2_ First Calgary Petroleums Ltd._Second Quarter Report
Report to Shareholders
First Calgary Petroleums Ltd. ("FCP" or the "Company"), an international
exploration company with primary operations in Algeria, operates the Ledjmet
405b and Yacoub 406a blocks that cover more than 500,000 acres in the Berkine
Basin.
Overview of Activities
On the Ledjmet Block 405b, FCP is continuing its appraisal and delineation of
the MLE gas and condensate field. The MLE-3 well reached a depth of 4,497
metres in August and was subsequently logged and cased. Well logs indicate
hydrocarbon net pay of 121 metres. This confirms the eastward extension of six
hydrocarbon pay zones encountered in the MLE-2 well and identifies two new
zones for a total of eight pay intervals. An extensive production test of the
MLE-3 well will commence in September and extend into October.
The MLE-3 well is the third well drilled on the MLE field, the first two of
which production tested as follows:
MLE-1: gas and condensate from three zones with cumulative rates of 8,911
barrels of oil equivalent per day, comprised of 43 million cubic feet of gas
and 1,745 barrels of condensate per day.
MLE-2: gas and condensate from six zones with cumulative rates of 44,330
barrels of oil equivalent per day, comprised of 189 million cubic feet of gas
and 12,874 barrels of condensate per day.
A major priority for FCP is the continued appraisal and future development of
this reserve base into commercial production. MLE-4, located approximately 4.9
kilometres southwest of MLE-3, will commence drilling in September. Additional
well locations have been identified that the Company intends to drill following
MLE-4.
The 3D seismic data covering the MLE structure indicates areal extent exceeding
100 square kilometres. This structure involving multiple geologic horizons in
the Triassic TAGI, Carboniferous and Devonian zones requires additional
appraisal and development drilling to fully understand and determine the
ultimate recoverable reserves.
In addition to the MLE structure, Block 405b contains the MZL structure
situated immediately to the west. The MZL-1 well was drilled in the 1980's and
based upon the well information, the Company and its independent engineers
believe the MZL structure is also hydrocarbon bearing. The new pay zones
identified in the MLE-3 well are particularly exciting as they have the
potential to add further reserves to the area.
Block 405b covers 1,108 square kilometres and includes a significant land base
to the west of MLE and MZL remaining to be explored. A number of leads have
been identified on this portion of the Block through the interpretation of a
grid of 2D seismic data. To supplement this data, a 600 square kilometre 3D
seismic acquisition program commenced in the second quarter and will be
completed in September.
On the Yacoub Block 406a, FCP drilled and abandoned its first exploration well,
YCB-1, during the first quarter. In the second quarter, FCP acquired
approximately 240 kilometres of seismic data extending over the central and
eastern portions of the Block where reservoir thicknesses are expected to
increase and where the existing seismic data indicates faulting and prospective
structures. The Company is required to drill a second exploration well by
November 11, 2003. FCP has elected to go into the second exploration period
through to November 10, 2005. In conjunction with this election, the Company
has deferred the planned drilling of the second exploration well to 2004 to be
able to acquire 500 square kilometres of additional 3D seismic before selecting
the location. While Sonatrach has agreed in principle to FCP entering the
second exploration period and to defer the drilling requirement, the parties
need to amend the joint venture agreement.
In Yemen, DNO ASA drilled and abandoned the Zaboon-1 well, being the first of
three wells scheduled to be drilled on Block 43 this year. This well was funded
and operated by DNO pursuant to a farm out concluded in 2001.
3_ First Calgary Petroleums Ltd._Second Quarter Report
Management's Discussion and Analysis
Management's discussion and analysis ("MD&A") should be read in conjunction
with the unaudited interim consolidated financial statements for the six months
ended June 30, 2003 and 2002 and the audited consolidated financial statements
and MD&A for the year ended December 31, 2002.
Capital Expenditures and Operating Results
Capital expenditures in Algeria for the six months ended June 30, 2003 totaled
$25.5 million. Of this total, $18.9 million related to drilling, completion and
testing activities, $0.5 million was attributed to annual training bonuses,
$4.7 million was spent on seismic and $1.4 million related to administrative
and support services for the Algeria operations. During the second quarter
ended June 30, 2003, capital expenditures totaled $12.5 million of which
approximately $7.3 million related to drilling, completion and testing
activities, $4.6 million was spent on seismic and $0.6 million related to
administrative and support services.
