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<SEC-DOCUMENT>0000950142-05-000495.txt : 20050218
<SEC-HEADER>0000950142-05-000495.hdr.sgml : 20050218
<ACCEPTANCE-DATETIME>20050218150744
ACCESSION NUMBER:		0000950142-05-000495
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050210
FILED AS OF DATE:		20050218
DATE AS OF CHANGE:		20050218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATURAL RESOURCES LTD
		CENTRAL INDEX KEY:			0001017413
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-12138
		FILM NUMBER:		05627221

	BUSINESS ADDRESS:	
		STREET 1:		2000
		STREET 2:		425 1ST ST
		CITY:			S W CALGARY ALBERTA
		STATE:			A0
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		2500 855 2 ST NW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			9999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_021005.txt
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                   PURSUANT TO SECTION 13a-16 OR 15d-16 OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          Press Releases February, 2005

                         Commission File Number: 1-8795


                       CANADIAN NATURAL RESOURCES LIMITED
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          2500, 855 - 2nd Street S.W., Calgary, Alberta, Canada T2P 4J8
          -------------------------------------------------------------
                    (Address of principal executive offices)


         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                    Form 20-F  [_]             Form 40-F [X]

         Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1). ____

         Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.

         Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ____

         Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.

         Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
                         Yes [_]             No  [X]

         If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):
82-______


<PAGE>

Exhibit Number             Description
- --------------             -----------

   99.1                    Canadian Natural Resources Limited Announces
                           Board of Director Approval for the Horizon Oil
                           Sands Project February 10, 2005
<PAGE>


                                  SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        CANADIAN NATURAL RESOURCES LIMITED
                                        (Registrant)


Date:    February 18, 2005              By:   /s/ Bruce E. McGrath
                                              ----------------------------
                                              Bruce E. McGrath
                                              Corporate Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1form6k_021005.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    EXHIBIT 99.1
                                                                    ------------

[GRAPHIC & PHOTOGRAPHS OMITTED]
[LOGO -- CANADIAN NATURAL]

                                                                   PRESS RELEASE


                  CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES
          BOARD OF DIRECTOR APPROVAL FOR THE HORIZON OIL SANDS PROJECT
          CALGARY, ALBERTA - FEBRUARY 10, 2005 - FOR IMMEDIATE RELEASE

Canadian Natural Resources Limited ("Canadian Natural" or the "Company") is
pleased to announce that its Board of Directors has unanimously authorized
management to proceed with Phase 1 of the Horizon Oil Sands Project ("Horizon
Project"). Allan Markin, Chairman, commented, "The approval of the Horizon Oil
Sands Project is a major milestone for Canadian Natural. It will add 232,000
bbl/d of light, sweet synthetic crude oil, which creates significant value for
Canadian Natural's shareholders, the Province of Alberta and Canada. Canadian
Natural has made a significant pre-investment in the Horizon Project to achieve
a high degree of project definition, allowing us to engage a variety of firms to
provide lump sum or fixed cost price bids, for roughly 68% of Phase 1 costs, a
significant departure from past practices in the oil sands. As a result, we have
achieved a high level of cost certainty before embarking on this very important
project for the Company."

"Financially, Canadian Natural is strong. We have built our financial plans
around a US$28/bbl WTI benchmark price, under which we would expect a peak debt
to debt plus equity ratio of less than 45% in 2008. In order to gain further
financial flexibility we have actively engaged in a commodity hedging program
which will ensure prices higher than US$28/bbl on a substantial portion of our
production for 2005 and 2006."

"Returns on capital are robust at 15% in a US$28/bbl WTI world, and importantly,
once completed, we expect free cash flows in excess of $1.6 billion to be
generated from the Horizon Project every year for the next forty years. The
consistency of this cash flow will significantly change the risk profile of the
Company and when combined with our exceptional conventional oil and natural gas
assets will transform Canadian Natural into one of the most sustainable
independent energy companies in the world."

THE HORIZON OIL SANDS PROJECT

The Horizon Project is designed as a phased development and includes the mining
of bitumen combined with an onsite upgrader. Phase 1 production is planned to
begin in the second half of 2008 at 110,000 bbl/d of 34(degree) API light, sweet
synthetic crude oil ("SCO"). Phase 2 would increase production to 155,000 bbl/d
of SCO in 2010. Phase 3 would further increase production to 232,000 bbl/d of
SCO in 2012. The phased approach provides the Company with improved cost and
project controls including labour and materials management, and directionally
mitigates the effects of growth on local infrastructure.

