Bondholder approval of proposed transaction with Eni SpA

    First Calgary Petroleums Ltd. announces bondholder approval of the proposed
transaction with Eni SpA

   
    TSX: FCP
    AIM: FPL
   

    CALGARY, Oct. 14 /CNW/ - First Calgary Petroleums Ltd. (TSX: FCP,
AIM: FPL) (First Calgary or the Company) is pleased to announce that
bondholders of First Calgary approved today the proposed plan of arrangement
involving First Calgary, Eni Canada Holding Ltd., Eni S.p.A and
securityholders of First Calgary as well as amendments to the terms and
conditions governing the bonds of First Calgary in order to give effect to the
plan of arrangement. The approval was obtained at an extraordinary meeting of
bondholders of First Calgary held earlier today in London, England where all
of the votes represented at the meeting in person or by proxy voted in favour
of the proposed transaction.
    A special meeting of shareholders and optionholders of First Calgary will
be held on October 29, 2008 in Calgary at the Palliser Hotel, 133-9 Avenue SW,
in the Alberta Room at 10:00 am (Calgary time) to consider, and, if considered
appropriate, approve the proposed transaction.
    In addition to the approval of First Calgary's shareholders and
optionholders, the completion of the proposed transaction is conditional upon
the receipt of all required Canadian, Algerian and other governmental
approvals and the approval of the Court of Queen's Bench of Alberta to the
plan of arrangement. The transaction is expected to be completed before the
end of the fourth quarter of 2008.
    The meeting materials are available at www.fcpl.ca and at www.sedar.com.

    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 obtain any necessary government and third party
approvals, waivers, consents, court orders and other requirements necessary or
desirable to permit or facilitate any of the proposed transaction (including,
regulatory and securityholder approvals); the risk that any applicable
conditions of any of the proposed 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: (403) 264-6697; Other Contacts: James Henderson, Alisdair
Haythornthwaite, Pelham Public Relations, Tel: +44 (0)20 7743 6673; Barry
Weir, Christopher Dickinson, JPMorgan Cazenove, Tel: +44 (0)20 7588 2828;
Nominated Advisers: David Nabarro, Marc Cramsie, Nabarro Wells & Co. Limited,
Tel: +44 (0)20 7634 4700
(FCP. FPL)

 



END
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