Petro-Canada Takes up Shares of Canada Southern Tendered and Not Withdrawn

Petro-Canada, through its wholly owned subsidiary Nosara Holdings Ltd. (Nosara), today announced that 86,957 shares of Canada Southern Petroleum Ltd. (Canada Southern) have been tendered to Petro-Canada's offer for Canada Southern as of the expiry time on July 27, 2006.

Petro-Canada has taken up and accepted for payment all of the shares deposited to its offer and will provide the depositary for its offer with the required funds to make payment to tendering shareholders no later than August 1, 2006.

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's 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 (Calgary)
Media & general inquiries:
Michelle Harries, Corporate Communications
(403) 296-3648 or Cell: (403) 608-4766

Petro-Canada (Calgary)
Investor and analyst inquiries:
Gord Ritchie, Investor Relations
(403) 296-7691 or Cell: (403) 870-7374

Petro-Canada (Calgary)
Investor and analyst inquiries:
Pam Tisdale, Investor Relations
(403) 296-4423 or Cell: (403) 606-3982

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