Advisory: Petro-Canada Announces Conference Call.

QUEBEC CITY, Quebec -- Following a series of successful discussions, Petro-Canada and OAO "Gazprom" (Gazprom) today announced that the two companies have signed an agreement to proceed with preliminary engineering design in their plans to build a Baltic liquefied natural gas (LNG) plant near St. Petersburg, Russia.

Investors and journalists are invited to participate in a conference call today, March 14th, at (time) to hear Ron Brenneman, Petro-Canada's President and Chief Executive Officer, give an overview of the agreement. Mr. Brenneman will be joined by Peter Kallos, Executive Vice-President of the International business unit; and, John Miller, Vice-President of Natural Gas Marketing in the North American Natural Gas business unit.

Conference call host:  Rod Thornton, Senior Director,
                       Corporate Communications

Date:                  Tuesday, March 14th, 2006

Time:                  1:00 p.m. ET

Telephone:             1-866-898-9626 (N. America); or
                       416-340-2216 (International)

Postview:              A postview will be available one hour after the
                       conclusion of the conference call and will be
                       accessible until March 28, 2006 through
                       1-800-408-3053 (N. America) and 416-695-5800
                       (International); reservation #3179564.

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. We create value by responsibly developing energy resources and providing world class petroleum products and services. Our common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

Petro-Canada (TSX:PCA) (NYSE:PCZ)