Subsequent to June 30, 2003, drilling activity continued with the MLE-3 well
reaching total depth in August and the drilling rig being moved to the MLE-4
location. The MLE-3 testing program will commence in September. The 600 square
kilometre 3D seismic acquisition program was approximately one-third complete
at June 30 and is expected to be completed in the third quarter. The estimated
cost to complete the work in progress at June 30, drilling MLE-4 and testing
MLE-3 is U.S.$14.5 million.
The Company's operating loss for the six months ended June 30, 2003 was $4.2
million compared with $1.5 million for the comparable 2002 period. For the
quarter ended June 30, 2003, FCP incurred an operating loss of $3.0 million
versus $0.8 million for the comparable period in 2002. The increased loss in
2003 is attributable to an earthquake relief donation pledged to the Government
of Algeria, foreign exchange loss, Canadian capital taxes and general and
administrative expenses.
The Company's general and administrative expenses approximated $1.4 million for
the six months ended June 30, 2003, compared with $1.3 million for the 2002
period. For the three months ended June 30, 2003 and 2002, the general and
administrative expenses were unchanged at $0.7 million. The 2003 totals reflect
increases in the Company's personnel, travel, professional fees and
office-related costs which have been largely offset by AIM listing costs
incurred in 2002.
During the six months ended June 30, 2003, the Company recognized a foreign
exchange loss of $1.6 million, of which $0.9 million is attributed to the
quarter ended June 30, 2003. This loss is attributable to the significant
strengthening of the Canadian dollar during the periods vis-a-vis the Company's
holding British pounds received from its equity financing as well as US funds
acquired to satisfy the Company's capital expenditures.
Liquidity and Capital Resources
During the six months ended June 30, 2003 the Company received $35.6 million
($33 million net of costs) in exchange for 15.9 million shares issued pursuant
to the February public share offering, exercise of share purchase warrants and
employee stock options. Substantially all of the proceeds were derived from a
$35 million public share offering in Canada and the UK priced at $2.35 (�0.95)
per share. Working capital at June 30, 2003 was $14 million. As at August 26,
2003, the Company's issued common shares totaled 124.8 million and outstanding
stock options and warrants to purchase common shares were 8.6 million and 1.8
million respectively.
The Company has work obligations on Blocks 405b and 406a. FCP is required to
drill one exploration well prior to December 2004 on Block 405b. The Company
has elected to go into a second exploration period on Block 406a and has
committed to the drilling of two additional exploration wells by November 2005.
FCP has a remaining first exploration period work obligation to drill one
exploration well prior to November 11, 2003. The Company has requested a
deferment of the
4_ First Calgary Petroleums Ltd._Second Quarter Report
drilling of this well to 2004. While Sonatrach has agreed in principle to the
election and the deferment, the parties need to amend the joint venture
agreement. A failure to amend the agreement exposes the Company to the
possibility of forfeiture of Block 406a and financial penalties.
FCP continues to operate in an exploration and development stage. The Company
plans to maintain active drilling and seismic programs on the Ledjmet 405b and
Yacoub 406a blocks relating to both the minimum work commitments and the
appraisal/development of the MLE pool. Accordingly, the Company's ability to
complete the outstanding work commitments and the appraisal and development of
the existing reserves remains dependent upon the Company obtaining additional
financing.
Outlook
Going forward, the Company will focus on two major initiatives. The MLE/MZL
reserves on the Ledjmet Block 405b provide FCP the foundation for developing a
significant gas and condensate production base. While the Company is continuing
the drilling necessary to fully appraise the reserves, efforts are
simultaneously being directed to identifying and evaluating pipeline and
European gas marketing opportunities.
Besides the MLE/MZL development, the Company is determined to realize the
exploration potential of both Blocks. The 3D seismic currently being acquired
on Block 405b and a proposed 3D program on Block 406a aim to provide a number
of drill locations.
Financially, FCP must balance activity levels with the Company's capital
resources. The proposed level of activity will require additional funding. The
Company is continually monitoring the availability of new capital, including
equity, project financing and joint ventures, in order to maximize shareholder
value as it moves forward with these exciting initiatives.
