Canadian Natural Resources Limited Announces Normal Course Issuer Bid
April 01 2010 - 5:00AM
Marketwired
Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ)
("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 April 6, 2010 and ending April 5, 2011,
purchase for cancellation on Toronto Stock Exchange and the New
York Stock Exchange up to 13,581,970 shares, being 2.5% of the
543,278,782 outstanding common shares as at March 17, 2010.
Canadian Natural will not acquire more than 25% of the average
daily trading volume of its common shares during a trading day,
being 394,398 common shares. 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 2010
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 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.
This document contains forward-looking statements under
applicable securities laws, including, in particular, statements
about Canadian Naturals' plans, strategies and prospects. Although
the Company believes that the expectations reflected in these
forward-looking statements are reasonable, such statements are
subject to known or unknown risks and uncertainties that may cause
actual results to differ materially from those anticipated. Please
refer to the Company's Interim Report or Annual Information Form
for a full description of these risks and impacts.
Contacts: Canadian Natural Resources Limited Allan P. Markin
Chairman (403) 514-7777 (403) 514-7888 (FAX) Canadian Natural
Resources Limited John G. Langille Vice-Chairman (403) 514-7777
(403) 514-7888 (FAX) Canadian Natural Resources Limited Steve W.
Laut President (403) 514-7777 (403) 514-7888 (FAX) Canadian Natural
Resources Limited Tim S. McKay Chief Operating Officer (403)
514-7777 (403) 514-7888 (FAX) Canadian Natural Resources Limited
Douglas A. Proll Chief Financial Officer and Senior Vice-President,
Finance (403) 514-7777 (403) 514-7888 (FAX) Canadian Natural
Resources Limited Corey B. Bieber Vice-President, Finance &
Investor Relations (403) 514-7777 (403) 514-7888 (FAX) Canadian
Natural Resources Limited 2500, 855 - 2nd Street S.W. Calgary,
Alberta T2P 4J8 ir@cnrl.com www.cnrl.com
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