Attention Business Editors:

    First Calgary Petroleums Ltd. announces common share financing and

    updates operations

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

    SERVICES/

    TSX: FCP LSE: FPL

    CALGARY, Oct. 3 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") is pleased to announce that it has entered an agreement with

Canaccord Capital (Europe) Limited, Canaccord Capital Corporation and Octagon

Capital Corporation (the "Agents") pursuant to which the Agents have agreed to

act as agents of the Corporation for the issuance of up to 35,000,000 Common

Shares at an issue price of Cdn. $4.00 per share, resulting in gross proceeds

of up to Cdn. $140 million.

    This transaction is subject to certain conditions, including normal

regulatory approvals. The Common Shares will be offered in certain provinces

of Canada by way of short form prospectus (a preliminary prospectus has been

filed with the securities commissions in Alberta, British Columbia and

Ontario) and on a private placement basis elsewhere. Closing is anticipated to

occur later in October 2003.

    Net proceeds of the offering will be used for exploration expenditures on

oil and natural gas properties in the Republic of Algeria in which the Company

holds an interest and for working capital purposes.

    Operations Update

    The Corporation also announces that testing operations on the MLE-3 well

and drilling operations on the MLE-4 well are continuing.

    To date, testing has been completed on seven of the eight pay intervals

in MLE-3, resulting in combined preliminary production test results of 24,743

barrels of oil equivalent per day, comprising approximately 127 million cubic

feet of gas per day and 3,643 barrels of condensate per day at 2,000 psi

flowing tubing head pressure. Testing of the final interval is expected to be

completed in the next several days.

    As at October 3, 2003 the MLE-4 well has reached a depth of 3,381 metres

and the projected total depth is 4,500 metres. The MLE-4 well is located

4.9 kilometres southwest of the MLE-3 well.

    The field acquisition of seismic data on Block 405b has been completed

and processing and interpretation have commenced.

    On Block 406a, FCP has recently completed the acquisition of

approximately 240 kilometres of 2D seismic data. Pursuant to the joint venture

agreement between the Company and Sonatrach, the Algerian national oil

company, FCP is required to drill a second exploration well by November 11,

2003, the scheduled end of the first exploration period. FCP has elected to

enter the second exploration period which will extend through to November 10,

2005. In conjunction with this election, Sonatrach has agreed to a three month

extension to complete the drilling of the second exploration well, subject to

acceptance by the Algerian Ministry of Energy and Mines and provided that

drilling operations commence no later than November 10, 2003. In electing to

go into the second exploration period, the Company has committed to the

drilling of two additional exploration wells and an additional 2D seismic

program.

    First Calgary Petroleums Ltd. is a Canadian oil and gas exploration

company actively engaged in international exploration and development

activities, primarily in North Africa. The company's common shares trade on

the Toronto Stock Exchange in Canada (FCP) and on the AIM market of the London

Stock Exchange in the UK (FPL).

    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.

    This news release includes statements about expected future events and

financial results that are forward looking in nature and subject to risks and

uncertainties. FCP cautions that actual performance may be affected by a

number of factors, many of which are beyond its control. Future events and

results may vary substantially from what First Calgary Petroleums Ltd.

currently foresees.

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

Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca; European

contact: Carina Corbett, 4C Communications Ltd., Tel: +44 (0) 20 7907 4761;

Neil Johnson, Canaccord Capital (Europe) Limited, Tel: +44 (0) 20 7518 2777

    (FCP.)



END