CALGARY, Canada, April 2 /PRNewswire/ -- First Calgary Petroleums Ltd. ("the Company", "FCP", "First Calgary") reminds all shareholders to protect their investment and vote only the BLUE proxy in favour of First Calgary's current management team, board of directors, strategy and growth plans. We recommend shareholders vote early on April 3, 2008 so that their proxies are counted prior to First Calgary's April 4, 2008, 10:00 a.m. (MDT) proxy cut-off. Visit http://www.fcpl.ca for more information.
The board of directors of First Calgary has a fiduciary responsibility to act in the best interests of all shareholders. The board has carefully reviewed the dissident proposals and has concluded that it is in the interests of shareholders to reject all of the dissident proposals. The board is therefore convinced that in the long-term, the money invested in communicating First Calgary's position during this process is vital to protecting shareholders' investments. There are just two days left for shareholders to cast their BLUE proxy to vote against the dissident proposals.
Why shareholders should vote their BLUE proxy: ---------------------------------------------- - First Calgary Petroleums has articulated a clear strategy and established solid relationships in Algeria, which has placed the Company in an excellent position to create shareholder value. - First Calgary has assembled a management team with extensive international experience and in-depth knowledge of the Algerian oil and gas industry. The team is critical to starting production on budget and on time in approximately 30 months. - ISS/RiskMetrics and Glass Lewis, two leading independent proxy advisory firms, have recommended that shareholders support the First Calgary slate of directors and vote against the dissident proposals. - First Calgary has moved through the challenging transition from an oil and gas explorer to a successful development production company that is well positioned to generate strong future growth and returns for investors. - First Calgary's relationships with Algerian authorities have resulted in government approval for a phased development plan for the MLE oil and gas field and the completion of front end engineering and design work for the MLE gas plant, pipeline and gathering systems. This project is extremely time sensitive and any change in company leadership and management at this point could be detrimental to the progress of the project. - First Calgary has achieved a number of milestones on the path to achieving first production. The Company entered into a valuable production-sharing contract with Sonatrach, the Algerian national oil company, and discovered approximately 586 million barrels of oil equivalent in gross proved plus probable (2P) reserves are on Block 405b. - Citibank has been retained since mid-2006 to advise on project financing for the funding of development costs. JPMorgan Cazenove and Canaccord Adams have been retained by First Calgary to advise on strategic and other options. - First Calgary has also established a New Ventures Group in London to identify global opportunities to continue to grow the Company and enhance shareholder value.
For these reasons, First Calgary's senior management team and board of directors encourages all shareholders to vote only the BLUE proxy as recommended by the Board. The Annual and Special Meeting is scheduled for April 8, 2008.
Every vote is important and the participation of every shareholder is needed to ensure that First Calgary can continue to implement its strategy on behalf of all shareholders.
Voting is a very quick and easy process. To be effective, shareholders' BLUE proxy must be received no later than 10:00 a.m. (MDT) April 4, 2008, using any one of the methods described on the BLUE form of proxy. We recommend that shareholders vote early on April 3, 2008 by Internet (http://www.fcpl.ca), telephone or facsimile to ensure their vote is counted.
Even if you have already voted using the dissident proxy you have every right to change your vote by simply executing the BLUE proxy as it is the later dated proxy that will be counted.
Should you have any questions or require assistance in voting please contact Georgeson, the Proxy Solicitation Agent hired by First Calgary at:
- North American toll free number: 1-866-725-6572
- (x)Toll free - European: 00-800-6611-6611
- European Collect: +44-117-378-6025
Profile of First Calgary Petroleums Ltd.
First Calgary. 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 of the London Stock Exchange in the UK (FPL).
Further information is also available on the First Calgary website: http://www.fcpl.ca
This press release contains forward-looking statements based on assumptions considered reasonable at the time they were prepared. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These statements speak only to the conditions in existence as of the date of this press release, and the Fund maintains no obligation to update such statements.
Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Such risks and uncertainties include, but are not limited to, risks associated with operations such as competition, dependence on the construction industry, supplies of raw materials, dependence on key personnel, labour relations, regulatory matters, environmental risks, the successful execution of acquisition and integration strategies, foreign exchange fluctuations, the effect of leverage and restrictive covenants in financing arrangements, product liability, the ability to obtain insurance, energy cost increases, the ability to fund necessary future capital investments, and changes in tax Legislation.
For further information: First Calgary Petroleums Ltd.: Jeffrey P. Angel, Vice President Corporate Communications and Investor Relations, Tel: +1-403-264-6697; Other Contacts: James Henderson, Pelham Public Relations, Tel: +44(0)20-7743-6673; Carina Corbett, 4C - Burvale Limited, Tel: +44(0)20-7559-6710.
For further information: First Calgary Petroleums Ltd.: Jeffrey P. Angel, Vice President Corporate Communications and Investor Relations, Tel: +1-403-264-6697; Other Contacts: James Henderson, Pelham Public Relations, Tel: +44(0)20-7743-6673; Carina Corbett, 4C - Burvale Limited, Tel: +44(0)20-7559-6710