Canadian Natural Resources Completes Note Offering

On January 23, 2002, Canadian Natural Resources Limited completed the issue of US$400 million aggregate principal amount of 7.2 per cent notes due January 15, 2032. The offering was conducted in the U.S. pursuant to a short-form base shelf prospectus dated July 6, 2001 and filed under the Multijurisdictional Disclosure System. The offering was managed jointly by Salomon Smith Barney Inc., sole bookrunner and lead manager, and Deutsche Banc Alex. Brown representing the balance of the underwriters, Banc of America Securities LLC, JPMorgan, BMO Nesbitt Burns Inc., CIBC World Markets Inc., Lehman Brothers Inc., RBC Capital Markets Inc., Scotia Capital Inc., TD Securities Inc. and UBS Warburg LLC.

Parlee McLaws LLP in Calgary acted for Canadian Natural with a team that included Nancy Penner, Gordon Adams, James Thomson, Paul Mendes and Shane Saunders (securities/corporate) and Tom Ryder (tax). Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York acted as U.S. counsel to Canadian Natural with a team that included Ted Maynard, Gayle Hyman and Michael Uster. Shearman & Sterling in Toronto and New York acted for the underwriters with a team that included Chris Cummings and Adam Givertz.