Waterford Supports Shareholder Proposal



    Proposal to be Raised at Annual and Special Shareholders' Meeting for
    First Calgary Petroleums Ltd. to be Held on April 8, 2008

    TORONTO, Feb. 1 /CNW/ - Waterford Finance & Investment Limited
("Waterford") announces today that it is supporting a shareholder proposal
(the "Proposal") submitted to First Calgary Petroleums Ltd. ("FCP") by
Midocean Holdings Limited. The text of the Proposal, which is expected to be
raised at the annual and special meeting of the shareholders of FCP to be held
on April 8, 2008, is reproduced below:

    

    "1. BE IT RESOLVED, as an ordinary resolution, that By-law Number 1 of
        the Corporation be amended by adding the following sentence to the
        end of section 6(2) of such By-law:

              "Any Officer of the Corporation is also subject to removal by
              an ordinary resolution of the shareholders of the Corporation."

    2.  BE IT RESOLVED, as an ordinary resolution, that provided that the
        resolution referred to in item (1) above has been passed by the
        shareholders of the Corporation, Richard G. Anderson is hereby
        removed from his office as President and Chief Executive Officer of
        the Corporation, effective immediately.

    3.  BE IT RESOLVED, as an ordinary resolution, that provided that the
        resolutions referred to in items (1) and (2) above have been passed
        by the shareholders of the Corporation, By-law Number 1 of the
        Corporation be further amended by deleting the new sentence inserted
        in section 6(2) of such By-law pursuant to the resolution referred to
        in item (1) above."
    

    Waterford had previously requisitioned a special meeting of the FCP
shareholders to consider and if deemed appropriate pass an ordinary resolution
removing FCP's Chief Executive Officer as a member of the FCP Board of
Directors. In the meantime, Waterford expects that FCP will, among other
things, refrain from taking any action which would result in the dilution of
the current shareholder base or the disposition or other dealing with
important assets or opportunities of FCP.
    Waterford is the beneficial owner of more than 5% of the issued and
outstanding FCP common shares.

    Waterford is a private investment holding company which invests, with a
long-term view, in international natural resource projects, including oil and
gas, exploration, development and production companies.





For further information:

For further information: Michael Kroupeev, Director, Waterford Finance &
Investment Limited, Tel: +44 207 839 8143, e-mail:
kroupeev@waterfordgroup.co.uk

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WATERFORD FINANCE & INVESTMENT LIMITED

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