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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8715)1/30/1998 1:02:00 PM
From: Arnie   of 15196
 
FINANCING / First Calgary Petroleum announces Private Placement

First Calgary Petroleums Ltd. - TSE (''FCP'') a Calgary based
international oil and gas exploration company announces that it has entered
into an agreement with a Canadian agent on a best efforts basis in respect to
a private placement of 4,500,000 Special Warrants at a price of $1.05 per
Special Warrant. Each Special Warrant will be exchangeable for one common
share and one-half of one common share purchase warrant (a ''Warrant'') of
First Calgary at no additional cost. Each Warrant will entitle the holder to
acquire one common share at an exercise price of $1.25 per share and will
expire 1 year after the date of closing. The issue is subject to regulatory
approval. Closing is scheduled for February 5, 1998.

The net proceeds of the offering will be used to fund exploration work on
the properties optioned to or acquired by or to be optioned to or acquired by
the Company and for general corporate purposes of the business of First
Calgary.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
Special Warrants will not be 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
requirements.
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