PanCanadian Energy Corporation announced that David Tuer has resigned his positions of President, Chief Executive Officer and Director for personal reasons, effective October 12, 2001. Mr. David O'Brien will act as Chief Executive Officer and Mr. Michael Grandin will act as President. Mr. O'Brien is currently Chairman of the Board
and Mr. Grandin is a Director. The Board will be reviewing the issue of succession. PanCanadian's direction, corporate strategy and priorities remain unchanged.