EXHIBIT 99.1
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[PHOTOGRAPHS OMITTED] [LOGO OMITTED]
THE PREMIUM VALUE, CANADIAN NATURAL
DEFINED GROWTH, INDEPENDENT
NEWS RELEASE
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CANADIAN NATURAL RESOURCES LIMITED
ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
CALGARY, ALBERTA - JANUARY 22, 2007 - FOR IMMEDIATE RELEASE
Canadian Natural Resources Limited ("Canadian Natural") announced today that
Toronto Stock Exchange has accepted notice filed by Canadian Natural of its
intention to make a Normal Course Issuer Bid through the facilities of Toronto
Stock Exchange. Purchases may also be made through the facilities of the New
York Stock Exchange.
The notice provides that Canadian Natural may, during the 12 month period
commencing January 24, 2007 and ending January 23, 2008, purchase for
cancellation on Toronto Stock Exchange and the New York Stock Exchange up to
26,941,730 shares, being 5% of the 538,834,606 outstanding common shares as at
January 15, 2007. The price which Canadian Natural will pay for any such shares
will be the market price at the time of acquisition. The actual number of
common shares that may be purchased and the timing of any such purchases will
be determined by Canadian Natural.
While pursuing Canadian Natural's successful acquisition, exploration and
development plans remain the best opportunity to create value for Canadian
Natural, any excess cash flow in 2007 over budgeted spending may be used by
Canadian Natural to further strengthen its balance sheet or continue growth of
value per common share. One investment opportunity available to Canadian
Natural under these circumstances, depending upon future trading prices and
other factors, is the use of these excess funds to purchase its common shares,
as it is a worthwhile investment, and is in the best interests of Canadian
Natural and its shareholders.
Canadian Natural has purchased 485,000 common shares at a weighted average
purchase price of $57.29 pursuant to a Normal Course Issuer Bid which has been
in place since January 24, 2006.
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 West Africa.
For further information, please contact:
CANADIAN NATURAL RESOURCES LIMITED
2500, 855 - 2nd Street S.W.
Calgary, Alberta
T2P 4J8
ALLAN P. MARKIN DOUGLAS A. PROLL
TELEPHONE: (403) 514-7777 Chairman Chief Financial Officer and
FACSIMILE: (403) 517-7370 Senior Vice-President, Finance
EMAIL: ir@cnrl.com JOHN G. LANGILLE
WEBSITE: www.cnrl.com Vice-Chairman COREY B. BIEBER
Vice-President,
TRADING SYMBOL - CNQ STEVE W. LAUT Investor Relations
Toronto Stock Exchange President and
New York Stock Exchange Chief Operating Officer
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Certain information regarding the Company contained herein may constitute
forward-looking statements under applicable securities laws. Such statements
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.
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