December 19, 2008 10:00 ET

Petro-Canada Announces Agreement In Principle At Montreal Refinery

MONTREAL, QUEBEC--(Marketwire - Dec. 19, 2008) - An Agreement in Principle has been reached between Petro-Canada and local 175 of the Communications, Energy & Paperworkers Union of Canada (CEP) at the Montreal Refinery. The agreement is now subject to ratification by the local membership with a vote to be held on December 23, 2008.

"We are pleased to have reached an Agreement in Principle which we believe is fair and balanced for both the company and the employees," said Dan Sorochan, Vice-President of Refining & Supply at Petro-Canada.

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. Petro-Canada's common shares trade on the Toronto Stock Exchange (TSX) under the symbol PCA and on the New York Stock Exchange (NYSE) under the symbol PCZ.

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