Petro-Canada Secures Rig Contracts for International Exploration

Petro-Canada has signed drilling rig contracts for its operated international exploration program for the next 18 months.

"We're delighted to have achieved a full complement of rigs in such an intensely competitive environment for drilling resources," said Nick Maden, Vice-President of Exploration. "With all of these projects being operated by Petro-Canada, it's an important step in delivering a balanced exploration program - one of the cornerstones of our international strategy."

"We will begin a multi-well exploration and field development program in the North Sea towards the end of this year, and we will also begin drilling in Trinidad and Tobago in 2007," commented Maden on the phasing of activity. "Work in the Zotti block in Algeria will start in the fourth quarter of this year, and we now expect drilling on Block II in Syria to commence early in the first quarter of 2007."

In the U.K., Petro-Canada has signed a one-year contract for the Global Santa Fe Arctic III rig. The rig will undertake a program that includes the development of the Saxon field, in-fill drilling in the Guillemot field and three exploration wells, two of which were recently awarded to Petro-Canada in the 23rd round.

In Trinidad and Tobago, Diamond's Ocean Worker semi-submersible rig will arrive in the second half of 2007 to start a six-month, multi-well program on Block 22. At the same time, the Rowan Gorilla III jack-up rig will arrive in Trinidad and Tobago for a six-month, four-well program in Blocks 1a and Block 1b, with an option to extend the contract to an additional two wells.

With operations currently focused in three core regions: Northwest Europe, North Africa/Near East and Northern Latin America, Petro-Canada is building a significant balanced exploration program in its International business. Together with an increasing land base in Alaska and the Mackenzie Corridor, Petro-Canada is developing a quality exploration portfolio.

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