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First Calgary Petroleums Ltd. (TSX: FCP, AIM: FPL) (First Calgary or the Company) is pleased to announce that bondholders of First Calgary approved today the proposed plan of arrangement involving First Calgary, Eni Canada Holding Ltd., Eni S.p.A and securityholders of First Calgary as well as amendments to the terms and conditions governing the bonds of First Calgary in order to give effect to the plan of arrangement. The approval was obtained at an extraordinary meeting of bondholders of First Calgary held earlier today in London, England where all of the votes represented at the meeting in person or by proxy voted in favour of the proposed transaction.
A special meeting of shareholders and optionholders of First Calgary will be held on October 29, 2008 in Calgary at the Palliser Hotel, 133-9 Avenue SW, in the Alberta Room at 10:00 am (Calgary time) to consider, and, if considered appropriate, approve the proposed transaction.
In addition to the approval of First Calgary's shareholders and optionholders, the completion of the proposed transaction is conditional upon the receipt of all required Canadian, Algerian and other governmental approvals and the approval of the Court of Queen's Bench of Alberta to the plan of arrangement. The transaction is expected to be completed before the end of the fourth quarter of 2008.
The meeting materials are available at www.fcpl.ca and at www.sedar.com.
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 obtain any necessary government and third party approvals, waivers, consents, court orders and other requirements necessary or desirable to permit or facilitate any of the proposed transaction (including, regulatory and securityholder approvals); the risk that any applicable conditions of any of the proposed 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.
SOURCE: First Calgary Petroleums Ltd.
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
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