Based upon stratigraphic drilling to date, the Company's oil sands leases
located near Fort McMurray, Alberta contain an estimated 6 billion barrels of
potentially recoverable bitumen using existing mining and upgrading
technologies. Additional in-situ potential also exists on the western portions
of the leases. The first three phases of the Horizon Project, which encompasses
only a portion of these oil sands leases, will deliver in excess of 40 years of
production without the declines normally associated with petroleum operations.
Gilbert Laustsen Jung Associates Ltd., an independent third party petroleum
consultant firm, was retained by the Reserves Committee of Canadian Natural's
Board of Directors to evaluate reserves associated with the Horizon Project.
Their report estimated that 3.3 billion barrels of proved and probable bitumen
reserves are located on the leases associated with the first three phases of the
Horizon Project.


================================================================================
<PAGE>

                                                                          PAGE 2
================================================================================


CONSTRUCTION COSTS AND ECONOMICS

Total expected capital costs for all three phases of the development are
estimated at $10.8 billion. Capital costs for the first phase of the Horizon
Project are estimated, including a contingency reserve of $700 million, at $6.8
billion with $1.4 billion to be incurred in 2005, and $2.2 billion, $2.0 billion
and $1.2 billion to be incurred in 2006, 2007 and 2008, respectively. When the
Horizon Project is fully commissioned, operating costs, including sustaining
capital, are expected to be in the range of $14.00 to $14.25 per barrel. Current
product pricing, capital and operating cost estimates for the project show an
internal rate of return of 15% to 22% based upon long-term average WTI
assumptions of US$28 to US$40 per barrel. Once all three phases of production
are in place, incremental free cash flow from operations is estimated to be
between $1.6 billion and $2.5 billion or $6.00/share to $9.00/share.

PROJECT EXECUTION

Given the high level of project definition the Company has been able to secure
lump sum "engineer, procure and construct" ("EPC") contract price and unit price
bids for approximately 68% of Phase 1 capital costs, allowing the Company to
achieve a high degree of cost certainty. To further mitigate risks associated
with sole supplier arrangements, the Company has broken its Phase 1 construction
efforts into 21 distinct parcels ranging in value from $10 million to $700
million. To date approximately $2.2 billion of these parcels have been awarded
to suppliers and contractors or 32% of total Phase 1 capital costs.

Current activity at the Horizon Project site includes site preparation,
installation of deep undergrounds and construction of onsite access roads, and
construction camps. Canadian Natural currently is utilizing the services of
1,280 people working on the Horizon Project; including 330 people on site, 350
employees in its Calgary office and an additional 600 people employed by
engineering firms working together on the effective execution of the project.

FINANCING OF THE PROJECT AND REVISED HEDGING POLICIES

Canadian Natural is committed to maintaining its strong financial position
throughout construction of the Horizon Project. The Company has built the
necessary financial capacity to complete the Horizon Project while at the same
time not compromising delivery of exceptional low risk conventional oil and
natural gas growth opportunities.

Canadian Natural exited 2004 with a debt to debt plus equity ratio of
approximately 34%, debt to EBITDA ratio of less than 1 times and unused bank
lines of $2.8 billion. To provide additional financial capacity to the Company,
in December 2004, Canadian Natural executed a $1.5 billion Horizon Syndicated
Credit Facility which has a fixed term of five years plus three one year
extension options.

The Company continues to execute its defined growth plan to deliver production
growth at 10% per annum while requiring less capital allocations to its
conventional oil and natural gas business during the capital expenditure period
of Phase 1 of the Horizon Project. Existing proved development projects, which
have largely been funded prior to December 31, 2004, such as Baobab, West Espoir
and Primrose provides identified growth in production volumes in 2005 and 2006,
and will generate incremental free cash flows during the period 2005 to 2008
with which to finance the Horizon Project. Free cash flows which will be
generated from Phase 1 of the Horizon Project operations will be sufficient to
finance Phase 2 and 3 expansions.


