Canadian Natural Resources Limited Completes the Sale of Its Ownership Interest in the Cold Lake Pipeline

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Canadian Natural Resources Limited Completes the Sale of Its Ownership Interest in the Cold Lake Pipeline

CALGARY, ALBERTA--(Marketwired - Dec 16, 2016) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ) (NYSE:CNQ) announces that the agreement relating to monetizing the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd ("Inter Pipeline") has been completed.

Canadian Natural received gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million (approximately $186.6 million based upon December 15, 2016 close) for total value of approximately $527.5 million (approximately $536.6 million based upon December 15, 2016 close), subject to closing adjustments.

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.

Steve W. Laut
President
Corey B. Bieber
Chief Financial Officer and Senior Vice-President, Finance
Mark A. Stainthorpe
Director, Treasury and Investor Relations
Canadian Natural Resources Limited
2100, 855 - 2nd Street S.W.
Calgary, Alberta, T2P 4J8 Canada
Phone: (403) 514-7777
(403) 514-7888
[email protected]
www.cnrl.com

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