2009-08-11-2007-11-01-2007-11-01

Purchased additional 5% WI each in Fort Hills oil-sands project.

Petro-Canada, Calgary, (NYSE: PCZ, Toronto: PCA) and Teck Cominco Ltd., Vancouver, (NYSE, Toronto: TCK) have completed agreements to earn an additional 5% working interest each in the Fort Hills oil-sands project in Alberta. UTS Energy Corp., Calgary, (Toronto: UTS) will give up 10% working interest. Petro-Canada's total stake increases to 60%. Teck Cominco's interest increases to 20%. UTS' stake will decrease to 20%. Both Petro-Canada and Teck Cominco will each fund an additional $375 million of partnership expenditures. Petro-Canada Oil Sands Inc., a subsidiary of Petro-Canada, is the operator for the Fort Hills project. The three companies partner to operate under leases 5, 8 and 52 (the Fort Hills leases), which encompass approximately 46,000 acres. The companies have also acquired leases 437, 438 and 634 involving approximately 14,400 acres contiguous to the Fort Hills project. Fort Hills consists of a mine about 90 kilometers north of Fort McMurray, Alberta, and an integrated upgrader in Sturgeon County about 45 kilometers northeast of Edmonton. The mine received regulatory approval in 2002, while approval for the upgrader is expected in 2008. The first phase of the project is expected to produce 140,000 barrels of oil per day of synthetic crude. Associated bitumen production is expected to be about 160,000 barrels per day. First bitumen production is expected to begin in 2011, with first synthetic crude oil production by 2012. The Fort Hills project is expected to produce up to a total of 280,000 barrels per day once all phases are complete. Petro-Canada senior vice president, oil sands, Neil Camarta says, "We are pleased with this opportunity to boost our ownership in Fort Hills. Fort Hills is a great project and the cornerstone of our oil-sands growth strategy." The deal is expected to close by the end of 2007.