PETRO-CANADA BUYS STAKE IN BUZZARD FIELD

Hart's Petroleum Finance Week, May, 2004

Petro-Canada (NYSE: PCZ) plans to acquire a 29.9% interest in the Buzzard oil field in the U.K. North Sea for US$840 million. Buzzard, the largest U.K. North Sea oil field discovered in more than a decade, is currently under development, with first oil expected by the end of 2006. Petro-Canada's share of peak production is expected to average some 60,000 barrels per day.

"This acquisition adds a superb new core asset to our portfolio," said Petro-Canada President and Chief Executive Officer Ron Brenneman. "It's a perfect fit with our international growth strategy, since it builds on our existing base of operations in Northwest Europe. Buzzard is well timed to add production in the medium term, coming onstream ahead of our longer-term growth opportunities."

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