Consolidated Balance Sheets
June 30 December 31
2003 2002
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and short-term deposits (note 2) $ 24,754,690 $ 19,587,570
Accounts receivable 77,074 91,067
Deposits and prepaid expenses 145,188 143,180
24,976,952 19,821,817
Property, plant and equipment 55,247,647 29,744,160
$ 80,224,599 $ 49,565,977
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 10,985,429 $ 9,351,460
(note 3)
Provision for future site restoration costs 35,491 35,491
Shareholders' equity:
Capital stock (note 4) 96,820,821 63,664,285
Contributed surplus (note 4) 702,298 636,432
Deficit (28,319,440) (24,121,691)
69,203,679 40,179,026
Operations and commitments (note 1)
$ 80,224,599 $ 49,565,977
See accompanying notes to consolidated
financial statements.
Consolidated Statements of
Operations and Deficit
Three Months ended June Six Months ended June 30
30
(Unaudited) 2003 2002 2003 2002
Revenue:
Interest and other income $ 165,204 $ 6,377 $ 353,000 $ 16,898
Expenses:
General and 754,536 742,533 1,423,483 1,261,192
administrative
Earthquake relief 1,347,500 - 1,347,500 -
donation - Algeria
Stock-based compensation 17,333 48,533 65,866 253,066
(note 4)
Capital tax 122,471 - 122,471 -
Foreign exchange loss 935,937 (3,062) 1,572,640 362
Depreciation 10,152 5,825 18,789 11,455
3,187,929 793,829 4,550,749 1,526,075
Loss for the period (3,022,725) (787,452) (4,197,749) (1,509,177)
Deficit, beginning of the (25,296,715) (21,205,439) (24,121,691) (20,483,714)
period
Deficit, end of the (28,319,440) (21,992,891) (28,319,440) (21,992,891)
period
Loss per share (note 4) $ (0.02) $ (0.01) $ (0.03) $ (0.02)
See accompanying notes to consolidated
financial statements.
Consolidated Statements of Cash Flows
Three Months ended June 30 Six Months ended June 30
(Unaudited) 2003 2002 2003 2002
Operating activities:
Loss for the period $ (3,022,725) $ (787,452) $ $ (1,509,177)
(4,197,749)
Foreign exchange loss 935,937 - 1,572,640 -
Items not involving cash:
Depreciation 10,152 5,825 18,789 11,455
Stock-based compensation 17,333 48,533 65,866 253,066
expense
(2,059,303) (733,094) (2,540,454) (1,244,656)
Change in non-cash working (206,179) 144,746 (299,407) 239,296
capital
(2,265,482) (588,348) (2,839,861) (1,005,360)
Financing activities:
Proceeds from issuance of - - 34,946,889 -
shares
Proceeds from exercise of - 3,920,000 464,514 4,180,000
warrants
Proceeds from exercise of 165,217 33,333 346,383 71,833
options
Issue costs (23,750) (226,570) (2,601,250) (226,570)
141,467 3,726,763 33,156,536 4,025,263
Investing activities:
Capital expenditures (12,509,193) (2,593,002) (25,522,276) (5,068,427)
Change in non-cash working 1,465,713 (1,265,278) 2,016,017 (353,660)
capital
(11,043,480) (3,858,280) (23,506,259) (5,422,087)
Increase (decrease) in cash (13,167,495) (719,865) 6,810,416 (2,402,184)
and short-term deposits
Cash and short-term 38,928,778 2,761,911 19,587,570 4,444,230
deposits, beginning of
period
Effect of exchange rate
changes on cash and
cash equivalents (1,006,593) - (1,643,296) -
Cash and short-term $ 24,754,690 $ 2,042,046 $ 24,754,690 $ 2,042,046
deposits, end of period
See accompanying notes to consolidated
financial statements.
Notes to Consolidated Financial Statements
Six months ended June 30, 2003 (unaudited)
The interim consolidated financial statements of First Calgary Petroleums Ltd.
("the Company") have been prepared by management in accordance with accounting
principles generally accepted in Canada. These interim consolidated financial
statements have been prepared following the same accounting policies as the
consolidated financial statements for the fiscal year ended December 31, 2002.
The disclosures included below are incremental to those included with the
annual consolidated financial statements. The interim consolidated financial
statements should be read in conjunction with the consolidated financial
statements and the notes thereto in the Company's annual report for the year
ended December 31, 2002.
