The program, which begins on June 22, 2006, enables Petro-Canada to repurchase up to 25,235,445 shares (5% of the 504,708,905 shares outstanding as of June 12, 2006) over the next 12 months. The program will end on June 21, 2007 unless the maximum amount of shares is purchased before then or Petro-Canada provides earlier notice of termination.
Under the terms of the NCIB in place from June 22, 2005 to June 21, 2006, Petro-Canada has repurchased 19,803,500 common shares at an average purchase price of $50.67.
Petro-Canada's priorities for use of cash are to fund its capital program and profitable growth opportunities, and to return cash to shareholders through dividends and the share buyback program. The renewed NCIB is consistent with the Company's strategy to create value for shareholders. All purchases will be made through the TSX and the purchased shares will be cancelled.
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally. We create value by responsibly developing energy resources and providing world class petroleum products and services. Our common shares trade on the TSX under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.
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