Canadian Natural Resources Limited Announces the Acquisition of Anadarko Canada Corporation

Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces entering into an agreement relating to the acquisition of Anadarko Canada Corporation ("ACC"), a subsidiary of Anadarko Petroleum Corporation, for aggregate consideration of US$4.075 billion. ACC's land and production base are all located in Western Canada and are high quality, concentrated natural gas weighted assets with strong netbacks and a long reserve life. The current production, before royalties, from the working interests acquired by Canadian Natural, is approximately 358 million cubic feet per day of natural gas and 9,300 barrels per day of crude oil and NGLs. The assets also include approximately 1.5 million net undeveloped acres and key strategic facilities in the high growth areas of Northeast British Columbia and Northwest Alberta.

In commenting on the acquisition, Canadian Natural's President and Chief Operating Officer, Steve Laut stated, "This acquisition further strengthens Canadian Natural's asset and production base in key operating areas specifically, in relation to natural gas. This demonstrates the strength of the Company's balance sheet and our confidence in our ability to execute our defined plan, including Phase I of the Horizon Oil Sands Project, which remains on schedule and on track to budget targets."

The acquisition fits Canadian Natural's strategy of dominating its core areas and related infrastructure as the majority of the acquired properties are operated and located in or adjacent to Canadian Natural's core areas. The properties acquired strengthen Canadian Natural's long term Canadian natural gas strategy by significantly increasing its land and facilities infrastructure in key areas in Northwest Alberta and Northeast British Columbia that are tightly held and very competitive. These are also areas where Canadian Natural has a strong understanding of the geology and production performance. The ACC assets contain significant upside, with over 1,500 new drilling locations identified. The key infrastructure acquired will allow the low cost development of not only ACC lands but also adjacent Canadian Natural lands. As a result Canadian Natural expects to achieve operating cost synergies with the full integration of both the ACC infrastructure and Canadian Natural infrastructure. Additional acreage in the Foothills further enhances the Company's long term deep natural gas growth plans.

The following table summarizes the forecasted daily production, reserves and undeveloped land of Canadian Natural after giving effect to the acquisition, assuming an October 1, 2006 control date:


                                                           Revised 2006
                                                                 Annual
                                                CNQ   ACC      Guidance
------------------------------------------------------------------------
Daily Production, before royalties(1)
 Natural Gas (mmcf/d)                 1,422 - 1,450   358 1,510 - 1,540
 Crude oil and NGLS (mbbl/d)              327 - 350     9     330 - 351
 Barrels of oil equivalent (mboe/d)       564 - 592    69     582 - 608
Proved Reserves(2)
 Natural Gas (bcf)                            3,490 1,561
 Crude oil and NGLS (mmbbl)                   1,223    48
 Barrels of oil equivalent (mmboe)            1,804   308
Core areas undeveloped land
 (millions of net acres)(3)                    11.0   1.5
------------------------------------------------------------------------
------------------------------------------------------------------------
(1) Canadian Natural production range based on current 2006 annual
    guidance.

(2) Before royalties as at December 31, 2005. CNQ reserves are as filed
    in its Annual Information Form and ACC reserves are as filed in its
    Form-10K, adjusted for royalties.

(3) Canadian Natural Western Canadian acreage as at June 30, 2006, ACC
    acreage estimated as at August 31, 2006.

The ACC acquisition is positive for Canadian Natural shareholders with cash flow increasing by $0.24 per share in 2006 and $0.99 per share in 2007 on a strip pricing basis. The earnings impact is expected to be neutral. Based upon current crude oil and natural gas forward strip pricing, the Company estimates its 2006 cash flow to be between $4.9 billion to $5.3 billion.

Canadian Natural's balance sheet has significant strength and flexibility to accommodate this acquisition, however, the debt to book capitalization level will be near the top end of internal targets. To ensure balance sheet strength going forward Canadian Natural has hedged a significant portion of the Company's natural gas and crude oil production for 2007 and 2008 at prices that protect investment returns. The Company will also consider the divestiture of non strategic and non core properties to gain additional balance sheet flexibility.

In addition to the strategic location of the high quality assets that ACC brings to Canadian Natural, it will allow the Company to further high grade its project inventory and significantly reduce capital expenditures in the current highly inflationary service market. Canadian Natural expects, as a result of the acquisition, to reduce its 2007 conventional crude oil and natural gas capital budget by between $0.8 billion and $1.0 billion, versus 2006 capital spending while maintaining the capital expenditures to complete Phase I of the Horizon Oil Sands Project.