1 OPERATIONS AND COMMITMENTS
The principal operations include oil and gas exploration in Algeria and Yemen.
The Company has contracts with Sonatrach, the national oil company of Algeria,
to explore and develop two blocks, Yacoub Block 406a and Ledjmet Block 405b.
The Company also holds an interest in a contract with the Yemen Ministry of Oil
and Minerals to explore and develop Block 43. These contracts are structured
such that the Company has committed to conduct certain minimum exploration
activities over a period of time and in return earns an interest in commercial
discoveries. The Company does not have a sustainable revenue base and therefore
will require additional funding in the form of equity, debt, joint ventures or
some combination thereof to complete the work obligations. Failure to satisfy
its minimum work commitments on a timely basis could cause the Company to
forfeit its interest in some or all of its properties and subject it to
financial penalties.
(a) Algeria
In 2000 the Company entered into a joint venture agreement with Sonatrach to
explore Yacoub Block 406a in the Berkine Basin. At June 30, 2003, the remaining
first exploration period minimum work obligation is to drill one exploration
well prior to November 11, 2003 at an estimated cost of U.S.$4,500,000.
Subsequent to June 30, 2003, the Company has elected to enter the second
exploration period extending the exploration rights for two years through to
November 2005. The minimum work obligation for the second exploration period is
to conduct a seismic program and drill two exploration wells. The estimated
cost of this work is U.S.$11,000,000. In conjunction with this election, the
Company has deferred the planned drilling of the first exploration period well
to 2004. While Sonatrach has agreed in principle to the election and the
deferment, the parties need to amend the joint venture agreement. If the
Company fails to amend the agreement or satisfy the minimum work obligations,
the right, other than for areas for which an exploration permit has been
granted or requested, could be forfeited and the Company will be liable to pay
Sonatrach a penalty. The penalties for failure to complete the first or second
exploration period work obligation are U.S.$18,250,000 and U.S.$12,750,000,
respectively. In addition to the minimum work commitments, the Company is
obligated to pay an annual training bonus in the amount of U.S.$150,000 for the
duration of the contract.
In 2001 the Company entered into a production-sharing contract with Sonatrach
to explore and appraise Ledjmet Block 405b in the Berkine Basin. The remaining
minimum work obligation is to drill one exploration well at an estimated cost
of U.S.$6,000,000. This work must be completed prior to December 2004, the end
of the first exploration period. If the Company fails to satisfy the minimum
work obligation, the rights, other than for areas for which an exploitation
permit has been granted or requested, will be forfeited and the Company will be
liable to pay Sonatrach a penalty of U.S.$20,000,000. In addition, the contract
provides the Company with the right to appraise and develop the MLE field
previously discovered on the block. Should the Company exercise this right, a
reserve-based access fee of U.S.$0.25 per barrel oil equivalent will be owed to
Sonatrach on the commercialization of the field. The contract also provides the
Company with the option to enter a second exploration period that would extend
through to December 2006. The minimum work obligation for the second
exploration period is to conduct a seismic program and drill one exploration
well. The estimated cost of this work is U.S.$8,000,000. In addition to the
minimum work commitments, the Company is obligated to pay an annual training
bonus in the amount of U.S.$150,000 for the duration of the contract.
Subsequent to June 30, 2003, the Company completed drilling MLE-3, continued
the acquisition of 600 square kilometres of 3D seismic, and plans to drill
MLE-4 and production test MLE-3 commencing in September. The estimated costs
subsequent to June 30 for these capital projects is U.S.$14,500,000.
(b) Yemen
In 1998 the Company entered into a production-sharing contract with the Yemen
Ministry of Oil and Minerals to explore Block 43 in Yemen. The Company
completed the first exploration work commitments through a farmout. In 2001 the
Company entered a farmout with another industry partner and the companies have
entered the second exploration period which extends to February 2004.
The minimum expenditure commitment is U.S.$7,500,000 for the second exploration
period and pursuant to a 2002 revision, includes a seismic program and the
drilling of three exploration wells. As at June 30, 2003, the operator had
drilled the first of the three well commitment. The production-sharing
agreement requires an irrevocable letter of credit be lodged in the amount of
U.S.$7,500,000.
