Canadian Natural Completes US$1.2 Billion Notes Offering

On January 17, 2008, Canadian Natural Resources Limited completed a US$1.2 billion notes offering comprised of the issue of US$400 million principal amount of 5.15 per cent notes due 2013, $400 million principal amount of 5.90 per cent notes due 2018 and US$400 million principal amount of 6.75 per cent notes due 2039.

The offering was conducted in the United States pursuant to a supplement to the short-form base shelf prospectus dated September 25, 2007, 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 and Tom Ryder (tax) and Brenda Tsukishima.

Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York acted as US counsel to Canadian Natural with a team that included Andrew Foley, Sabari Bagchi, David Carmona, David Mayo (tax) and William O'Brien (environmental). Shearman & Sterling LLP in Toronto represented the underwriters with a team that included Adam Givertz, Jonathan Handyside, Laurence Crouch (tax), Eileen O'Pray (tax) and Jeffrey Salinger (environmental).