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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (13544)	11/17/1998 3:29:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Petro-Canada Files Preliminary Debt Prospectus CALGARY, Nov. 16 /CNW/ - Petro-Canada announced today that it has filed a preliminary short form prospectus in Alberta and a registration statement in the United States with respect to a proposed offering of thirty-year unsecured debentures. Gross proceeds are expected to total approximately U.S. $250 million. Merrill Lynch & Co. is lead manager with respect to the offering. The debentures will be offered only in the United States. The net proceeds of the offering will be used to retire debt in the aggregate amount of Cdn. $250 million, and for general corporate purposes. A preliminary prospectus relating to these securities has been filed with the Alberta Securities Commission but has not yet become final and a registration statement relating to these securities has been filed with the United States Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time a receipt for the final prospectus is obtained in Canada and the registration statement becomes effective in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration of qualification under the securities laws of any jurisdiction. A preliminary short form prospectus relating to the offering of these securities in the United States may be obtained from Merrill Lynch & Co. (Prospectus Department, Telephone: (732) 885-2760) or from any other dealer which may lawfully distribute the preliminary short form prospectus. 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.