Pursuant to the farmout, the partner assumed operatorship of the block and is
responsible for funding all exploration expenditures until such time as it has
incurred U.S.$7,500,000 in expenditures or made a commercial discovery. In
addition to the work commitment, the production-sharing contract requires bonus
payments totaling U.S.$600,000 per annum during the second exploration period
and U.S.$500,000 per annum for the duration of the contract.
2 CASH AND SHORT-TERM DEPOSITS
The Company considers deposits in banks, certificates of deposit and
short-term investments with original maturities of
three months or less as cash and cash equivalents. The major components of
cash and cash equivalents are as follows:
June 30 December 31
2003 2002
Cash on deposit
Canadian dollars $ - $ 156,709
British pounds 120,378 259,992
U.S. dollars - 27,955
Algerian dinars 223,537 368,064
Bank term deposits at rates of interest
varying between 0.5% and 3.26%
Canadian dollars 6,407,602 4,710,500
British pounds 7,842,562 6,550,545
U.S. dollars 10,160,611 7,513,805
$ 24,754,690 $ 19,587,570
3 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
June 30 December 31
2003 2002
Trade payables
U.S. dollars $ 5,909,786 $ 6,489,579
Algerian dinars 595,215 101,320
Canadian dollars 345,300 359,880
British pounds 79,957 100,903
Capital accrual
U.S. dollars 3,692,007 2,069,350
Algerian dinars 300,250 230,428
Canadian dollars 21,425 -
British pounds 41,489 -
$ 10,985,429 $ 9,351,460
At June 30, 2003 a bank has issued a letter of credit totaling
U.S.$500,000 to guarantee payment for services. The
Company pledged cash as security for the
letter of credit.
4 CAPITAL STOCK
(a) Issued share capital
Number of
shares Amount
Common shares:
Balance, December 31, 2002 108,629,726 $ 63,664,285
Issued on public offering (i) 14,893,620 34,946,889
Issued on exercise of share purchase 749,472 464,514
warrants (ii)
Issued on exercise of stock options 447,666 346,383
Share issue costs ( 2,601,250)
Balance, June 30, 2003 124,720,484 $ 96,820,821
(i) In February 2003, the Company issued 14,893,620 common shares for gross
proceeds of $34,946,889 (10,807,620 common shares at $2.35 per share and
4,086,000 common shares at �0.95 per share) pursuant to a public offering of
its shares in Canada and the U.K. In conjunction with the financing, the
Company issued to the agents 893,617 common share purchase warrants exercisable
at a purchase price of $2.60 per share until February 12, 2004.
(ii) The Company issued 749,472 common shares pursuant to the exercise of
668,000 share purchase warrants at $0.56 per share and 81,472 share purchase
warrants at $1.11 per share.
(b) Employee stock options
Pursuant to the Stock Option Plan, the Company can reserve for issuance and
grant stock options to a maximum of 11,349,061 common shares on a cumulative
basis. Stock options granted under the plan have a term of five years and
generally vest one-third on the date of grant and one-third on each of the
first and second anniversary dates of the grant. The exercise price of each
option is equal to the market price of the shares on the date of the grant.
At June 30, 2003 the Company had employee stock options outstanding to purchase
7,680,667 common shares at prices ranging from $0.25 to $2.60 per share. The
options expire at various times from November 2003 to May 2008.
Number of Weighted
average
options exercise price
Outstanding, December 31, 2002 7,110,033 $ 0.88
Granted 1,205,000 2.57
Exercised (447,666) 0.77
Cancelled (186,700) 1.04
Outstanding, June 30, 2003 7,680,667 $ 1.14
Exercisable, June 30, 2003 5,259,002 $ 1.00
The following table summarizes information about the employee stock options
outstanding and exercisable at June 30, 2003:
Options outstanding Options exercisable
Weighted Weighted Weighted
average average average
Range of Common remaining exercise Common exercise
exercise prices shares contractual price shares price
life
$0.25-0.50 1,597,666 3.2 years $0.48 1,114,334 $0.47
$0.60-0.85 2,053,001 2.7 years 0.75 1,618,004 0.74
$0.95-1.06 975,000 1.4 years 1.04 975,000 1.04
$1.23-1.90 1,850,000 3.0 years 1.29 1,150,000 1.29
$2.36-2.60 1,205,000 4.6 years 2.57 401,664 2.57
7,680,667 3.0 years $1.14 5,259,002 $1.00
(c) Common share purchase warrants
At June 30, 2003 the Company had 1,862,145 common share purchase warrants
outstanding exercisable into an equal number of common shares as follows:
Warrants Outstanding Exercise Price Expiry Date
700,000 $ 0.56 December 13, 2003
893,617 2.60 February 12, 2004
268,528 1.11 June 9, 2007
1,862,145
(d) Stock-based compensation and payments
In January 2002, the Company entered into agreements with two consultants to
provide services relating to its ongoing operations. Pursuant to the
agreements, the Company granted the consultants options to acquire 900,000
common shares at a price of $0.70 per share. The fair value of the options was
estimated at the time of the grant to be $0.52 per share. The options vest as
to one-third on each of January 24, 2002, 2003 and 2004 and expire January 24,
2007.
