First Calgary Petroleums Ltd. Provides Financing Update



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

    TSX: FCP
    AIM: FPL

    CALGARY, Dec. 3 /CNW/ - Further to the bought deal financing announced
November 15, 2007, First Calgary Petroleums Ltd. (the Company or FCP) advises
closing is now expected to occur on or about December 7, 2007.

    Richard G. Anderson, President and CEO commented:

    "The USD 267,000,000 convertible bond 'bought deal' entered into with
Canaccord Adams Limited and J. P. Morgan Securities Ltd. complements the
Project Debt financing which is expected to be arranged by Citigroup in H1
2008 and timed to the Engineering, Procurement and Construction contract
award. FCP has worked with its Financial Advisor Citigroup and the convertible
bond underwriters to ensure the structural compatibility of the convertible
bond and the project debt financing. I am pleased with the end result. The
convertible bond combined with the project debt will fund a substantial
majority of FCP's costs to move our Algerian asset to 1st production."
    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.
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The Common
Shares will not and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. The information contained herein is not for publication or
distribution to persons in the United States. Neither this document 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: David Nabarro,
Nabarro Wells & Co Limited, Tel + 44 (0) 207 710 7400

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FIRST CALGARY PETROLEUMS LTD.

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