First Calgary Petroleums Ltd. Completed Financing

    NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE

    SERVICES

    CALGARY, Feb. 14 /CNW/ - First Calgary Petroleums Ltd. (TSX: FCP and AIM -

FPL) ("First Calgary" or the "Corporation") is pleased to announce that it has

closed on the remaining 4,086,000 Common Shares issuable pursuant to the

previously announced bought deal financing through Canaccord Capital

Corporation and Octagon Capital Corporation. Pursuant to this financing, First

Calgary has sold a total of 14,893,620 Common Shares at an issue price of

$2.35 per share for gross proceeds to the Corporation of approximately

$35 million.

    This news release shall not constitute an offer to sell or the

solicitation of an offer to buy the securities in any jurisdiction. The Common

Shares 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.

    For further information: Mr. Richard G. Anderson, President and CEO, Ph:

(403) 264-6697; European Contact: 4C Communications; Carina Corbett,

Tel+44(0)20 7907 4761; First Calgary Petroleums Ltd.; Ph: (403) 264-6697, Fax:

(403) 264-3955, Website: www.fcpl.ca

    (FCP.)

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