The Company recognized $65,866 of stock-based compensation expense in the six
months ended June 30, 2003 ($17,333 in the three months ended June 30, 2003)
with a corresponding increase in contributed surplus. The expense represents
the estimated fair value of the securities that have vested and the value for
the unvested securities accrued over the vesting period.
The Company continues with its policy of not recognizing compensation expense
on the issuance of employee stock options and recording consideration received
from employees or directors on the exercise of stock options as a capital
transaction. If the Company had elected to use the fair value method of
accounting for employee stock options, the Company's loss and loss per share
would have been the pro forma amounts indicated below:
Three Months ended June
30
2003 2002
Loss for the period As reported $ (3,022,725) $ (787,452)
Pro forma (3,412,514) (802,064)
Loss per share (basic and fully As reported (0.02) (0.01)
diluted)
Pro forma (0.03) (0.01)
Six Months ended June 30
2003 2002
Loss for the period As reported $ (4,197,749) $ (1,509,177)
Pro forma (5,640,877) (1,585,368)
Loss per share (basic and fully As reported (0.03) (0.02)
diluted)
Pro forma (0.05) (0.02)
The fair value of each option grant is estimated on the date of grant using the
Black-Scholes option pricing model with the following assumptions: expected
volatility of 95%, risk-free interest rate of 5% and expected lives of 5 years.
The fair value of the employee options granted during the six months ended June
30, 2003 ranged from $1.74 to $1.92 (2002 - $0.61 to $0.63) per share.
(e) Per share amounts
The loss per share is based on the weighted average number of shares
outstanding for the periods as follows:
Three Months ended June 30 Six Months ended June 30
2003 2002 2003 2002
124,604,103 78,255,730 120,658,576 77,437,581
The warrants and options had no dilutive effect for the periods.
5 SEGMENTED INFORMATION
The Company's activities are conducted in three geographic Yemen. All
segments: Canada, Algeria and activities
relate to exploration and development of petroleum
and natural gas.
Three Months ended June Canada Algeria Yemen Total
30, 2003
Revenue $ 165,204 $ - $ - $ 165,204
Expenses $ 1,810,429 $ 1,377,500 $ - $ 3,187,929
Loss for the period $ (1,645,225) $ (1,377,500) $ - $ (3,022,725)
Capital expenditures $ 62,791 $ 12,446,402 $ - $ 12,509,193
Six Months ended June Canada Algeria Yemen Total
30, 2003
Revenue $ 353,000 $ - $ - $ 353,000
Expenses $ 3,143,249 $ 1,407,500 $ - $ 4,550,749
Loss for the period $ (2,790,249) $ (1,407,500) $ - $ (4,197,749)
Capital expenditures $ 75,088 $ 25,447,188 $ - $ 25,522,276
Assets $ 24,936,076 $ 54,231,148 $ 1,057,375 $ 80,224,599
At June 30, 2003 petroleum and natural gas properties include costs of proven
and unproven properties of $54,007,611 in Algeria and unproven properties of
$1,057,375 in Yemen.
In the six months ended June 30, 2003 the Company capitalized $1,441,933 (three
months ended June 30, 2003 - $493,609) of overhead charges relating directly to
the exploration and development activities in Algeria.
First Calgary Petroleums Ltd.
Suite 900, 520 - 5 Avenue SW tel: (403) 264-6697 email: info@fcpl.ca
Calgary, AB T2P 3R7 fax: (403) 264-3955 web site: www.fcpl.ca
END