2200 km2 or 500,000 acres.