Petro-Canada and Its Syncrude Partners Reach Royalty Agreement With Province of Alberta

• Press Release
• Source: Petro-Canada
• On 6:28 pm EST, Tuesday November 18, 2008

CALGARY, ALBERTA--(MARKET WIRE)--Nov 18, 2008 -- Petro-Canada, along with the other Syncrude Joint Venture owners, has signed agreements with the Government of Alberta to amend the existing Syncrude crown agreement.

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 is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. The Company's common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

     Contacts:
     Media and general inquiries:
     Kelli Stevens, Corporate Communications
     Petro-Canada (Calgary)
     (403) 296-3031
      
     Investor and analyst inquiries:
     Ken Hall, Investor Relations
     Petro-Canada (Calgary)
     (403) 296-7859
     Website: http://www.petro-canada.ca