Canadian Natural Resources Limited Completes the Acquisition of Painted Pony Energy Ltd.

Rhea-AI Summary

Canadian Natural Resources Limited has successfully completed its acquisition of all common shares of Painted Pony Energy Ltd. This strategic acquisition enhances Canadian Natural's natural gas portfolio in Northeast British Columbia and Calgary, leveraging synergies through a substantial amount of pre-built infrastructure and transportation capabilities. The integration of Painted Pony's assets is expected to strengthen Canadian Natural’s operational capabilities and support future growth in the natural gas sector.

Positive

• Acquisition strengthens natural gas portfolio in key operating areas.
• Operational synergies from pre-built infrastructure will enhance efficiency.

Negative

• None.

CALGARY, Alberta, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that the previously announced acquisition by Canadian Natural of all the issued and outstanding common shares of Painted Pony Energy Ltd. (“Painted Pony”) pursuant to a plan of arrangement has been completed.

Canadian Natural welcomes Painted Pony employees to its Northeast British Columbia and Calgary head office teams. The acquired production, infrastructure and land compliments Canadian Natural’s natural gas assets in key operating areas, providing opportunities to leverage synergies with a significant amount of pre-built infrastructure and transportation available.

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.

CANADIAN NATURAL RESOURCES LIMITED

2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8 Phone: 403-514-7777 Email: ir@cnrl.com www.cnrl.com

TIM S. MCKAY President MARK A. STAINTHORPE Chief Financial Officer and Senior Vice-President, Finance Jason M. Popko Manager, Investor Relations Trading Symbol - CNQ Toronto Stock Exchange New York Stock Exchange

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. Refer to our website for complete forward-looking statements www.cnrl.com 

FAQ

What is the significance of the acquisition of Painted Pony Energy by CNQ?

The acquisition significantly enhances CNQ's natural gas portfolio and operational capabilities.

When was the Painted Pony acquisition completed?

The acquisition was completed on October 6, 2020.

How does the acquisition of Painted Pony impact CNQ's operations?

It provides opportunities to leverage existing infrastructure and expand in key natural gas areas.

What are the expected benefits of the acquisition for CNQ shareholders?

The expected benefits include enhanced operational efficiency and potential revenue growth from expanded assets.