10:02 AM EST - Petro-Canada : said its Board of Directors approved a capital and exploration expenditure program of up to $4 billion for 2009, down significantly compared with the program in 2008 in response to current market conditions. The 2009 capital program includes $2.1 billion directed to growth projects, exploration and new venture developments and $1.3 billion to replace reserves in core areas. In addition, Petro-Canada expects to invest $360 million to enhance existing assets and to improve profitability in the base business, and $130 million to comply with new regulations. Petro-Canada
shares T.PCA are trading up 52 cents at $29.52.
