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Canadian Natural Resources Limited Announces 2019 Fourth Quarter and Year End Results

Thursday, March 5, 2020

CALGARY, Alberta, March 05, 2020 (GLOBE NEWSWIRE) — Commenting on the Company’s 2019 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “2019 marked the 30th anniversary of Canadian Natural as an Exploration and Production (“E&P”) company. Over the past 3 decades, our unwavering focus on returns and free cash flow generating assets has driven significant growth and high returns for our shareholders. Today, we are set up better than ever with a large, diversified portfolio underpinned by long life low decline assets that generate significant and sustainable free cash flow throughout the business cycles.”

2019 YEAR-END RESERVES

Determination of Reserves

For the year ended December 31, 2019, the Company retained Independent Qualified Reserves Evaluators (IQREs), Sproule, and GLJ Petroleum Consultants Limited, to evaluate and review all of the Company’s proved and proved plus probable reserves. The evaluation and review was conducted and prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook. The reserves disclosure is presented in accordance with NI 51-101 requirements using forecast prices and escalated costs.

The Reserves Committee of the Company’s Board of Directors has met with and carried out independent due diligence procedures with the IQREs as to the Company’s reserves. All reserves values are Company Gross unless stated otherwise.

Summary of Company Gross Reserves

As of December 31, 2019
Forecast Prices and Costs

Light and
Medium
Crude Oil
(MMbbl)
Primary
Heavy
Crude Oil
(MMbbl)
Pelican Lake
Heavy
Crude Oil
(MMbbl)
Bitumen
(Thermal Oil)
(MMbbl)
Synthetic
Crude Oil
(MMbbl)
Natural Gas
(Bcf)
Natural Gas
Liquids
(MMbbl)
Barrels of Oil
Equivalent
(MMBOE)
North America
Proved
Developed Producing 97 103 235 653 6,219 3,150 92 7,925
Developed Non-Producing 12 14 14 162 6 72
Undeveloped 56 85 58 1,771 133 3,083 177 2,794
Total Proved 165 202 293 2,438 6,352 6,395 275 10,791
Probable 64 91 132 1,670 545 3,118 133 3,156
Total Proved plus Probable 229 293 425 4,108 6,897 9,513 408 13,947
North Sea
Proved
Developed Producing 37 10 39
Developed Non-Producing 4 1 4
Undeveloped 68 5 69
Total Proved 109 16 112
Probable 67 5 68
Total Proved plus Probable 176 21 179
Offshore Africa
Proved
Developed Producing 32 29 37
Developed Non-Producing 12 6 13
Undeveloped 39 13 41
Total Proved 83 48 91
Probable 31 24 35
Total Proved plus Probable 114 72 126
Total Company
Proved
Developed Producing 166 103 235 653 6,219 3,189 92 8,001
Developed Non-Producing 28 14 14 169 6 90
Undeveloped 163 85 58 1,771 133 3,101 177 2,903
Total Proved 357 202 293 2,438 6,352 6,460 275 10,993
Probable 162 91 132 1,670 545 3,147 133 3,258
Total Proved plus Probable 519 293 425 4,108 6,897 9,607 408 14,252

Reconciliation of Company Gross Reserves

As of December 31, 2019
Forecast Prices and Costs

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