Canadian Natural Prices $2.2B in Notes

Canadian Natural Resources Limited on Monday completed the issuance of 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. The sale of the notes was issued under the Company's short form base shelf prospectus dated November 27, 2006.

Concurrently, the Company has entered into cross-currency interest-rate swaps to fix the Canadian dollar interest and principal repayment amounts on US$1,100 million of unsecured notes due May 15, 2017 at 5.10% and C$1,287 million. The Company also entered into a cross-currency interest-rate swap to fix the Canadian dollar interest and principal repayment amounts on US$550 million of unsecured notes due March 15, 2038 at 5.76% and C$644 million.

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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