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Gold/Mining/Energy : First Calgary Petroleums, Ltd (FCP.T)
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To: timester who wrote (546)3/11/2005 11:06:28 AM
From: Cal Gary  Read Replies (1) of 603
 
First Calgary continues reviewing stategic alternatives

First Calgary Petroleums Ltd (TSX:FCP)
Shares Issued 183,086,675
Last Close 3/10/2005 $18.78
Friday March 11 2005 - News Release

Mr. Richard Anderson reports

FIRST CALGARY PETROLEUMS LTD. UPDATE

First Calgary Petroleums Ltd., in view of the recent press speculation, has released further updates its activities:

Strategic alternatives

First Calgary and Lehman Brothers, First Calgary's financial adviser, are very pleased with the progress made to date of the review of strategic alternatives. As previously stated in Stockwatch, various alternatives are being reviewed, one of which could result in the sale of First Calgary. In light of negative rumours circulating regarding the timelines and status of the review, First Calgary wishes to clarify the process is proceeding as originally planned and anticipates the process will require at least 45 days to complete.

Operations

Interpretation of the 613 square kilometres of 3-D seismic data acquired on Rhourde Yacoub block 406a is continuing and to date has resulted in the identification of two exploration drilling locations on the southern portion of the block. First Calgary has contracted a Saipem drilling rig for one year with the drilling of the first well scheduled to commence in early April, 2005. The drilling of these two exploration wells will satisfy all remaining work commitments pursuant to the Rhourde Yacoub contract.

© 2005 Canjex Publishing Ltd.
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