Petro-Canada Increases Quarterly Dividend by 54%

Petro-Canada declared a quarterly dividend of $0.20 per share on the Company's outstanding common shares, a 54% increase compared with the $0.13 per share dividend declared in April 2008. The increased dividend will be payable on October 1, 2008 to shareholders of record at the close of business on September 3, 2008.

"The increase in dividend reflects our confidence in our ability to execute our long-term business plan," said Harry Roberts, executive vice president and chief financial officer. "As an integrated company, our diversified business strategy provides stable cash flows allowing us the ability to return additional value to shareholders."