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Canadian Natural Resources Limited Announces the Acquisition of Working Interest in the Athabasca Oil Sands Project and Other Oil Sands Assets





CALGARY, ALBERTA–(Marketwired – March 9, 2017) – Canadian Natural Resources Limited (TSX:CNQ)(NYSE:CNQ) (“Canadian Natural” or the “Company”) announces that it entered into agreements, subject to regulatory approvals, to acquire 70% of the Athabasca Oil Sands Project (“AOSP”), including 70% of the Scotford upgrader, as well as additional working interests in other producing and non-producing oil sands leases. Canadian Natural has agreed with Shell Canada Limited and certain subsidiaries (“Shell”) to acquire its 60% working interest in the AOSP including an interest in the mining and extraction operations, north of Fort McMurray, Alberta; the Scotford Upgrader and the Quest Carbon Capture and Storage (CCS) project located north of Edmonton, Alberta; and its 100% working interest in its Peace River/Carmon Creek thermal in situ operations, its 100% working interest in the Cliffdale heavy oil field as well as other oil sands leases. Canadian Natural and Shell have also agreed with Marathon Oil Corporation (“Marathon Oil”) to jointly acquire its 20% share in AOSP and related oil sands investments. The acquisitions do not include any interest in the 100% Shell owned Scotford refinery or chemical plants. The total purchase price of the transactions accumulates to $12.74 billion as of the effective date.

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