First Calgary Petroleums Ltd. announces proposed closing date

First Calgary Petroleums Ltd. (TSX: FCP, AIM: FPL) (First Calgary or the Company) is pleased to announce that First Calgary, Eni Canada Holding Ltd. and Eni S.p.A. have agreed to complete the previously announced plan of arrangement involving First Calgary, Eni Canada Holding Ltd., Eni S.p.A. and securityholders of First Calgary on or before November 21, 2008 subject to the satisfaction of customary closing conditions. It is expected that the transaction will be completed on November 21, 2008.

The Company intends to apply for suspension of its common shares from trading on AIM in conjunction with the closing of the plan of arrangement, and intends to cancel the admission of its common shares on AIM as soon as possible thereafter. It is expected that the common shares will be concurrently delisted from the TSX.

About First Calgary

First Calgary Petroleums Ltd. is an oil and gas company actively engaged in international exploration and development activities in Algeria. The Company's common shares trade on the Toronto Stock Exchange in Canada (FCP) and on the AIM market on the London Stock Exchange in the United Kingdom (FPL). Further information is available on the First Calgary website: www.fcpl.ca

About Eni

Eni S.p.A. is an integrated energy company operating in the oil and gas, electricity generation and sale, petrochemicals, oilfield services construction and engineering industries. In these businesses it has a strong edge and leading international market position. Eni is active in around 70 countries with a staff of about 76,000 employees. Further information is available on the Eni website: www.eni.it

Forward-Looking Information and Statements

This news release includes statements about expected future events that are forward looking in nature and subject to risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that circumstances, events or outcomes anticipated or implied by forward-looking statements will not occur. These risks and uncertainties include, among other things: risks associated with the ability to satisfy the requirements necessary or desirable to permit or facilitate the transaction; the risk that the remaining conditions to the completion of the transaction may not be satisfied; the risk that a material adverse change will occur to the business, financial conditions and operations of the Company prior to completion, that the definitive agreement will be terminated for a material breach of the terms and conditions thereof; volatility of and assumptions regarding oil and gas prices; assumptions contained in or relevant to the company's current corporate guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in marketing operations (including credit risks); imprecision of reserves estimates and estimates of recoverable quantities of natural gas and liquids from the Company's properties; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the ability to secure adequate product transportation; changes in royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; the risk of war, hostilities, civil insurrection, political instability and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by the Company. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

Contacts

Shane O'Leary
President and Chief Executive Officer
Tel: (403) 264-6697

Other Contacts: James Henderson
Alisdair Haythornthwaite
Pelham Public Relations
Tel: +44 (0)20 7743 6673

Barry Weir
Christopher Dickinson
JPMorgan Cazenove
Tel: +44 (0)20 7588 2828

Nominated Advisers: David Nabarro
Marc Cramsie
Nabarro Wells & Co. Limited
Tel: +44 (0)20 7634 4700