Petro-Canada
NYSE : PCZ
TSX : PCA

Petro-Canada

November 17, 2007 13:13 ET

Petro-Canada Announces a Lockout at its Montreal Refinery in Hopes of Reaching a Collective Agreement

MONTREAL, QUEBEC--(Marketwire - Nov. 17, 2007) - In the hopes of arriving at a collective agreement, Petro-Canada today notified the Communications, Energy and Paperworkers Union (CEP Local 175) at the Montreal Refinery that management is assuming operations and unionized employees will be locked out.

"By taking this action, we hope to move the negotiation process forward and reach a settlement," said Dan Sorochan, Vice-President, Refining and Supply. "While we have worked hard over the last nine months to present offers to the CEP in Montreal that are fair and reasonable to the workers and the Company, we have had to operate the refinery in a constant state of stand-by due to the risk of a strike by CEP workers with 12 hours notice."

Contingency plans are now in full effect to ensure the plant continues to run safely and efficiently while ensuring a steady supply of products to customers.

"Our goal remains to sign a Collective Agreement that provides a competitive, productive and harmonious work environment at the Montreal Refinery," added Sorochan.

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.

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