CALGARY, ALBERTA--(Marketwire - Jan. 8, 2009) - Petro-Canada will release its fourth quarter 2008 results on Thursday, January 29, 2009 at 3:00 a.m. Mountain time (5:00 a.m. Eastern time), followed by a conference call for analysts, investors and the media at 7:00 a.m. MST (9:00 a.m. EST).

The conference call will also be webcast live on Petro-Canada's website.

Presenters:            Ron A. Brenneman, President and CEO; and
                       Harry Roberts, Executive Vice-President and CFO


Conference Call Host:  Ken Hall, Senior Director, Investor Relations


Date:                  January 29, 2009


Time:                  7:00 a.m. MST (9:00 a.m. EST)


Telephone:             Analysts & Investors:
                       1-866-898-9626 (toll-free North America), 
                       00-800-8989-6323 (toll-free International)
                       or 416-340-2216


                       Media:
                       1-866-540-8136 (toll-free North America);
                       or 416-340-8010


Audio Webcast:         http://www.petro-canada.ca/en/investors/845.aspx


                       Postview available one hour after the conclusion of
                       the conference call and will be accessible until
                       April 20, 2009 by dialing 1-800-408-3053 (toll-free
                       North America) or 416-695-5800; (passcode number
                       3278221#) or by visiting
                       http://www.petro-canada.ca/en/investors/845.aspx

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.

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