In October 2004, First Calgary Petroleums Ltd. announced that it had initiated a process to seek and evaluate strategic alternatives
for the Company. Those alternatives included the consideration of a number of transactions, including an outright sale of the Company or a strategic partnership for the development of FCP’s Algerian assets.
In connection with this process, FCP, through its advisers Lehman Brothers, contacted a number of companies to seek indications of interest in FCP. A majority of the companies contacted participated in an indepth study of FCP’s assets. As of Thursday, April 14, the
Company had received a number of complex proposals for the Company or its assets. Over the next few weeks FCP and its advisers will be engaged in discussions with certain of the participants with a view towards reaching a conclusion to the process. At this time, FCP will not comment on the forms of the proposals or the identities of the parties. There can be no assurance that any transaction will be entered into or completed as a result of this process.
