Petro-Canada to Divest Oil Sands Properties
CALGARY, ALBERTA--(CCNMatthews - Nov. 16, 2006) - Petro-Canada is announcing its intention to divest its interest in the five in situ properties of Chard, Stony Mountain, Liege, Thornbury and Ipiatik. Petro-Canada's interest in these properties is estimated at 1.7 billion barrels of bitumen resource.
Petro-Canada has retained Harrison Lovegrove, headquartered in London, England, to manage the competitive auction process. It is expected that an Information Memorandum and data room will be available to interested parties on a confidential basis beginning November 20, 2006.
With this sale, Petro-Canada remains well positioned with an estimate of approximately three billion barrels of total bitumen resource at Syncrude and Fort Hills, and an estimate of over five billion barrels in the in situ properties at MacKay River, Lewis and Meadow Creek.
"The properties for sale are very attractive oil sands assets, but their development, for us, will be a ways down the road," said Neil Camarta, Senior Vice-President, Oil Sands. "Over the next 10 years or so, we'll be focusing all of our efforts on developing Fort Hills and our in situ properties of MacKay River, Lewis and Meadow Creek."
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.
For more information please contact:Media and general inquiries:
Chris Dawson, Corporate Communications
Investor and analyst inquiries:
Gord Ritchie, Investor Relations
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