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Gold/Mining/Energy : First Calgary Petroleums, Ltd (FCP.T)
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To: Ken O'Connor who wrote (598)7/26/2005 11:34:30 AM
From: Cal Gary   of 603
 
News.. Good news to pad the bad news.

2005-07-26 10:27 ET - News Release

Mr. Richard Anderson reports

FIRST CALGARY PETROLEUMS LTD. ANNOUNCES OPERATIONS UPDATE

First Calgary Petroleums Ltd. confirms that with the recent common share financing of approximately $137-million, the company has now defined its active drilling and operations program. The drilling rig is now in the process of moving to the RTN-1 exploration location on block 406a, which is expected to commence drilling in early August. In addition, drilling locations are being prepared for ZCH-2 on block 406a and for the next three well locations on block 405b. The company is currently in the tender process to contract a second drilling rig in order to accelerate its proposed drilling schedule for the next 18 months.

The company has also decided to suspend operations on the ZCHW-1 well. As a result of mechanical difficulties encountered during completion operations, the company cemented off the bottom section of the wellbore containing the indicated hydrocarbon pay zones without being able to test the well. FCP considered a sidetrack drilling program to re-enter the target pay zones but decided that given the time constraints imposed by the block 406a joint venture exploration period ending in November, 2005, and the resource potential of other drilling opportunities, it was not beneficial to the company to spend further time and resources on this prospect.

We seek Safe Harbor.
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