Canadian Natural Resources Limited Announces Acquisition of 100% Working Interest in the Joslyn Oil Sands Project
CALGARY, Alberta, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it has entered into an agreement to acquire a 100% working interest in the Joslyn oil sands project for a total consideration of $100 million cash on closing and annual cash payments of $25 million over each of the next five years. The Joslyn lease, which is located directly south of the Company’s current Horizon Oil Sands Mining and Upgrading project (“Horizon”), adds significant value to the Company’s already extensive portfolio of high quality long life low decline assets and will allow for more effective lease-line development opportunities between the Horizon and Joslyn projects.
The transaction, subject to regulatory approval, is targeted to close on September 28, 2018.
Canadian Natural’s long life low decline assets, complemented by its low capital exposure assets, provide balance and flexibility in generating long-term shareholder value.
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.
|CANADIAN NATURAL RESOURCES LIMITED|
|2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8
Phone: 403-514-7777 Email: firstname.lastname@example.org
STEVE W. LAUT
TIM S. MCKAY
COREY B. BIEBER
Chief Financial Officer and Senior Vice-President, Finance
MARK A. STAINTHORPE
Vice-President, Finance – Capital Markets
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange
One Liberty Plaza - 165 Broadway
NY 10006 New York
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