Petro-Canada Closes Buzzard Acquisition

Petro-Canada has completed the acquisition of a 29.9 percent interest in the Buzzard field in the United Kingdom North Sea, through the purchase of Intrepid Energy North Sea Limited, Intrepid Energy Limited and Intrepid Energy (U.K.) L.L.C. Shareholder approval for the sale was given on June 7, 2004 and the transaction closed today, June 18, 2004.

"We are very pleased that the transaction has closed in line with the timetable we set when we announced the acquisition in May," said Peter Kallos, Executive Vice President, International. "We now look forward to working with EnCana, and the other joint-venture partners, to bring Buzzard into production, on time and on budget."