Statement re FCPL announces proposed closing date

    First Calgary Petroleums Ltd. announces proposed closing date

    TSX: FCP AIM: FPL

    CALGARY, Nov. 20 /CNW/ - 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.


For further information: Shane O'Leary, President and Chief Executive
Officer, Tel: [phone]; Other Contacts: James Henderson, Alisdair
Haythornthwaite, Pelham Public Relations, Tel: [phone]; Barry
Weir, Christopher Dickinson, JPMorgan Cazenove, Tel: [phone];
Nominated Advisers: David Nabarro, Marc Cramsie, Nabarro Wells & Co. Limited,
Tel: [phone]
(FPL)



END