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Ottawa, September 16, 2004
2004-052

Government Launches Sale of Petro-Canada Shares

Minister of Finance Ralph Goodale announced today that the Government is proceeding with the sale of its shares of Petro-Canada. At the Government’s request, Petro-Canada has filed a preliminary prospectus with regulatory authorities in both Canada and the United States.

"Based on the best independent expert advice, we believe now is the right time to follow through on the announcement we made in Budget 2004 that we intend to sell our remaining shares in Petro-Canada," Minister Goodale said. "Part of the proceeds from this sale will be used to help develop new technologies to address environmental challenges."

The management of the sale will be handled by a consortium of Canadian and global securities dealers, with CIBC World Markets, RBC Capital Markets and Merrill Lynch & Co. designated as co-lead underwriters and bookrunners. Currently, the Government holds 49,390,104 common shares of Petro-Canada.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any Province, State or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such Province, State or other jurisdiction. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may an offer to buy be accepted prior to the time the registration statement becomes effective.

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