First Calgary Petroleums Ltd. Closes Financing


    TSX: FCP
    AIM: FPL

    CALGARY, April 24 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") announces that it has closed the common share issuance of
30,000,000 shares at a price of CDN $5.08 per share announced on March 29,
2007, resulting in gross proceeds of approximately CDN $152,400,000. The
offering was conducted by a syndicate of underwriters led by UBS Securities
Canada Inc. and including Canaccord Capital Corporation.
    The common shares purchased under this offering are expected to be listed
for trading on the TSX on April 24, 2007 and be admitted to trading on the AIM
Market of the London Stock Exchange in the UK (FPL) on April 25, 2007.

    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 the 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 Chief Executive Officer, Tel: (403) 264-6697; or John
van der Welle, Finance Director and Chief Financial Officer, Tel: +44 (0) 203
159 4010; 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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