Petro-Canada Renews NCIB

Petro-Canada announced that the Toronto Stock Exchange (TSX) approved its application to renew its Normal Course Issuer Bid (NCIB) for the repurchase of its common shares.

The program, which begins on June 22, 2007, enables Petro-Canada to repurchase up to 24,605,472 shares (5% of the 492,109,445 shares outstanding as of June 12, 2007) over the next 12 months. Petro-Canada's daily purchases under the NCIB will not exceed 539,193, as calculated pursuant to the TSX Company Manual limit of 25% of the average daily trading volume of the common shares from December 1, 2006 to May 31, 2007 (excluding purchases made under the current NCIB). The program will end on June 21, 2008 unless the maximum amount of shares is purchased before then or Petro-Canada provides earlier notice of termination.

To date, under the terms of the NCIB in place from June 22, 2006, to June 21st 2007, Petro-Canada has repurchased 13,420,200 common shares at an average purchase price of $49.97.

Petro-Canada's priorities for use of cash are to fund its capital program and profitable growth opportunities, and to return cash to shareholders through dividends and the share buyback program. The renewed NCIB is consistent with the Company's strategy to create value for shareholders. All purchases will be made through the TSX and the purchased shares 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 in Canada and internationally. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada's common shares trade on the TSX under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.