CALGARY, ALBERTA -- (Marketwire) -- 07/21/09 -- Suncor Energy Inc. (TSX: SU) (NYSE: SU) and Petro-Canada (TSX: PCA) (NYSE: PCZ) announced today that the Competition Bureau has approved the proposed merger of Suncor and Petro-Canada.

The approval is reflected in a consent agreement with the Competition Bureau which will be registered with the Competition Tribunal in Ottawa. Under the consent agreement the companies have agreed to take steps to maintain retail and wholesale competition in Ontario, including divesting 104 retail locations, and entering into certain supply and throughput arrangements in Ontario for a period of 10 years.

With all the conditions necessary to complete the merger satisfied, Suncor and Petro-Canada intend to make the merger effective August 1, 2009.

"The Bureau's review process was very intensive and thorough," said Rick George, who is currently president and chief executive officer of Suncor and will assume the same role in the merged company. "We are satisfied that the resulting terms will preserve the expected benefits of the merger and maintain a competitive refined products market in Ontario."

"With this major milestone behind us, our focus now is to get the final pieces in place to close the deal and launch what will be Canada's premier energy company," said George.

For further information on the Suncor and Petro-Canada merger go to www.suncorpetro-canada.com.

Advisory Regarding Forward-Looking Information and Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "anticipate", "believe", "expected", "will", and similar expressions are intended to identify forward-looking statements or information. More particularly, and without limitation, this press release contains forward-looking statements and information concerning the completion of the proposed merger; the ability of the parties to realize the anticipated benefits and synergies of the merger; and the expected completion date of the proposed merger.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.