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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14117)12/8/1998 2:31:00 PM
From: Kerm Yerman  Read Replies (8) of 15196
 
CORP ANNOUNCEMENT / Petro-Canada Sells Its Interest In Petro-Canada Centre

CALGARY, Dec. 8 /CNW/ - Canada today announced the sale of its 50 per
cent interest in Petro-Canada Centre, the Company's head office complex in
Calgary, Alberta, to a subsidiary of Gentra Inc. The transaction will result
in a gain of approximately $12 million in after tax net earnings, and will
reduce the Company's long-term debt by approximately $140 million. The sale
will further reduce the Company's contingent liability by $140 million.

''This transaction reflects the strength of Calgary's real estate
market,'' said Jim Stanford, President and Chief Executive Officer of
Petro-Canada. ''The sale of our interest in the Centre is consistent with our
ongoing strategy to sell non-core assets and re-invest the proceeds in
value-creating opportunities in our core businesses.''

Petro-Canada's head office will continue to be located in the Centre.

Petro-Canada is one of Canada's largest oil and gas companies, operating
in both the upstream and the downstream sectors of the industry. Its common
and variable voting shares trade on Canadian exchanges under the symbol PCA,
and its variable voting shares trade on the New York Stock Exchange under the
symbol PCZ.

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