First Calgary Petroleums Ltd. announces shareholder, optionholder and court approvals of the plan of arrangement transaction with Eni S.p.A.



    TSX: FCP AIM: FPL

    CALGARY, Oct. 29 /CNW/ - First Calgary Petroleums Ltd. (TSX: FCP, AIM:
FPL) (First Calgary or the Company) is pleased to announce that First Calgary
received today shareholder, optionholder and court approvals for the
previously announced plan of arrangement involving First Calgary, Eni Canada
Holding Ltd., Eni S.p.A. and securityholders of First Calgary. 99.84% of the
votes represented at the meeting in person or by proxy voted in favour of the
transaction.
    A meeting of bondholders of FCP was held in London, United Kingdom on
October 14, 2008 to consider and approve the proposed transaction and other
related matters. All of the votes represented at that meeting in person or by
proxy voted in favour of the proposed transaction. The approvals required
under the Investment Canada Act (Canada) in connection with the transaction
have been obtained as well.
    The completion of the proposed transaction is conditional upon the
receipt of all required Algerian and other governmental approvals. The Company
expects that all remaining required approvals will be received during November
or December and that, subject to the satisfaction of customary closing
conditions, the transaction will close prior to the end of 2008.
    The Company intends to apply for suspension of its common shares from
trading on AIM in conjunction with the closing of the plan of arrangement, and
intends to cancel the admission of its common shares on AIM as soon as
possible thereafter. It is intended that the common shares will be
concurrently delisted from the TSX.
    The meeting materials are available at www.fcpl.ca and at www.sedar.com.

    About First Calgary

    First Calgary Petroleums Ltd. is an oil and gas company actively engaged
in international exploration and development activities in Algeria. The
Company's common shares trade on the Toronto Stock Exchange in Canada (FCP)
and on the AIM market on the London Stock Exchange in the United Kingdom
(FPL). Further information is available on the First Calgary website:
www.fcpl.ca

    About Eni

    Eni S.p.A. is an integrated energy company operating in the oil and gas,
electricity generation and sale, petrochemicals, oilfield services
construction and engineering industries. In these businesses it has a strong
edge and leading international market position. Eni is active in around 70
countries with a staff of about 76,000 employees. Further information is
available on the Eni website: www.eni.it

    Forward-Looking Information and Statements

    This news release includes statements about expected future events that
are forward looking in nature and subject to risks and uncertainties. Readers
are cautioned not to place undue reliance on forward-looking statements, as
there can be no assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will occur or
that plans, intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both
general and specific that contribute to the possibility that circumstances,
events or outcomes anticipated or implied by forward-looking statements will
not occur. These risks and uncertainties include, among other things: risks
associated with the ability to obtain any necessary government and third party
approvals, waivers, consents and other requirements necessary or desirable to
permit or facilitate any of the proposed transaction (including, regulatory
and securityholder approvals); the risk that any applicable conditions of any
of the proposed transaction may not be satisfied; the risk that a material
adverse change will occur to the business, financial conditions and operations
of the Company prior to completion, that the definitive agreement will be
terminated for a material breach of the terms and conditions thereof;
volatility of and assumptions regarding oil and gas prices; assumptions
contained in or relevant to the company's current corporate guidance;
fluctuations in currency and interest rates; product supply and demand; market
competition; risks inherent in marketing operations (including credit risks);
imprecision of reserves estimates and estimates of recoverable quantities of
natural gas and liquids from the Company's properties; the ability to access
external sources of debt and equity capital; the timing and the costs of well
and pipeline construction; the ability to secure adequate product
transportation; changes in royalty, tax, environmental and other laws or
regulations or the interpretations of such laws or regulations; applicable
political and economic conditions; the risk of war, hostilities, civil
insurrection, political instability and terrorist threats; risks associated
with existing and potential future lawsuits and regulatory actions; and other
risks and uncertainties described from time to time in the reports and filings
made with securities regulatory authorities by the Company. Although the
Company believes that the expectations represented by such forward-looking
statements are reasonable, there can be no assurance that such expectations
will prove to be correct. Readers are cautioned that the foregoing list of
important factors is not exhaustive.





For further information:

For further information: Shane O'Leary, President and Chief Executive
Officer, Tel: (403) 264-6697; Other Contacts: James Henderson, Alisdair
Haythornthwaite, Pelham Public Relations, Tel: +44 (0)20 7743 6673; Barry
Weir, Christopher Dickinson, JPMorgan Cazenove, Tel: +44 (0)20 7588 2828;
Nominated Advisers: David Nabarro, Marc Cramsie, Nabarro Wells & Co. Limited,
Tel: +44 (0)20 7634 4700

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FIRST CALGARY PETROLEUMS LTD.

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