First Calgary Petroleums Ltd. Convertible Bonds Bought Deal Financing Closes



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    TSX: FCP AIM: FPL

    CALGARY, Dec. 14 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") is pleased to announce that it has closed the U.S. $267 million
convertible bonds bought deal entered into with Canaccord Adams Ltd. and J.P.
Morgan Securities Ltd. announced November 15, 2007.
    The Company has issued 2,670 nominal 9 per cent unsecured convertible
bonds due 2012 with an initial conversion price of USD $4.20 (or Cdn $4.05 as
of November 14, 2007) (the "Convertible Bonds"), at a price of USD $100,000
per Convertible Bond. The net proceeds will be used to implement the Company's
independent development strategy in respect of its Algerian assets over the
short to medium term and for working capital purposes.

    First Calgary Petroleums Ltd. is an oil and gas exploration company
actively engaged in 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 of the London Stock Exchange in the UK (FPL).

    This news release includes statements about expected future events and
financial results that are forward looking in nature and subject to risks and
uncertainties. First Calgary Petroleums Ltd. cautions that actual performance
may be affected by a number of factors, many of which are beyond its control.
Future events and results may vary substantially from what First Calgary
Petroleums Ltd. currently foresees.
    The Convertible Bonds (and the common shares issuable upon conversion)
have not been, and will not be, registered under the United States Securities
Act of 1933, as amended (the "Securities Act"), and may not be offered or sold
in the United States absent registration or an applicable exemption from the
registration requirement of the Securities Act. The information contained
herein is not for publication or distribution, directly or indirectly, in or
into the United States. Neither this news release nor the information
contained herein constitutes an offer to sell or the solicitation of an offer
to buy any securities in any jurisdiction where such offer or solicitation
would be unlawful.
    In the United Kingdom this announcement is directed exclusively at
persons who fall within Article 19 or 49 of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 or to whom this announcement may
otherwise be directed without contravention of section 21 of the Financial
Services and Markets Act 2000. The investments referred to in this
announcement shall be issued only to such persons.
    This announcement does not constitute an offer to sell securities within
the meaning of the Prospectus Directive (2003/71/EC) and is not intended to be
a Prospectus.
    Canaccord Adams Limited and J.P. Morgan Securities Ltd. are providing
services to the Company in relation to the Offering. Canaccord Adams Limited
and J.P. Morgan Securities Ltd. shall not regard any other person (including
any person who is a director or employee of the Company) as its client in
relation to the Offering and will not be responsible to any other person for
providing protections afforded to clients of Canaccord Adams Limited or J.P.
Morgan Securities Ltd. or advising any other person involved in the Offering.





For further information:

For further information: Richard G. Anderson, President and CEO, First
Calgary Petroleums Ltd., Tel: (403) 264-6697; Other contacts: James Henderson,
Pelham Public Relations, Tel: +44 (0) 207 743 6673; Carina Corbett, 4C -
Burvale Limited, Tel: +44 (0) 207 559 6710; Nominated Adviser: Richard
Swindells, David Nabarro, Nabarro Wells & Co Limited, Tel +44 (0) 207 710
7400

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FIRST CALGARY PETROLEUMS LTD.

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