<PAGE>

                                                                          PAGE 3
================================================================================


Furthermore, in an effort to reduce the risk of volatility in commodity price
markets and to underpin the Company's cash flow through the Horizon Project
construction period, the Board of Directors of the Company in January 2005
authorized an expanded hedging program for Canadian Natural. This expanded
program allows for up to 75% of the near 12 months estimated production, up to
50% of the following 13 to 24 months estimated production and up to 25% of
production expected in years 3 and 4 to be hedged. This revised hedging program
allows the Company to have greater stability to its free cash flow and enhances
the Company's financial flexibility during the Horizon Project construction
years. The Company currently has collar hedges covering approximately 71% and
30% of estimated 2005 and 2006 crude oil production respectively. Similarly,
approximately 67% and 25% of estimated 2005 and 2006 natural gas production have
been hedged. Details of these hedge positions, including floor and ceiling
prices are available on the Company's website at
www.cnrl.com/investor_info/corporate_guidance/hedging.html.

NOTE: ALL AMOUNTS IN CANADIAN DOLLARS UNLESS OTHERWISE STATED.

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 West Africa.


FORWARD-LOOKING STATEMENTS

Certain statements in this document or incorporated herein by reference may
constitute "forward-looking statements" within the meaning of the United States
Private Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such because of the context of the statements
including words such as the Company "believes", "anticipates", "expects",
"plans", "estimates" or words of a similar nature.

The forward-looking statements are based on current expectations and are subject
to known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company, or industry results,
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others: the general economic and business conditions which will, among
other things, impact demand for and market prices of the Company's products; the
foreign currency exchange rates; the economic conditions in the countries and
regions in which the Company conducts business; the political uncertainty,
including actions of or against terrorists, insurgent groups or other conflict
including conflict between states; the industry capacity; the ability of the
Company to implement its business strategy, including exploration and
development activities; the ability of the Company to complete its capital
programs; the ability of the Company to transport its products to market;
potential delays or changes in plans with respect to exploration or development
projects or capital expenditures; the availability and cost of financing; the
success of exploration and development activities; the production levels; the
uncertainty of reserve estimates; the actions by governmental authorities; the
government regulations and the expenditures required to comply with them
(especially safety and environmental laws and regulations); the site restoration
costs; and other circumstances affecting revenues and expenses. The impact of
any one factor on a particular forward-looking statement is not determinable
with certainty as such factors are interdependent upon other factors, and
management's course of action would depend upon its assessment of the future
considering all information then available.

Statements relating to "reserves" are deemed to be forward-looking statements,
as they involve the implied assessment, based on certain estimates and
assumptions that the reserves described can be profitably produced in the
future.

Readers are cautioned that the foregoing list of important factors is not
exhaustive. Although the Company believes that the expectations conveyed by the
forward-looking statements are reasonable based on information available to it
on the date such forward-looking statements are made, no assurances can be given
as to future results, levels of activity and achievements. All subsequent
forward-looking statements, whether written or oral, attributable to the Company
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. The Company assumes no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change.

<PAGE>

                                                                          PAGE 4
================================================================================


SPECIAL NOTE REGARDING CURRENCY, PRODUCTION AND RESERVES

In this document, all references to dollars refer to Canadian dollars unless
otherwise stated. Reserves and production data is presented on a before
royalties basis unless otherwise stated. In addition, reference is made to oil
and gas in common units called barrel of oil equivalent ("boe"). A boe is
derived by converting six thousand cubic feet of natural gas to one barrel of
crude oil (6mcf:1bbl). This conversion may be misleading, particularly if used
in isolation, since the 6mcf:1bbl ratio is based on an energy equivalency at the
burner tip and does not represent the value equivalency at the well head.

