Canadian Natural Resources Completes Tranche Under First US Debt Shelf Offering

On July 24, 2001, Canadian Natural Resources Limited completed the issue of US$400 million aggregate principal amount of 6.7 per cent notes due 2011. The offering was conducted in the United States pursuant to a short-form base shelf prospectus dated July 6, 2001 and filed under the Multijurisdictional Disclosure System. The offering was co-led by Salomon Smith Barney Inc. (sole bookrunning manager), Banc of America Securities LLC and Deutsche Banc Alex. Brown Inc. JP Morgan, Merrill Lynch & Co., RBC Dominion Securities Inc. and BMO Nesbitt Burns acted as co-managers. The base shelf prospectus allows Canadian Natural to issue up to US$1 billion aggregate amount of debt securities during the 25-month period of the base shelf prospectus.

In addition, Canadian Natural filed a short-form base shelf prospectus dated July 24, 2001, to establish a Medium Term Note Program in Canada of up to $1 billion aggregate principal amount of Medium Term Notes during the 25-month period of the base shelf prospectus. No notes have been issued to date. The dealer group consists of BMO Nesbitt Burns, CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.

Parlee McLaws in Calgary acted for Canadian Natural on both deals with a team that included Gordon Adams, Ariane Young and Nancy Penner (securities/ corporate) and Tom Ryder (tax). Paul, Weiss, Rifkind, Wharton & Garrison in New York acted as US counsel to Canadian Natural with a team that included Ted Maynard, Heather McMaster and Andrew Foley. Shearman & Sterling in Toronto acted for the US underwriters with a team that included Brice Voran, Chris Cummings, Ruchi Kaushal and Adam Givertz. Burnet, Duckworth & Palmer LLP acted for the Canadian dealer group with a team that included Grant Zawalsky, Shannon Gangl and Ian Bock.