First Calgary Petroleums Ltd. - Re Share Price Increase

    TSX: FCP
    AIM: FPL

    CALGARY, Sept. 3 /CNW/ - First Calgary Petroleums Ltd. (FCP or the
Company) advises that the Company has received proposals from third parties
relating to the sale of the Company or a significant asset disposal. The
Company is in discussions with these parties.
    FCP is issuing this press release at the request of IIROC on behalf of
the TSX in response to recent volatility in its share price and speculation
regarding a potential sale of the Company or a significant asset disposal.
    No agreement has been entered into and accordingly no assurance can be
given that these discussions will lead to a binding agreement relating to the
sale of the Company or a significant asset disposal.
    FCP will make no further announcements or communications regarding these
proposals until either an agreement has been reached or discussions are
terminated without such an agreement being reached.

    Company Profile

    First Calgary Petroleums Ltd is an oil and gas company actively engaged
in international 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 United Kingdom
(FPL). Further information is available on the FCP website:

    Forward-looking Statements

    This news release includes statements about expected future events that
are forward looking in nature and subject to risks and uncertainties. Readers
are cautioned not to place undue reliance on forward-looking statements, as
there can be no assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will occur or
that plans, intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that circumstances,
events or outcomes anticipated or implied by forward-looking statements will
not occur. These risks and uncertainties include, among other things: risks
associated with the ability to obtain any necessary approvals, waivers,
consents, court orders and other requirements necessary or desirable to permit
or facilitate any of the proposed transaction (including, regulatory and
securityholder approvals); the risk that any applicable conditions of any of
the proposed transaction may not be satisfied; volatility of and assumptions
regarding oil and gas prices; assumptions contained in or relevant to the
company's current corporate guidance; fluctuations in currency and interest
rates; product supply and demand; market competition; risks inherent in
marketing operations (including credit risks); imprecision of reserves
estimates and estimates of recoverable quantities of natural gas and liquids
from the Company's properties; the ability to access external sources of debt
and equity capital; the timing and the costs of well and pipeline
construction; the ability to secure adequate product transportation; changes
in royalty, tax, environmental and other laws or regulations or the
interpretations of such laws or regulations; applicable political and economic
conditions; the risk of war, hostilities, civil insurrection, political
instability and terrorist threats; risks associated with existing and
potential future lawsuits and regulatory actions; and other risks and
uncertainties described from time to time in the reports and filings made with
securities regulatory authorities by the Company. Although the Company
believes that the expectations represented by such forward-looking statements
are reasonable, there can be no assurance that such expectations will prove to
be correct. Readers are cautioned that the foregoing list of important factors
is not exhaustive.

For further information:

For further information: Shane O'Leary, President and Chief Executive
Officer, Tel: (403) 264-6697; Other Contacts: James Henderson, Alisdair
Haythornthwaite, Pelham Public Relations, Tel: +44 (0)20 7743 6673; Nominated
Advisers: David Nabarro, Marc Cramsie, Ambrian Partners Limited, Tel: +44
(0)20 7634 4700

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