Canadian Natural Resources Limited Announces 2008 First Quarter Results

Market Wire, May, 2008

Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ):

Commenting on first quarter 2008 results, Canadian Natural's Chairman, Allan Markin stated, "It has been a good start to the year for Canadian Natural. We completed our winter drilling program in advance of spring break-up, meeting our targets. Our teams were presented with several weeks of cold weather, leading to many weather related issues. The teams rose to the challenge and delivered impressive results. At the Horizon Project, severe weather conditions factored into lower productivity. As the weather became warmer, efficiencies improved and first oil remains targeted for the third quarter of this year."

John Langille, Vice-Chairman, stated, "First quarter cash flow was a reflection of higher realized crude oil pricing, resulting from a lower heavy crude oil differential. The heavy crude oil differential improved due to reduced refinery cracking margins that influence demand for heavy crude oil. Stronger natural gas pricing also added to the bottom line as a cold, late winter resulted in a draw on natural gas inventories. Natural gas pricing was also affected by fewer liquefied natural gas imports to North America and reduced production coming out of Canada. As a result of the increases in both crude oil and natural gas realized strip prices, our cash flow for the year is projected to be in balance with our capital program. Our balance sheet should continue to strengthen as we expect solid earnings throughout 2008."

Steve Laut, President and Chief Operating Officer of Canadian Natural commented, "During Q1/08, we saw the continued benefits of our high-graded natural gas drilling program with strong and steady production delivering on budget. Our North American crude oil drilling program also produced excellent results, particularly from our Pelican Lake assets. Looking ahead, work at the Primrose East Thermal Project continues on schedule, with production expected for early 2009, a further step towards unlocking the significant value of Canadian Natural's thermal crude oil resource base. Our International crude oil projects are also making significant strides with the Olowi Project in Offshore Gabon continuing on track for first oil targeted for late 2008, along with the mobilization of the deep water drilling rig for Baobab in Offshore Cote d'Ivoire. The Horizon Project remains targeted for a Q3/08 start up with operations readiness on schedule to date. The year of execution has started off extremely well."

HIGHLIGHTS

                                                Three Months Ended
                                   -----------------------------------------
                                       Mar 31         Dec 31         Mar 31
($ millions, except as noted)            2008           2007           2007
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Net earnings                        $     727      $     798      $     269
 Per common share, basic and
  diluted                           $    1.35      $    1.48      $    0.50
Adjusted net earnings from
  operations (1)                    $     872      $     546      $     621
 Per common share, basic and
  diluted                           $    1.61      $    1.02      $    1.15
Cash flow from operations (2)       $   1,725      $   1,486      $   1,622
 Per common share, basic and
  diluted                           $    3.19      $    2.75      $    3.01
Capital expenditures, net of
 dispositions                       $   1,753      $   1,514      $   2,009

Daily production, before royalties
 Natural gas (mmcf/d)                   1,538          1,589          1,717
 Crude oil and NGLs (bbl/d)           327,217        337,240        327,001
 Equivalent production (boe/d)        583,488        601,908        613,114
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(1) Adjusted net earnings from operations is a non-GAAP measure that the
    Company utilizes to evaluate its performance. The derivation of this
    measure is discussed in the Management's Discussion and Analysis
    ("MD&A").
(2) Cash flow from operations is a non-GAAP measure that the Company
    considers key as it demonstrates the Company's ability to fund capital
    reinvestment and debt repayment. The derivation of this measure is
    discussed in the MD&A.

- Natural gas production volumes for the first quarter represented 44% of the Company's total production. Natural gas production for Q1/08 averaged 1,538 mmcf/d, down 10% from 1,717 mmcf/d for Q1/07 and down 3% from 1,589 mmcf/d for Q4/07. As expected, volumes in Q1/08 reflected a strong winter drilling program offset by the natural decline in base production and continued reallocation of capital towards higher return projects in crude oil.

- Total crude oil and NGLs production for Q1/08 was 327,217 bbl/d. Q1/08 production volumes were slightly higher than Q1/07 volumes of 327,001 bbl/d, and decreased 3% from Q4/07 volumes of 337,240 bbl/d. Volumes in Q1/08 reflect the transition between steam and production cycles for Primrose thermal wells and continued conversion of production wells to polymer injection wells at Pelican Lake.