Attention Business Editors:

    First Calgary Petroleums Ltd. updates common share financing

    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE

    SERVICES/

    TSX: FCP LSE: FPL

    CALGARY, Oct. 6 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Corporation") is pleased to announce that with respect to the previously

announced common share issuance with Canaccord Capital (Europe) Limited,

Canaccord Capital Corporation and Octagon Capital Corporation (the "Agents")

acting as agents on a best efforts basis for the issuance of up to 35,000,000

Common Shares at an issue price of Cdn. $4.00 per share, resulting in gross

proceeds of up to Cdn. $140 million, that FCP has been advised by the Agents

that they have expressions of interest in excess of the full Cdn.

$140 million, and expect the offering to be fully subscribed.

    This transaction is subject to certain conditions, including normal

regulatory approvals. Closing is anticipated to occur later in October 2003.

    This news release shall not constitute an offer to sell or the

solicitation of an offer to buy the securities in any jurisdiction. In Canada,

the offering is made in Alberta, British Columbia and Ontario by prospectus

only and copies thereof may be obtained from the Agents. The Common Shares

will not be and have not been registered under the United States Securities

Act of 1933 and may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements.

    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: Richard G. Anderson, President and CEO, First

Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca; European

contacts: James Henderson, College Hill, Tel: +44 (0) 20 7457 2020; Gavin

Wilson, Canaccord Capital (Europe) Limited, Tel: +44 (0) 20 7518 2777; Carina

Corbett, 4C Communications Ltd., Tel: +44 (0) 20 7907 4761

    (FCP.)



END