First Calgary Petroleums Ltd. (“FCP”) announces that it has signed a long term Take or Pay Gas Marketing Agreement with Sonatrach, Algeria’s national oil company, covering Block 405b in Algeria’s Berkine Basin. Pursuant to the agreement, Sonatrach will market the total natural gas production from Block 405b using a price formula linked to the price of European oil products. The entering of the Gas Marketing Agreement represents a major step forward in FCP’s plans to develop Block 405b, commencing with the MLE field. Further details on FCP’s and Sonatrach’s development plans for the MLE field will be announced later.
