Canadian Natural Completes US$2.2B Note Offering

On March 19, 2007, Canadian Natural Resources Limited completed the issue of US$1.1 billion principal amount of 5.70 per cent notes due 2017 and US$1.1 billion principal amount of 6.25 per cent notes due 2038. The offering was conducted in the United States pursuant to a supplement to the short-form base shelf prospectus dated November 27, 2006 for the issuance of up to US$3 billion of debt securities under the Multijurisdictional Disclosure System. The offering was underwritten by a syndicate of underwriters with Citigroup (global coordinator), Banc of America Securities LLC, Deutsche Bank Securities and JPMorgan as joint book-running managers.

Parlee McLaws LLP in Calgary represented Canadian Natural with a team that included Nancy Penner, Jim Thomson, Tom Ryder (tax), Scott Watson, Allan Guty and Gordon Ragan. Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York acted as US counsel to Canadian Natural with a team that included corporate lawyers Andrew Foley, Kathleen McCabe, Kevin Nah and Peter Wright; tax lawyer Sonia Inamdar; and environmental lawyer William O'Brien. Shearman & Sterling LLP in Toronto represented the underwriters with a team that included Christopher Cummings, Adam Givertz, Jeremy Grushcow and Jonathan Handyside.