Two Leading Independent Proxy Advisory Firms Recommend "Shareholders Support" First Calgary Petroleums Ltd. President And CEO An

CALGARY, Canada, March 28 /PRNewswire/ -- First Calgary Petroleums Ltd. ("FCP", "the Company") today announced that ISS/RiskMetrics and Glass Lewis, two leading independent proxy advisory firms, have rejected dissident shareholder proposals to oust Richard Anderson, President and CEO of First Calgary Petroleums. Furthermore, both advisory firms have supported the FCP slate of directors.

Gar Emerson, Chairman of First Calgary Petroleums, said, "We are pleased with ISS and Glass Lewis' recommendation that shareholders vote in favour of FCP's management team and against Waterford Finance & Investment Limited. These recommendations by two highly respected and independent advisory firms affirm our position that FCP's current management team and board of directors are the best choice to represent the interests of all shareholders."

ISS/RiskMetrics' recommendation states, "Given that management has a clear strategy and an experienced team to implement strategy and that the dissidents fail to propose any new or substantially different development or financing strategy other than to select another CEO once elected, current management continuity is obviously in the interest of the company."(x)

The ISS report also states, "...FCP appears to be on the right track to creating value and restoring market confidence, contingent upon the critical project debt financing within three to four months."(x)

Glass Lewis echoed the recommendation of ISS/RiskMetrics', stating that they see "no reason for shareholders to support" the proposals put forth by Waterford and question that the dissident shareholder group "has not provided a plan for progress or a replacement for Mr. Anderson." Additionally, Glass Lewis states that it "does not believe that Mr. Anderson, or the board for that matter, has undertaken any action clearly contrary to the interests of shareholders."(x)

In addition to recognizing the strength of the FCP management team, ISS and Glass Lewis also recognize the experience and expertise the incumbent Board together with the additional management nominees will provide to FCP shareholders.

ISS/RiskMetrics and Glass Lewis are widely recognized as leading independent proxy voting and corporate governance advisory firms. Their analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries throughout North America.

An Annual and Special Meeting of shareholders is scheduled for April 8, 2008 and a new slate of directors will be elected by the shareholders of FCP at that meeting.

For up to date information we encourage you to visit the First Calgary website (http://www.fcpl.ca).

Board Nominations

FCP has nominated the Honourable Roy MacLaren, Stuart McDowall, Kenneth Taylor and David Savage to join Messrs. Richard Anderson, Gar Emerson, Shane O'Leary, Darryl Raymaker and John van der Welle on the board of directors for this upcoming meeting, as announced on March 10, 2008.

Considerations

FCP has a clearly defined business plan for its Algerian assets and has met major milestones as it moves towards the objective of achieving production in 2010. Under Richard Anderson's leadership, FCP entered into a valuable production-sharing contract with Sonatrach, the Algerian national oil company. Management of First Calgary has worked extensively with Algerian authorities to obtain 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. First Calgary expects to award the contract for main construction by July 2008.

The dissidents have not outlined a strategic or business plan should it acquire effective control of First Calgary through its proposed slate of directors. They have also failed to outline a plan for First Calgary's future. Their proposals might delay First Calgary's development plan to bring the reserves into production and jeopardize years of essential goodwill with Sonatrach and the Algerian government.

<<(x) Permission to use the ISS/RiskMetrics and Glass Lewis quotes were neither sought nor obtained.>>

How to cast your BLUE proxy

You can support First Calgary by voting the BLUE proxy form shareholders received in the mail, with a VOTE AGAINST the resolution to remove President and CEO Richard Anderson and replace the Board of Directors.

It is vital you fully understand what may happen to your investment if the dissidents seize effective control of your Company. The depth of experience and strategic vision of the FCP nominees are best suited to lead your Company.

Every vote is important and your support is needed to ensure that FCP can continue to execute on its well articulated strategy, on behalf of all shareholders.

YOU MAY ALSO RECEIVE FORMS OF PROXIES AND OTHER MATERIALS FROM THE DISSIDENTS. PLEASE DISCARD SUCH PROXIES AND USE ONLY THE BLUE PROXY

Voting is a very quick and easy process. To be effective, your BLUE proxy must be received before and no later than 10:00 a.m. (MT) April 4, 2008, using any one of the methods described on the BLUE proxy Due to the limited time available, we recommend voting by Internet, telephone or facsimile.

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 indicated below. It is the later dated proxy that will be counted.

The Board recommends that you vote your BLUE proxy:

FOR fixing the number of directors at nine;

FOR the election of the First Calgary Petroleums Ltd., nominated directors;

AGAINST the Removal Resolution;

AGAINST the first two resolutions of the First Shareholder Proposal;

FOR the third resolution of the First Shareholder Proposal;

AGAINST the Second Shareholder Proposal; and

FOR the appointment of KPMG LLP as our auditors.

Should you have any questions or require assistance in voting your BLUE proxy, please contact Georgeson, the Proxy Solicitation Agent hired by FCP at:

1 North American Toll Free Number: 1-866-725-6572

2 (x)TOLL FREE - European: 00 800 6611 6611

3 European Collect: +44 117 378 6025

(x) Austria; Belgium; Denmark; Finland; France; Germany; Ireland; Italy; Netherlands; Norway; Spain; Sweden; Switzerland; United Kingdom

Protect your position and protect your investment in First Calgary Petroleums.

Please vote the BLUE proxy today.

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First Calgary's circular is available on SEDAR (http://www.sedar.ca).

Mr. Richard Anderson, President and Chief Executive Officer of First Calgary was interviewed by Business Network News (BNN) on Thursday, March 27, 2008. To listen to the interview, please visit www.fcpl.ca or http://broadband.bnn.ca/bnn/?id(equal sign)2223&vid(equal sign)41066.

First Calgary Petroleums Ltd. Profile

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).

Forward-Looking Statements

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.

When used in the interview, words such as "believe," "estimate," "forecast," "anticipate," "expect," "project," and similar expressions are intended to identify forward looking statements. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ significantly from those expected. You can find a discussion of those risks and uncertainties in our Canadian securities filings.

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; Mandy Dinning, Hill & Knowlton Canada, Tel: +1-403-268-7858 (FCP.)

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