First Calgary Petroleums Ltd. has announced reserve estimates from its ongoing appraisal drilling in Algeria as at December 31, 2003. Independent engineering firm DeGolyer and MacNaughton of Dallas, Texas, has estimated the gross proved, probable and possible recoverable reserves of FCP's Ledjmet Block 405b to be approximately 7 trillion cubic feet equivalent (TCFe) of natural gas. Of this total, proved reserves are 753 billion cubic feet equivalent (BCFe) and proved plus probable
reserves are 2.8 TCFe.
The reserve estimates were prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil & Gas Activities and are based on work completed and information available to December 31, 2003. Data not included in the reserve estimates are the results from the production
testing of the MLE-4 and the drilling and production testing of the MLE-5 appraisal wells obtained during 2004.
