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<div><b>Contact:</b> Danelle Wettstein</div>
<div><b>Page Content:</b> <p><span>Canadian Pacific (TSX:CP)(NYSE:CP) is expanding the transportation of crude oil by rail from the Saskatchewan Bakken Formation.<span>* </span></span></p>
<p><span><span></span></span><span>CP is now increasing volumes of crude oil movement by rail out of the Saskatchewan Bakken oil formation through a new CP transload facility, operated by Bulk Plus Logistics in Estevan.<span>* </span>This is in addition to railcar loads already moving out of the Dollard, SK transload facility, located on the Great Western Railway, a short line partner of Canadian Pacific.<span>* </span>This oil is destined to various refineries in both Canada and the United States. </span></p>
<p><span></span><span>The Bakken Formation, encompassing sections of Saskatchewan and North Dakota, is a key area of focus for Canadian Pacific and part of the railway’s growing energy portfolio.<span>* </span>In the past three years CP has demonstrated its ability to deliver crude oil by rail.<span>* </span>Volumes of rail shipments out of North Dakota, for example, have grown from roughly 500 carloads in 2009 to more than 13,000 carloads in 2011. This is expected to grow to 70,000 annual carloads in the future.</span></p>
<p><span></span><span>“To move the crude by rail opportunities to the next level, CP will take what it has learned and the products developed in North Dakota and apply them in the emerging Saskatchewan and Alberta Bakken markets,” said CP Energy and Merchandise VP Tracy Robinson.<span>* </span>“The model we developed in North Dakota is proven and we’re now bringing that north.<span>* </span>To fully capitalize on these opportunities, CP has established a specialized Energy Development Team to proactively position CP’s products and capabilities in this rapidly emerging market place.”</span></p>
<p><span></span><span>CP provides crude shippers with supply chain options that are flexible, reliable, and offer short lead times from production to transportation.<span>** </span>Working with CP’s Energy Development Team, new potential crude by rail shippers in Saskatchewan have been using CP service to test viability of rail transport to their ultimate end terminals.</span></p>
<p><span></span><span>“The Bakken Formation represents significant growth opportunities for the people of Saskatchewan and those involved in the development of this emerging market,” said Saskatchewan Energy and Resources Minster Bill Boyd.<span>* </span>“I’m certain that CP’s experience and leadership in crude by rail transportation will prove effective in helping Saskatchewan producers with similar solutions, allowing them rapid entry into new markets.”</span></p>
<p><span></span><span>CP is investing more than $90 million to enhance capacity on its U.S. main line south of Saskatchewan, through North Dakota and into Minnesota to handle anticipated increased Bakken crude shipments.<span>* </span>This includes upgraded track and sidings. </span></p>
<p><span></span><span>Canadian Pacific is the only North American railway to serve the Alberta Industrial Heartland, the Bakken Formation, and the Marcellus Shale.<span>* </span>As well, CP is the only class 1 to connect the energy hubs of Alberta and the northern plains to the northeast U.S.</span></p>
<p><span></span><span>Of the 140 million tons of freight shipped annually on CP, hundreds of thousands of carloads are directly related to energy production and distribution.<span>* </span>This includes crude oil, sulphur, fuels, diluents and materials key to the energy industry such as pipe and frac sand.<span>**</span></span><span>*</span></p>
<p><b><span>Note on forward-looking information – Canadian Pacific<br></span></b><span>This news release contains certain forward-looking statements relating but not limited to our operations, proposed investments, anticipated financial performance and business prospects.<span>* </span>Undue reliance should not be placed on forward-looking information as actual results may differ materially. </span></p>
<p><span></span><span>By its nature, CP's forward-looking information involves numerous assumptions, inherent risks and uncertainties.<span>* </span>Forward-looking statements are not guarantees of future performance.<span>* </span>Factors that could affect forward-looking information include, but are not limited to: changes in business strategies; general North American and global economic, credit and business conditions; ; inflation; currency and interest rate fluctuations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; actions by regulators; potential increases in maintenance and operating costs; uncertainties of litigation; risks and liabilities arising from derailments; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; technological changes; and various events that could disrupt operations, including severe weather conditions, flooding, earthquakes, labour disputes, risks and liabilities arising from derailments as well as security threats and governmental response to them.<span>* </span>Other risks are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States.<span>* </span>Reference should be made to "Management's Discussion and Analysis" in CP's annual and interim reports, Annual Information Form and Form 40-F for a summary of major risks.</span></p>
<p><span></span><span>Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.</span></p>
<p><span></span><b><span>About Canadian Pacific<br></span></b><span>Canadian Pacific (TSX:CP)(NYSE:CP) operates a North American transcontinental railway providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit cpr.ca and see how Canadian Pacific is Driving the Digital Railway.</span></p>
<p><span>Media<span>************** </span><span>******************************************************* </span>Investment Community<span>************************** <br></span></span><span>Ed Greenberg<span>**************</span><span>**********************************************</span>Janet Weiss<br></span><span>Tel:612-849-4717<span>***************************************************</span>Tel: 403-319-3591<br></span><span>24/7 Media Pager:<span>* </span>855-242-3674<br></span><span><a href="mailto:Ed_greenberg@cpr.ca">Ed_greenberg@cpr.ca</a>*<span>********************************************* </span><a href="mailto:investor@cpr.ca">investor@cpr.ca</a></span></p></div>
<div><b>News Release Date:</b> 12/7/2011 12:00 AM</div>
<div><b>Location:</b> Calgary, Alberta</div>
<div><b>News Type:</b> Investors</div>
<div><b>Is Featured:</b> No</div>


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