Canadian Natural Resources Acquires Anadarko Canada Corp

Canadian Natural Resources Limited ("Canadian Natural" or the "Company") announces entering into an agreement relating to the acquisition of Anadarko Canada Corporation ("ACC"), a subsidiary of Anadarko Petroleum Corporation, for aggregate consideration of US$4.075 billion. ACC's land and production base are all located in Western Canada and are high quality, concentrated natural gas weighted assets with strong netbacks and a long reserve life. The current production, before royalties, from the working interests acquired by Canadian Natural, is approximately 358 million cubic feet per day of natural gas and 9,300 barrels per day of crude oil and NGLs. The assets also include approximately 1.5 million net undeveloped acres and key strategic facilities in the high growth areas of Northeast British Columbia and Northwest Alberta.

In commenting on the acquisition, Canadian Natural's President and Chief Operating Officer, Steve Laut stated, "This acquisition further strengthens Canadian Natural's asset and production base in key operating areas specifically, in relation to natural gas. This demonstrates the strength of the Company's balance sheet and our confidence in our ability to execute our defined plan, including Phase I of the Horizon Oil Sands Project, which remains on schedule and on track to budget targets."

The acquisition fits Canadian Natural's strategy of dominating its core areas and related infrastructure as the majority of the acquired properties are operated and located in or adjacent to Canadian Natural's core areas. The properties acquired strengthen Canadian Natural's long term Canadian natural gas strategy by significantly increasing its land and facilities infrastructure in key areas in Northwest Alberta and Northeast British Columbia that are tightly held and very competitive. These are also areas where Canadian Natural has a strong understanding of the geology and production performance. The ACC assets contain significant upside, with over 1,500 new drilling locations identified. The key infrastructure acquired will allow the low cost development of not only ACC lands but also adjacent Canadian Natural lands. As a result Canadian Natural expects to achieve operating cost synergies with the full integration of both the ACC infrastructure and Canadian Natural infrastructure. Additional acreage in the Foothills further enhances the Company's long term deep natural gas growth plans.

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Posted 14/09/06

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