Waterford Requisitions Special Shareholders' Meeting for First Calgary Petroleums

    TORONTO, Dec. 12 /CNW/ - Waterford Finance & Investment Limited
("Waterford") announces today that Waterford has delivered to First Calgary
Petroleums Ltd. ("FCP") a requisition for a special meeting of the
shareholders of FCP to be called to, among other things, consider and if
deemed appropriate pass an ordinary resolution removing FCP's Chief Executive
Officer as a member of FCP's Board of Directors. The move by Waterford to
requisition the shareholders' meeting is being taken in light of the continued
disappointing performance of FCP.
    Waterford has been following FCP since 2002 and watched the company's
reserve base grow as a result of successful drilling operations. However,
during the strategic review process undertaken in 2004/05 and the period
since, the performance of FCP, led by its Chief Executive Officer, has been
disappointing and its shareholder value has diminished to a fraction of its
previous worth in a market where oil and gas prices have seen unprecedented
increases. Waterford has taken this action as it is concerned that FCP will
continue to decline, thereby limiting its strategic alternatives. Shareholders
are unable to remove management from office. However, Waterford hopes that
when the requisition receives the requisite support of FCP's shareholders, the
Board will consider taking the appropriate action.
    Waterford is the beneficial owner of more than 5% of the issued and
outstanding FCP common shares.

    Waterford is a private investment holding company which invests, with a
long-term view, in international natural resource projects, including oil and
gas, exploration, development and production companies.

For further information:

For further information: Michael Kroupeev, Director, Waterford Finance &
Investment Limited, Tel: +44 207 839 8143, e-mail:

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