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Slide #60. Canadian Natural Resources Limited — Certain Canadian Assets of Devon Canada
Canadian Natural Resources Limited (NYSE:CNQ)
Certain Canadian Assets of Devon Canada
Canadian Natural Resources Limited (TSX:CNQ)(NYSE:CNQ) ("Canadian Natural" or the "Company") announces entering into an agreement relating to the acquisition of Devon Canada's Canadian conventional assets, excluding Horn River and the heavy oil properties, for an aggregate cash consideration of $3.125 billion, effective January 1, 2014, with a targeted closing date of April 1, 2014. The acquired lands and production base are all located in Western Canada in areas adjacent or proximal to Canadian Natural's current operations and are high quality, concentrated liquids-rich natural gas weighted assets, with additional light crude oil exposure. The current estimated production, before royalties, from the acquired properties is approximately 383 mmcf/d of natural gas, 10,800 bbl/d of light crude oil and 12,000 bbl/d of NGLs and is approximately 72% operated. Along with the production are associated key strategic facilities including 6 major owned and operated natural gas plants, with gross processing capacity in excess of 1,000 mmcf/d, and 4 major owned and operated oil batteries. Finally, the assets also include a high quality land base of approximately 2.2 million net acres of undeveloped land and 2.7 million net acres of royalty and fee simple lands. Company Gross proved reserves (excluding the royalty lands) associated with the acquisition, as evaluated by an independent qualified reserves evaluator as at December 31, 2013 using forecast prices and costs, were 272.2 million BOE.
Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, mainly in Western Canada; the United Kingdom portion of the North Sea; and Cote d'Ivoire and South Africa in Offshore Africa. These activities include the exploration, development, production and marketing of crude oil, natural gas liquids and natural gas. Co.'s crude oil includes the following commodities: light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil.
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