First Calgary Petroleums Management Team On Two Week Program Meeting With Shareholders

    CALGARY, March 31 /CNW/ - First Calgary Petroleums Ltd.'s ("FCP", "the
Company", "First Calgary") management team and chairman of the Board,
Gar Emerson, are currently on a three-country tour meeting with shareholders
to discuss the progress made in bringing the company into first production in
2010, its strategic plans for growth, and highlighting the strength and
expertise of the management team, led by President and CEO Mr.
Richard Anderson.
    First Calgary has also embarked on an advertising campaign designed to
help communicate this message. The advertisements appeared on Saturday,
March 29 and today, Monday, March 31, in the Vancouver Sun, Calgary Herald,
Toronto Star, National Post and Globe and Mail.
    First Calgary's management team is demonstrating a business plan that
works. After 10 years in Algeria, gross proved plus probable (2P) reserves are
586 million barrels of oil equivalent on Block 405b. A management team with
extensive international experience and in-depth knowledge of the Algerian oil
and gas industry has been assembled and are integral in reaching first
production on budget and on time within the next 30 months. This project is
more time sensitive than it is cost sensitive.
    "It is my belief that any change at the senior management level could
significantly impact the MLE development process, creating delays in achieving
first production which will, in turn, delay the potential shareholder value
that this project can create," says Shane O'Leary, Chief Operating Officer,
First Calgary Petroleums Ltd.
    Mr. Mikhail Kroupeev, director of dissident shareholder group
Waterford Finance and Investment Ltd., acknowledged in a Business News Network
(BNN) interview on Thursday, March 28, 2008 that "the company has good assets
and a good management team" and "(Algerians) like the management team".
    Mr. Richard Anderson was also interviewed immediately following the
interview with Mr. Kroupeev. Visit for the complete interview.
    First Calgary is building on the strength of its current management and
independent advisory team. Mr. Garfield Emerson, Q.C., a longtime director of
some of Canada's largest companies and a recognized expert on corporate
governance, will bring strategic leadership to the board as the newly
appointed Chairman. In addition, First Calgary has also assembled a slate of
nominees with an extensive breadth of experience in oil and gas project
development, banking and finance, international business and foreign affairs.
The nominated directors are independent of special shareholder interests and
possess the necessary skills and knowledge critical to First Calgary and its
    First Calgary's slate of nominated directors, which has been endorsed by
two leading independent proxy advisory firms - ISS/RiskMetrics and Glass Lewis
- includes the Honourable Roy MacLaren, Stuart McDowall, David Savage and
Kenneth Taylor to join Messrs. Richard Anderson, Gar Emerson, Shane O'Leary,
Darryl Raymaker and John van der Welle to the Board for this upcoming meeting,
as announced on March 10, 2008.
    First Calgary's Board and senior management strongly encourage all
shareholders to vote their BLUE proxy by April 4, 2008. An Annual and Special
Meeting is scheduled for April 8, 2008.
    Every vote is important and all shareholders' participation is needed to
ensure that First Calgary Petroleums Ltd. can continue to implement its
strategy on behalf of all shareholders.
    Voting is a very quick and easy process. To be effective, shareholders'
BLUE proxy must be received no later than 10:00 a.m. (MT) April 4, 2008, using
any one of the methods described on the BLUE form of proxy. Due to the limited
time available, we recommend voting by Internet, telephone or facsimile.
    The First Calgary investor presentation, available for download at the
Company's website (, is being shown to institutional and retail
shareholder groups throughout Canada, the United States, and the United

    First Calgary Petroleums 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 UK (FPL).
    Further information is also available on the First Calgary Petroleums

    Forward-Looking Statements

    This press release contains forward-looking statements based on
assumptions considered reasonable at the time they were prepared. Any
statements that are contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. These statements speak
only to the conditions in existence as of the date of this press release, and
the Fund maintains no obligation to update such statements.
    Forward-looking statements, by their nature, necessarily involve risks
and uncertainties that could cause actual results to differ materially from
those contemplated by the statements. Such risks and uncertainties include,
but are not limited to, risks associated with operations such as competition,
dependence on the construction industry, supplies of raw materials, dependence
on key personnel, labour relations, regulatory matters, environmental risks,
the successful execution of acquisition and integration strategies, foreign
exchange fluctuations, the effect of leverage and restrictive covenants in
financing arrangements, product liability, the ability to obtain insurance,
energy cost increases, the ability to fund necessary future capital
investments, and changes in tax Legislation.
    When used in the interview, words such as "believe," "estimate,"
"forecast," "anticipate," "expect," "project," and similar expressions are
intended to identify forward looking statements. Such statements are subject
to certain risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may differ significantly from those expected. You
can find a discussion of those risks and uncertainties in our Canadian
securities filings.

For further information:

For further information: please contact First Calgary Petroleums Ltd.:
Jeffrey P. Angel, Vice President Corporate Communications and Investor
Relations, Tel: (403) 264-6697; Other Contacts: James Henderson, Pelham Public
Relations, Tel: +44 (0)20 7743 6673; Carina Corbett, 4C - Burvale Limited,
Tel: +44 (0) 20 7559 6710; Mandy Dinning, Hill & Knowlton Canada, Tel: (403)

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