Canadian Natural retains qualified independent petroleum engineering
consultants, Sproule Associates Limited ("Sproule"), to evaluate 100% of the
Company's 2003 proved and probable oil and natural gas reserves and prepare
Evaluation Reports on the Company's total reserves. Canadian Natural has been
granted an exemption from the recently adopted National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities (NI 51-101) which prescribes
the standards for the preparation and disclosure of reserves and related
information for companies listed in Canada. This exemption allows the Company to
substitute United States Securities and Exchange Commission (SEC) requirements
for certain disclosures required under NI 51-101. The primary difference between
the two standards is the additional requirement under NI 51-101 to disclose
proved and probable reserves and future net revenues using forecast prices and
costs. Canadian Natural has elected to disclose proved reserves using constant
prices and costs as mandated by the SEC and has also provided proved and
probable reserves under the same parameters as voluntary additional information.
Another difference between the two standards is in the definition of proved
reserves. As discussed in the Canadian Oil and Gas Evaluation Handbook (COGEH),
the standards which NI 51-101 employs, the difference in estimated proved
reserves based on constant pricing and costs between the two standards is not
material. The Board of Directors of the Company has a Reserves Committee, which
has met with the Company's third party reserve evaluators and carried out
independent due diligence procedures with them as to the Company's reserves.

Reserves and Net Asset Values presented for years prior to 2003 were evaluated
in accordance with the standards of National Policy 2-B which has now been
replaced by NI 51-101. The stated reserves were reasonably evaluated as
economically productive using year-end costs and prices escalated at appropriate
rates throughout the productive life of the properties. For further information
on pricing assumptions used for each year, please refer to the company's Annual
Information Form as filed on www.sedar.com, or the Company's Annual Report.

Horizon oil sands mining reserves have been evaluated under SEC Industry Guide
7. Resource potential as determined for Thermal oil assets and other potential
mining leases are determined using generally accepted industry methodologies for
resource delineation based upon stratigraphic well drilling completed on the
properties. They are not considered reserves of the Company for purposes of
regulatory filings as regulatory approvals may not have been received or formal
development plans may not have been approved by the Board of Directors.


SPECIAL NOTE REGARDING NON-GAAP FINANCIAL MEASURES

Management's discussion and analysis includes references to financial measures
commonly used in the oil and gas industry, such as cash flow, cash flow per
share and EBITDA (net earnings before interest, taxes, depreciation depletion
and amortization, asset retirement obligation accretion, unrealized foreign
exchange, stock-based compensation expense and unrealized risk management
activity). These financial measures are not defined by generally accepted
accounting principles ("GAAP") and therefore are referred to as non-GAAP
measures. The non-GAAP measures used by the Company may not be comparable to
similar measures presented by other companies. The Company uses these non-GAAP
measures to evaluate the performance of the Company and of its business
segments. The non-GAAP measures should not be considered an alternative to or
more meaningful than net earnings, as determined in accordance with Canadian
GAAP, as an indication of the Company's performance.

<PAGE>

                                                                          PAGE 5
================================================================================


CONFERENCE CALL

A conference call will be held at 9:00 a.m. Mountain Standard Time, 11:00 a.m.
Eastern Standard Time on Thursday, February 10, 2005. To facilitate this
discussion, please refer to a presentation located on our website at
WWW.CNRL.COM. The North American conference call number is 1-888-789-0150 and
the outside North American conference call number is 001-416-695-5259. Please
call in about 10 minutes before the starting time in order to be patched into
the call. The conference call will also be broadcast live on the internet and
may be accessed through the Canadian Natural Resources website at WWW.CNRL.COM.

A taped rebroadcast will be available until 6:00 p.m. Mountain Standard Time on
Thursday, February 17, 2005. To access the postview in North America, dial
1-888-509-0082. Those outside of North America, dial 001-416-695-5275.


2004 YEAR END RESULTS


2004 year end results are scheduled for release on Wednesday, February 23, 2005.
A conference call will be held on that day at 9:00 a.m. Mountain Standard Time,
11:00 a.m. Eastern Standard Time.


For further information, please contact:



                       CANADIAN NATURAL RESOURCES LIMITED
                           2500, 855 - 2nd Street S.W.
                                Calgary, Alberta
                                     T2P 4J8

<TABLE>
<S>                          <C>                             <C>                          <C>
TELEPHONE:                   (403) 514-7777                  ALLAN P. MARKIN              JOHN G. LANGILLE
FACSIMILE:                   (403) 517-7370                  Chairman                     President
EMAIL:                       IR@CNRL.COM
WEBSITE:                     www.cnrl.com                    STEVE W. LAUT                COREY B. BIEBER
TRADING SYMBOL - CNQ:        Toronto Stock Exchange          Chief Operating Officer      Director
                             New York Stock Exchange                                      Investor Relations
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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