Petro-Canada Announces Normal Course Issuer Bid

Petro-Canada has notified the Toronto Stock Exchange (TSX) of its intention to make a Normal Course Issuer Bid for the repurchase of its common shares.

Subject to TSX approval, the program will begin in late June, 2004 and will end in late June, 2005, unless 21 million shares are purchased before then or Petro-Canada provides earlier notice of termination. It will enable the Corporation to repurchase up to a maximum of 21 million shares (approximately 10 percent of the public float) over the next twelve months.

The share buyback will enable the company to optimize its financial structure and is consistent with the company's strategy of creating value for shareholders. All purchases will be made through the TSX, and the shares so purchased 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. Its common shares trade on The Toronto Stock Exchange under the symbol PCA, and on the New York Stock Exchange under the symbol PCZ.