First Calgary Enters Into $152.4 Million Bought Deal


    TSX: FCP
    AIM: FPL

    CALGARY, March 29 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") is pleased to announce that it has entered into an agreement with a
syndicate of underwriters, led by UBS Securities Canada Inc. and including
Canaccord Capital Corporation (collectively, the "Underwriters") pursuant to
which the Underwriters have agreed to purchase for resale to the public, on a
bought deal basis, 30,000,000 common shares of FCP (the "Common Shares") at a
price of CDN$5.08 per Common Share, resulting in gross proceeds of
approximately CDN$152.4 million.
    The transaction is subject to certain conditions including normal
regulatory approvals. The Common Shares will be offered in certain provinces
in Canada by way of a short form prospectus and on a private placement basis
elsewhere including the United Kingdom. Closing is anticipated to occur on or
about April 17, 2007.
    Net proceeds of the offering will be used to fund the Company's 2007
capital budget which is directed toward implementing its independent
exploration and appraisal strategy in respect of its Algerian assets and for
working capital purposes.
    This Press Release does not constitute an offer to sell the Common Shares
in the United States. The Common Shares have not been and will not be
registered under the United States Securities Act and may not be offered or
sold in the United States except in transactions exempt from the registration
requirements of that Act.

    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

For further information:

For further information: First Calgary Petroleums Ltd.: Richard G.
Anderson, President and CEO, Tel: (403) 264-6697; or John van der Welle,
Finance Director and CFO, Tel: +44 (0) 203 043 0270; Other contacts: James
Henderson, Pelham Public Relations, Tel: +44 (0) 207 743 6673; Carina Corbett,
4C - Burvale Limited, Tel: +44 (0) 207 559 6710; David Nabarro, Nabarro Wells
& Co Limited, Tel + 44 (0) 207 710 7400

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