Canadian Natural Prices $2.2B in Unsecured Notes



Canadian Natural Resources Limited said that on Monday 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.

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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