CALGARY, ALBERTA -- (MARKET WIRE) -- 11/20/08 -- Petro-Canada will host a Media Conference on Monday, Nov. 24 from 3:30 to 3:50 p.m. Eastern Standard Time (EST) with Ron Brenneman, President and Chief Executive Officer, Petro-Canada. Mr. Brenneman will be available to answer questions on Petro-Canada's overall strategy and performance in 2008, as well as questions about Petro-Canada's Oil Sands, Downstream and North American Natural Gas businesses.

Petro-Canada will host an Investor Day on Tuesday, Nov. 25 from 9:00 a.m. to 3:30 p.m. EST, focused on the International and Offshore business unit. Mr. Brenneman will provide a corporate overview followed by an update on Petro-Canada's International and Offshore strategy by Peter Kallos, Executive Vice-President, International and Offshore. Members of Mr. Kallos' leadership team will provide investors with a comprehensive overview of this business unit during the balance of the day. An informal media conference will be held at the end of the Investor Day so media can ask Mr. Kallos questions specific to the International and Offshore business.

Media Conference   Monday, November 24, 2008
                   3:30 to 3:50 p.m. EST
                   Conference call dial-in at 416-641-6140 or 1-800-952-4972
                   (toll free in North America)
                   A live webcast will be available at
                   http://www.petro-canada.ca/en/investors/93.aspx.
                   A recording of the call will be available about one hour
                   after the conference by dialing 416-695-5800 or
                   1-800-408-3053 (toll-free in North America)
                   (passcode number 3273658). A recording will also be
                   available on the website at
                   http://www.petro-canada.ca/en/investors/93.aspx.

Investor Day       Tuesday, November 25, 2008
                   9:00 a.m. to 3:30 p.m. EST
                   A live webcast will be available at
                   http://www.petro-canada.ca/en/investors/93.aspx.
                   A recording of the Investor Day will be available on the
                   website at
                   http://www.petro-canada.ca/en/investors/93.aspx.
                   Filming, broadcast or photography are not permitted
                   during presentations or breaks
                   3:45 p.m. EST - media conference will be held with Peter
                   Kallos

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and 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. For more information visit www.petro-canada.ca.

Contacts:
Investor and analyst inquiries:
Ken Hall, Investor Relations
Petro-Canada, Calgary
(403) 296-7859

Media and general inquiries:
Andrea Ranson, Corporate Communications
Petro-Canada, Calgary
(403) 296-4610
Website: www.petro-canada.ca