First Calgary Grant of Options to Directors

    Grant of options to Directors                         

CALGARY, October 31, 2003 - First Calgary Petroleums Ltd. ("FCP") announces
that, as part of a Company wide grant of stock options on October 28, options
to acquire common shares at an exercise price of $4.72 Cdn. per share were
granted to the Directors of the Company as follows: Richard Anderson -
1,000,000; Raymond Antony - 50,000; Alastair Beardsall - 100,000; Darryl
Raymaker - 250,000; and Yuri Shafranik - 200,000. Pursuant to the Company's
stock option plan, options granted have a term of five years from the date of
grant and vest one-third on the date of grant and one-third on each of the
first and second anniversary dates.

First Calgary Petroleums Ltd. is an 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 press release is being issued in compliance with the rules of the AIM
market of the London Stock Exchange.

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, contact:                       

                              Richard G. Anderson                              

                               President and CEO                               

                         First Calgary Petroleums Ltd.                         

                              Tel: [phone]                              

                             Website: www.fcpl.ca                              

FCP Release October 20, 2003 Page 2


News Release

TSX: FCP LSE: FPL For Immediate Release



END