Terra Nova Production Reduced

The Terra Nova Floating Production Storage & Offloading (FPSO) vessel is currently operating at reduced production levels owing to a combination of factors.

The drilling of a production well in the Far East block has been delayed largely due to equipment issues. The production well is now expected to be on stream by the end of March. In addition, a six-day unscheduled shutdown in February for repairs and a mechanical failure in the gear box of one of the two main power generators have reduced production on the FPSO. Replacement of the generator gear box is expected to be completed by the end of the second quarter.

As a result, Petro-Canada now expects Terra Nova gross production to average approximately 77,000 barrels per day in the first quarter of 2006, approximately 42,000 barrels per day lower than originally expected. Second quarter gross production is expected to average approximately 83,000 barrels per day, down approximately 32,000 barrels per day.

Petro-Canada's share of Terra Nova production is expected to average approximately 26,000 barrels per day in the first quarter of 2006, approximately 15,000 barrels per day lower than originally expected. Second quarter production is expected to average 28,000 barrels per day, down by approximately 11,000 barrels per day.

The Terra Nova oil field is operated by Petro-Canada, and is located 350 kilometers east-southeast of St. John's, NL.

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