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Ottawa, September 13, 1995
1995-069

Price of Petro-Canada Share Offering Set

Natural Resources Minister Anne McLellan, Finance Minister Paul Martin and Secretary of State (International Financial Institutions) Doug Peters today announced that the price per share for the government's sale of its Petro-Canada common shares has been set at $14.625.

The shares are to be sold on an instalment basis. The first payment of $6.125 per share (U.S.$4.554 per share for purchasers in the United States) will be payable on the closing of the offering, scheduled for September 22, 1995, the second payment of $4.25 per share will be due on September 23, 1996 and the final payment of $4.25 per share will be due on March 24, 1997.

The government is selling 118.0 million of its Petro-Canada shares in Canada, the United States and off-shore through two underwriting syndicates. Of the shares offered, 80 per cent will be offered initially in Canada and offshore and 20 per cent will be offered initially in the United States. The offering includes an over-allotment option which allows the underwriters to purchase up to an additional 5.9 million shares. The total amount of the offering, if the over-allotment option is fully exercised by the underwriters, will be approximately $1.8 billion.

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For further information:

Hillary Geller
Office of the Minister of Natural Resources
(613) 996-2007

Don Moors
Office of the Secretary of State
(International Financial Institutions)
(613) 996-7861

Diane Lafleur
Office of the Minister of Finance
(613) 996-7861

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A short form prospectus relating to the offering of these securities in Canada may be obtained from ScotiaMcLeod Inc., 40 King Street West, Toronto, Ontario; or Gordon Capital Corporation, Toronto Dominion Bank Tower, Toronto Dominion Centre, Toronto, Ontario; and in the United States from Merrill Lynch, Pierce, Fenner & Smith Incorporated, North Tower, World Financial Centre, 250 Vesey Street, New York, New York; or, in either country, from any other dealer which may lawfully distribute the prospectus.