The notice provides that Canadian Natural may, during the 12 month period commencing January 24, 2005 and ending January 23, 2006, purchase for cancellation on Toronto Stock Exchange and the New York Stock Exchange up to 13,409,006 shares, being 5% of the 268,180,123 outstanding common shares as at January 12, 2005. The price which Canadian Natural will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Canadian Natural.
While pursuing Canadian Natural's successful acquisition, exploration and development plans remain the best opportunity to create value for Canadian Natural, any excess cash flow in 2005 over budgeted spending may be used by Canadian Natural to further strengthen its balance sheet or continue growth of value per common share. One investment opportunity available to Canadian Natural under these circumstances, depending upon future trading prices and other factors, is the use of these excess funds to purchase its common shares, as it is a worthwhile investment, and is in the best interests of Canadian Natural and its shareholders.
Canadian Natural has purchased 873,400 common shares at an average purchase price of $37.98 pursuant to a Normal Course Issuer Bid which has been in place since January 24, 2004.
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.
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