Canadian Natural Resources Acquires Heavy Oil Properties
Canadian Natural Resources Limited has acquired additional producing and non-producing heavy oil properties, primarily in the Lindbergh area of eastern Alberta. These properties are all located adjacent to Canadian Natural's producing operations in its core area of Eastern Alberta. The acquired properties are currently producing approximately 13,000 barrels per day of crude oil and 10 million cubic feet per day of natural gas.
Canadian Natural's business strategy focuses on a balance between growth through drilling and acquisition. These newly acquired assets will provide exploitation opportunities through potential operating cost reductions, as well as significant growth in both reserves and production through a combination of well re-completions and the drilling of new locations. The acquisition is a component of Canadian Natural's existing 2002 capital budget.