Canadian Natural Resources Provides Update on Horizon Oil Sands Project

Canadian Natural Resources CNQ is pleased to provide an update on its Horizon Oil Sands ("Horizon") project. Several key milestones were completed at Horizon in Q3/13 as the Company continues to deliver on its strategy to transition to a longer life, low decline asset base which continues to deliver significant and growing free cash flow.HORIZON EXPANSIONOverall Horizon Phase 2/3 construction, which is targeted to increase production capacity to 250,000 bbl/d of synthetic crude oil ("SCO"), reached approximately 30% physical completion in Q3/13 with current costs continuing to trend slightly below sanctioned cost estimates, as the Company executes a cost driven strategy for expansion. -- The Reliability Phase is approximately 91% physically complete and is trending under its budget of $1.09 billion by approximately 5%. The absorber towers for the Gas Recovery Unit were safely erected and installed in September 2013. The Reliability Phase will increase performance, overall production reliability and recovery of additional light oil barrels with the Gas Recovery Unit as the Company moves into See full press release