Petro-Canada Ups Quarterly Dividend by 30%

Petro-Canada on Thursday declared a quarterly dividend of $0.13 per share on the Company's outstanding common shares - a 30% increase compared with the $0.10 per share dividend declared in October 2006. The increased dividend will be payable on April 1, 2007 to shareholders of record at the close of business on March 3, 2007.

"We recognize that our shareholders value us returning cash to them in the form of competitive dividends," said Ron Brenneman, president and chief executive officer. "Announcement of a dividend increase three years in a row reflects our ongoing confidence in our ability to execute our business plans."

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.