First Calgary Petroleums Ltd. - Announcement of Annual and Special Meeting of Shareholders

    TSX: FCP
    AIM: FPL

    CALGARY, Jan. 7 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") announces that the board of directors has called an annual and
special meeting of shareholders of FCP to be held on April 8, 2008 in Calgary,
Alberta, with a record date for the close of business on March 5, 2008.
    FCP's position on issues raised by the requisition received from
Waterford Finance & Investment Limited, a shareholder in FCP, will be
addressed in a management information circular which will be distributed to
shareholders of FCP prior to the meeting.

    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 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.

For further information:

For further information: Kenneth C. Rutherford, Senior Advisor, First
Calgary Petroleums Ltd., Tel: (403) 264-6697; James Henderson, Pelham Public
Relations, Tel: +44 (0) 20 7743 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) 20 7710 7400

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