In response to the recent market volatility in the Company’s common
shares, First Calgary Petroleums Ltd. (“FCP” or the “Company”) wishes to provide an update on its strategic discussions. The Company announced on May 24, 2005 that it had entered formal negotiations with Repsol respecting the potential joint venture development of Block 405b in Algeria. The Company advises that these discussions continue, however no assurance can be provided that an agreement will be reached. A joint venture would only be proposed for
shareholder approval when the Company believes this to be in its best interests.
The Company’s Annual General Meeting is scheduled for June 16, 2005 in Calgary when it will provide a ‘Strategic Overview’ which will include an update on the status of discussions with Repsol as at that date.
