Canadian Natural Prices US$700 Million in 10- and 30-Year Notes

Canadian Natural Resources Limited said Thursday that it has priced US$250 million principal amount of 6.00% unsecured notes due August 15, 2016 and US$450 million principal amount of 6.50% unsecured notes due February 15, 2037 which have been sold to investors in the United States. The 6.00% unsecured notes were sold at a price of 99.785% per note to yield 6.029% to maturity. The 6.50% unsecured notes were sold at a price of 99.344% per note to yield 6.55% to maturity.

Net proceeds from the sale of the notes will be used primarily to repay bank indebtedness. The Company has been rated by three rating services: Baa1 by Moody's Investors Service, Inc. with a stable trend; BBB+ by Standard & Poor's Corporation with a negative outlook; and BBB (high) with a stable trend by Dominion Bond Rating Service Limited. Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. acted as joint book running managers for the offering. RBC Capital Markets, CIBC World Markets, Scotia Capital, BMO Capital Markets, BNP PARIBAS, Banc of America Securities LLC, Deutsche Bank Securities, Lazard Capital Markets, and Daiwa Securities America Inc. acted as co-managers.

The sale of the notes was the first issuance under the short form base shelf prospectus dated June 3, 2005, which allows for the issuance of debt securities in an aggregate principal amount of up to US$2 billion.

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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