Canadian Natural Resources Limited Announces Normal Course Issuer Bid
April 05 2013 - 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 9, 2013 and ending April 8, 2014,
purchase for cancellation on Toronto Stock Exchange, alternative
Canadian markets, and the New York Stock Exchange up to 54,635,116
shares, being 5% of the 1,092,702,318 outstanding common shares as
at March 31, 2013. Canadian Natural will not acquire more than 25%
of the average daily trading volume of its common shares during a
trading day, being 670,276 common shares subject to certain
prescribed exceptions. 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 a priority to create value
for Canadian Natural, cash flow in 2013 may also be used by
Canadian Natural, depending upon future trading prices and other
factors, to purchase its common shares, as it is believed to be a
worthwhile investment, and in the best interests of Canadian
Natural and its shareholders or to further strengthen its balance
sheet.
Canadian Natural, pursuant to a Normal Course Issuer Bid that
ends April 8, 2013, purchased for cancellation to March 31, 2013 at
a weighted average price of C$28.89 per common share, 11,086,200 of
its outstanding common shares. Since March 31, 2013, Canadian
Natural purchased a further 800,000 common shares for a total of
11,886,200 common shares purchased at a total weighted average
price of C$29.10 pursuant to the Normal Course Issuer Bid that ends
April 8, 2013.
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.
Contacts: John G. Langille Vice-Chairman Steve W. Laut President
Douglas A. Proll Executive Vice President Canadian Natural
Resources Limited 2500, 855 2nd Street S.W. Calgary, Alberta, T2P
4J8 Phone: (403) 514-7777 (403) 514-7888 (FAX)ir@cnrl.com
www.cnrl.com
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