Petro-Canada Achieves First Oil at De Ruyter Development

Petro-Canada has acheived first oil from the De Ruyter development, located in the southern part of the North Sea on the Dutch Continental Shelf.

Operated by Petro-Canada, De Ruyter will ramp up production during the remainder of 2006. In 2007 and 2008 production is expected to average approximately 18,500 barrels per day of which over 90% will be oil and the remainder will be natural gas. This would add approximately 10,000 barrels of oil equivalent per day net to Petro-Canada. Petro-Canada has a 54.07% interest in the field and is a partner with Energie Beheer Nederland (EBN), who holds the remaining 45.93% interest.

"The successful start-up of De Ruyter is the first milestone in delivering near-term production growth internationally, a key component of our international growth strategy. Around year end we also expect to have production from Block L5b-C in The Netherlands and the Buzzard field, located in the UK North Sea," said Peter Kallos, Executive Vice-President, International. "This is our second development of an operated platform in the Netherlands, and this project experience should be a benefit to both our portfolio in Northwest Europe and to our international business."

The De Ruyter field straddles Blocks P10a and P11b, which are both operated by Petro-Canada. The development consists of a Gravity Base Structure with wellhead and lattice towers supporting an Integrated Production Deck. De Ruyter joins Hanze as Petro-Canada's second operated offshore field in the Dutch North Sea.

"The project team, staff and our contractors worked hard together to bring the De Ruyter development on-stream within our target for schedule and budget. Most importantly, our team should be congratulated that first oil was achieved with a good safety record," said Mr. Kallos.

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and 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. Petro-Canada is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Our common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

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