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CALGARY - First Calgary Petroleums Ltd. (TSX:FCP) said Friday that it lost US$12 million in its first quarter, compared with a loss of $2.4 million a year ago, as the company continued work on developing a massive natural gas field in Algeria.

The company, which keeps its books in U.S. dollars, said the loss amounted to five cents per share for the three months ended March 31 compared with a loss of a penny per share in the first three months of 2007.

Quarterly revenue was $2.2 million, up from $991,000 a year ago.

First Calgary saw a shareholder revolt last month that resulted in the resignation of CEO Richard Anderson.

The dissidents, represented by U.K. firm Waterford Finance and Investment Ltd., accused Anderson of bungling the sale of the company in 2004 and for the steep drop in its share price that followed.

Anderson was replaced by the company's former chief operating officer, Shane O'Leary, who previously served as an executive with EnCana Corp. and BP Amoco.

"There is no doubt that the recent settlement reached between Waterford and First Calgary was in the best interest of all shareholders, offering continuity and a board that is experienced and able to offer guidance and advice during this important time," O'Leary said in a statement Friday.

Shares in the company, which released its results after the close of markets, were down a penny at $2.22 on the Toronto Stock Exchange on Friday.