Dealing by Director

    Dealing by Director

TSX: FCP LSE: FPL

CALGARY, January 6, 2004 - First Calgary Petroleums Ltd. ("FCP") announces that
100,000 common shares were issued yesterday by the Company pursuant to the
exercise of stock options by Mr. Raymond Antony, a non-executive director of
the Company. The stock options exercised included 33,334 at $0.77 (Cdn.) per
share and 66,666 at $0.50 (Cdn.) per share and the 100,000 common shares were
sold through the facilities of the Toronto Stock Exchange on January 5, 2004 at
$7.87 (Cdn.) per share. Mr. Antony continues to hold 250,000 stock options and
currently owns 100,000 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: [phone]

Website: www.fcpl.ca



END