CALGARY, Alberta, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it has entered into an agreement to acquire a 100% working interest in the Joslyn oil sands project for a total consideration of $100 million cash on closing and annual cash payments of $25 million over each of the next five years. The Joslyn lease, which is located directly south of the Company's current Horizon Oil Sands Mining and Upgrading project (“Horizon”), adds significant value to the Company's already extensive portfolio of high quality long life low decline assets and will allow for more effective lease-line development opportunities between the Horizon and Joslyn projects.
The transaction, subject to regulatory approval, is targeted to close on September 28, 2018.
Canadian Natural's long life low decline assets, complemented by its low capital exposure assets, provide balance and flexibility in generating long-term shareholder value.
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.