Canadian Natural Resources Limited
TSX : CNQ
NYSE : CNQ

Canadian Natural Resources Limited

March 13, 2007 05:00 ET

Canadian Natural Resources Limited Prices US$2.2 Billion in 10 and 30 Year Notes

CALGARY, ALBERTA--(CCNMatthews - March 13, 2007) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ) (NYSE:CNQ) announces that on March 12, 2007, it priced US$1,100 million principal amount of 5.70% unsecured notes due May 15, 2017 and US$1,100 million principal amount of 6.25% unsecured notes due March 15, 2038 which have been sold to investors in the United States. The 5.70% unsecured notes were sold at a price of 99.725% per note to yield 5.734% to maturity. The 6.25% unsecured notes were sold at a price of 99.323% per note to yield 6.30% to maturity.

Net proceeds from the sale of the notes will be used to repay bank indebtedness. Citigroup Global Markets Inc. (as Global Coordinator), Banc of America Securities LLC, Deutsche Bank Securities, and J.P. Morgan Securities Inc. acted as joint book running managers for the offering. RBC Capital Markets acted as Lead Manager. BMO Capital Markets, BNP PARIBAS, CIBC World Markets, Daiwa Securities America Inc., Lazard Capital Markets, Mizuho International plc, Scotia Capital and SOCIETE GENERALE acted as co-managers.

The sale of the notes was issued under the Company's short form base shelf prospectus dated November 27, 2006.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Canadian Natural has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Canadian Natural has filed with the SEC for more complete information about Canadian Natural and this offering. A copy of the prospectus supplement and accompanying prospectus relating to these securities may be obtained from Citigroup Corporate and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220 (toll-free: 1-877-858-5407), or from J.P. Morgan Securities Inc., 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081(collect: 1-212-834-4533).

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa.

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

Contact Information

  • Canadian Natural Resources Limited
    Allan P. Markin
    Chairman
    (403) 514-7777
    (403) 514-7888 (FAX)
    or
    Canadian Natural Resources Limited
    John G. Langille
    Vice-Chairman
    (403) 514-7777
    (403) 514-7888 (FAX)
    or
    Canadian Natural Resources Limited
    Steve W. Laut
    President and Chief Operating Officer
    (403) 514-7777
    (403) 514-7888 (FAX)
    or
    Canadian Natural Resources Limited
    Douglas A. Proll
    Chief Financial Officer and Senior Vice-President, Finance
    (403) 514-7777
    (403) 514-7888 (FAX)
    or
    Canadian Natural Resources Limited
    Corey B. Bieber
    Vice-President, Finance & Investor Relations
    (403) 514-7777
    (403) 514-7888 (FAX)
    Email: ir@cnrl.com
    Website: www.cnrl.com