Dealing by Director

CALGARY, December 16, 2003 - First Calgary Petroleums Ltd. ("FCP") announces
that 100,000 common shares were issued today by the Company pursuant to the
exercise of stock options by Mr. Darryl Raymaker, a non-executive director of
the Company. The stock options were exercised at $1.06 (Cdn.) per share and the
shares were sold today through the facilities of the Toronto Stock Exchange at
$7.00 (Cdn.) per share. Mr. Raymaker continues to hold 1,100,000 stock options
and 33,279 common shares of FCP.

First Calgary Petroleums Ltd. is an oil and gas exploration company actively
engaged in international exploration and development activities, primarily in
Algeria. 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 press release is being issued in compliance with the rules of the AIM
market of the London Stock Exchange.

For further information, contact:

Richard G. Anderson

President and CEO

First Calgary Petroleums Ltd.

Tel: (403) 264-6697

Website: www.fcpl.ca



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