Canadian Natural Resources Limited Announces The Acquisition of Certain Canadian Assets of Devon Canada

Canadian Natural Resources Limited Announces The Acquisition of Certain 
Canadian Assets of Devon Canada 
CALGARY, ALBERTA -- (Marketwired) -- 02/19/14 --   Canadian Natural
Resources Limited (TSX: CNQ)(NYSE: CNQ) ("Canadian Natural" or the
"Company") announces entering into an agreement relating to the
acquisition of Devon Canada's Canadian conventional assets, excluding
Horn River and the heavy oil properties, for an aggregate cash
consideration of $3.125 billion, effective January 1, 2014, with a
targeted closing date of April 1, 2014. The acquired lands and
production base are all located in Western Canada in areas adjacent
or proximal to Canadian Natural's current operations and are high
quality, concentrated liquids-rich natural gas weighted assets, with
additional light crude oil exposure. The current estimated
production, before royalties, from the acquired properties is
approximately 383 mmcf/d of natural gas, 10,800 bbl/d of light crude
oil and 12,000 bbl/d of NGLs and is approximately 72% operated. Along
with the production are associated key strategic facilities including
6 major owned and operated natural gas plants, with gross processing
capacity in excess of 1,000 mmcf/d, and 4 major owned and operated
oil batteries. Finally, the assets also include a high quality land
base of approximately 2.2 million net acres of undeveloped land and
2.7 million net acres of royalty and fee simple lands. Company Gross
proved reserves (excluding the royalty lands) associated with the
acquisition, as evaluated by an independent qualified reserves
evaluator as at December 31, 2013 using forecast prices and costs,
were 272.2 million BOE. 
The acquired asset package includes a royalty revenue stream which is
targeted to earn approximately $75 million in cash flow during 2014.
Canadian Natural is reviewing the options to combine the acquired
royalty revenue stream with its own royalty revenue portfolio for
either the creation of a new vehicle to provide steady cash flow to
current shareholders or monetization through a sale package later in
2014. The targeted cash flow from the combined royalty revenue
streams is expected to be between $140 million and $150 million in
Commenting on the acquisition, Canadian Natural's President Steve
Laut stated, "This acquisition fits our strategy of opportunistically
adding to our existing core areas, where we can provide immediate
value, with the opportunity to add value in the future. The acquired
assets are largely operated, as are the owned facilities and
infrastructure; and are a very good fit with Canadian Natural's
existing assets and infrastructure. The combined assets and
infrastructure provide synergies to more effectively and efficiently
operate once fully integrated.  
Additionally, this acquisition provides significant upside in
liquids-rich natural gas and light crude oil properties where we
already operate and have a strong understanding of the geology and
operating performance. The acquisition provides immediate value to
shareholders through production and cash flow, is accretive in
earnings, cash flow and returns, and maintains our strong financial
capacity to effectively execute our well defined plan." 
The following table summarizes key metrics included in the
acquisition properties: 

                                            Proved                  current
(Before Royalties)                     reserves(1)               production
Natural gas                              1,130 bcf               383 mmcf/d
Natural gas liquids               47.2 million bbl             12,000 bbl/d
Light crude oil                   36.8 million bbl             10,800 bbl/d
BOE                              272.2 million BOE              86,633 BOED
(1)   Company Gross proved reserves using forecast pricing and costs, as    
      evaluated by Deloitte, an independent qualified reserves evaluator    
      retained by Devon Canada as at December 31, 2013.                     

Approximately 900 Devon Canada employees will be joining the Canadian
Natural team, comprised of both field and head office personnel. 
Upon completion of the acquisition, Canadian Natural will maintain
its strong financial position with sufficient balance sheet
flexibility to accommodate the acquisition. In addition, the Company
has negotiated an additional $1 billion committed term facility with
the Bank of Montreal, which is available upon closing. Balance sheet
metrics, based upon current strip pricing, are targeted to exit 2014
with debt to book capitalization at approximately 30-31% (at low end
of internal target) and debt to EBITDA at approximately 1.05-1.15x
(below internal target range).  
The transaction is subject to normal closing conditions and
government approval. 
Canadian Natural is a senior oil and natural gas production company,
with continuing operations in its core areas located in Western
Canada, the U.K. portion of the North Sea and Offshore Africa. 
A conference call will be held at 7:00 a.m. Mountain Time, 9:00 a.m.
Eastern Time on Wednesday, February 19, 2014. The North American
conference call number is 1-800-766-6630 and the outside North
American conference call number is 001-416-340-8527. Please call in
about 15 minutes before the starting time in order to be patched into
the call.  
A taped rebroadcast will be available until 6:00 p.m. Mountain Time,
Wednesday, February 26, 2014. To access the rebroadcast in North
America, dial 1-800-408-3053. Those outside of North America, dial
001-905-694-9451. The pass code to use is 9119434. 
This call is being webcast and can be accessed on Canadian Natural's
website at Presentation slides will be available on
Canadian Natural's website in PDF format shortly before the live
conference call webcast. 
Certain information regarding the Company contained herein may
constitute forward-looking statements under applicable securities
laws. Such statements, including but not limited to statements
regarding reserves, forecast current production,  cash flow from
royalty revenue assets and future plans related thereto, are subject
to known or unknown risks and uncertainties that may cause actual
results to differ materially from those anticipated or implied in the
forward-looking statements. Refer to our website for complete
forward-looking statements 
Steve W. Laut
Corey B. Bieber
Chief Financial Officer & Senior Vice-President, Finance 
Douglas A. Proll
Executive Vice-President 
Canadian Natural Resources Limited
2500, 855 - 2nd Street S.W.
Calgary, Alberta, T2P 4J8
Telephone: (403) 514-7777
(403) 514-7888 (FAX)
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