First Calgary Petroleums Ltd. (FCP) has received a summary of its reserves and values as of October 31, 2004 as estimated by the independent engineering company, DeGolyer and MacNaughton. The gross proved, probable and possible recoverable reserves estimated by DeGolyer & MacNaughton have increased to 13.5 trillion cubic feet of natural gas equivalent (TCFe), consisting of 8.4 trillion cubic feet of natural gas and 860 million barrels (MMBBLS) of oil, condensate and LPG. The reserves are attributed to the Ledjmet 405b and Rhourde Yacoub 406a blocks located in Algeria’s Berkine Basin.
The reserves estimates were prepared in accordance with Canadian Securities National Instrument 51-101 Standards of Disclosure for Oil & Gas Activities and are based on work completed and information available to October 31, 2004. The specific conditions under which the results reported were estimated are contained in the final report of DeGolyer and MacNaughton.
