FCPL announces completion of acquisition by Eni S.p.A.

    First Calgary Petroleums Ltd. announces completion of acquisition by Eni
S.p.A.

    TSX: FCP AIM: FPL

    CALGARY, Nov. 21 /CNW/ - First Calgary Petroleums Ltd. (TSX: FCP, AIM:
FPL) (First Calgary or the Company) is pleased to announce that it has closed
the plan of arrangement involving First Calgary, Eni Canada Holding Ltd., Eni
S.p.A. and securityholders of First Calgary.
    Under the terms of the arrangement, First Calgary shareholders receive
C$3.60 cash for each common share held. In addition, on November 28, 2008
First Calgary will redeem all of its outstanding 9% convertible bonds.
Bondholders will receive US$1,080 cash for each US$1,000 in aggregate face
amount of outstanding bonds held plus accrued interest up to but excluding
November 28, 2008.
    Shareholders who hold their common shares through a broker or other
financial intermediary will receive the amounts payable to them under the
arrangement through such broker or other financial intermediary. Shareholders
should contact their broker or other financial intermediary if they have any
questions regarding this process.
    Shareholders who hold their common shares in registered form will receive
the amounts payable to them under the arrangement following the deposit of
their share certificates with Computershare Investor Services Inc., the
depositary for the arrangement in accordance with the instructions contained
in the Letter of Transmittal previously sent to them. Any questions regarding
payment of the purchase price, including any request for an additional copy of
the Letter of Transmittal, should be directed to the depositary via telephone
at 1-866-523-3444 (toll free in North America) or via email at
corporateactions(at)computershare.com.
    Pursuant to earlier announcements, the Company has applied for suspension
of its common shares from trading on AIM with effect from 8:00 am (London
time) on November 21, 2008, and cancellation of the admission of its common
shares on AIM to take place on November 24, 2008. The Company's common shares
will be delisted from the Toronto Stock Exchange (TSX) within two to three
business days of the TSX confirming receipt of all necessary documents in
connection with the closing of the transaction.

    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


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
(FPL)



END

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