Steven Sharda was discovered with fatal gunshots in a car on July 11 beside another man with critical injuries.
Both were rushed to a nearby hospital where Sharda was declared brought dead while another man remained critical.
"We believe it was a targeted attack, the people responsible knew the victims," staff sergeant Doug Andrus was quoted as saying by Calgary Sun.
Sharda is the city's 13th homicide victim of the year, the report said.
Though the incident came to light on July 11, Sharda's identification was established on July 14 by the police.
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"His medical condition precludes officers from conducting interviews at this time. He's been stabilised," he said.
Police are also trying to determine if the shootings are linked to recent violent incidents in the city's northeast, said Andrus.
The motive behind the incident was known so far.
Meanwhile, Sharda's Facebook page was filled with friends leaving condolences, with one writing "(you're) gone too soon bro, rest in peace, the good die young.