DIVESTITURE – Petro-Can to shed in situ oil sands projects

CALGARY - PETRO-CANADA, a major player in the Syncrude oil sands project, is divesting its interests in five in sit...
CALGARY - PETRO-CANADA, a major player in the Syncrude oil sands project, is divesting its interests in five in situ properties, namely Chard, Stony Mountain, Liege, Thornbury and Ipiatik. The company's interest in these properties is approximately 1.7 billion barrels of bitumen.

Following this sale, Petro-Canada remains well positioned with an estimate of approximately 3.0 billion barrels of total bitumen resource at Syncrude and Fort Hills (under development with TECK COMINCO), and an estimate of over 5.0 billion barrels in the in situ properties at MacKay River, Lewis and Meadow Creek.

SYNCRUDE CANADA recently signed a management services agreement with IMPERIAL OIL, which will provide operational, technical and business management services to the oil sands producer. Complete information about the Syncrude project is available at www.Syncrude.ca.

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