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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950142-07-002218.txt : 20070925
<SEC-HEADER>0000950142-07-002218.hdr.sgml : 20070925
<ACCEPTANCE-DATETIME>20070925172254
ACCESSION NUMBER:		0000950142-07-002218
CONFORMED SUBMISSION TYPE:	F-9/A
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20070925
DATE AS OF CHANGE:		20070925

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
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-9/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-146056
		FILM NUMBER:		071135020

	BUSINESS ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
		BUSINESS PHONE:		403-517-6700

	MAIL ADDRESS:	
		STREET 1:		2500, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-9/A
<SEQUENCE>1
<FILENAME>form_f9a1.htm
<DESCRIPTION>AMENDMENT NO. 1
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 670px">
            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">As
            filed with the Securities and Exchange Commission on September 25, 2007</font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <font size="2">Registration No. 333-146056</font></p>

            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                </div>
            </div>
            <br>

            <center>
                <b>SECURITIES AND EXCHANGE COMMISSION</b>
            </center>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">WASHINGTON, D.C. 20549</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Amendment No. 1 to</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="3">FORM F-9</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">REGISTRATION STATEMENT UNDER</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">THE SECURITIES ACT OF 1933</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">
            <b><font size="3">CANADIAN NATURAL RESOURCES LIMITED</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: center">
            <i><font size="1">(Exact name of Registrant as specified in its charter)</font></i></p>

            <table style="BORDER-LEFT-COLOR: gray; BORDER-BOTTOM-COLOR: gray; MARGIN-LEFT: 6pt; BORDER-TOP-COLOR: gray; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: gray" cellspacing="0" cellpadding="0" width="660" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="222">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Alberta</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">(Province or other jurisdiction of</font></i></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">incorporation or organization)</font></i></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">1311</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">(Primary Standard Industrial</font></i></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">Classification Code Number)</font></i></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="192">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Not Applicable</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">(I.R.S. Employer Identification No.,</font></i><br>
                        <i><font size="1">if applicable)</font></i></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;</font></u> <font size="2">&nbsp;</font></p>

                        <p style="MARGIN: 3pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Suite 2500, 855 - 2nd Street, S.W., Calgary, Alberta,
                        Canada, T2P 4J8</font></b></p>

                        <p style="MARGIN: 12pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">(403) 517-6700</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">(Address and telephone number of Registrant&rsquo;s
                        principal executive offices)</font></i></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;</font></u> <font size="2">&nbsp;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">CT Corporation System, 111 8th Avenue, 13th
                        Floor</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">New York, New York 10011</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">(212) 590-9330</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="1">(Name, address and telephone number (including area code)
                        of agent for service in the United States)</font></i></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <br>
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        &nbsp;</font></u> <font size="2">&nbsp;</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <i><font size="2">Copies to:</font></i></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Nancy M. Penner</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Parlee McLaws LLP</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">3400 Petro-Canada Centre</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">150 - Sixth Avenue, S.W.</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Calgary, Alberta, Canada</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">T2P 3Y7</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">(403) 294-7000</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Andrew J. Foley</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">Paul, Weiss, Rifkind, Wharton &amp; Garrison
                        LLP</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">1285 Avenue of the Americas</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">New York, N.Y. 10019-6064</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <b><font size="1">(212) 373-3000</font></b></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="222">
                    </td>

                    <td width="138">
                    </td>

                    <td width="30">
                    </td>

                    <td width="78">
                    </td>

                    <td width="192">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="1">Approximate date of commencement of proposed sale to the
            public:</font></b> <font size="1">From time to time after the effective date of this
            Registration Statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="1">Province of Alberta, Canada</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <i><font size="1">(Principal jurisdiction regulating this offering)</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><font size="1">It is
            proposed that this filing shall become effective (check appropriate box
            below):</font></p>

            <table style="MARGIN-LEFT: 5.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="679" border="0">
                <tr style="HEIGHT: 20.5pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">A.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">upon filing with the Commission, pursuant to Rule 467(a) (if
                        in connection with an offering being made contemporaneously in the United
                        States and Canada).</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 9.85pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">B.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings">x</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">at some future date (check appropriate box below)</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 10.65pt">
                    <td width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.65pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">1.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.65pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.65pt" valign="top" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">pursuant to Rule 467(b) on ( ) at ( ) (designate a time not
                        sooner than 7 calendar days after filing).</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 19.7pt">
                    <td width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19.7pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">2.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19.7pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 19.7pt" valign="top" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">pursuant to Rule 467(b) on ( ) at ( ) (designate a time 7
                        calendar days or sooner after filing) because the securities regulatory
                        authority in the review jurisdiction has issued a receipt or notification
                        of clearance on (&nbsp;&nbsp; ).</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 20.5pt">
                    <td width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">3.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings">x</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.5pt" valign="top" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">pursuant to Rule 467(b) as soon as practicable after
                        notification of the Commission by the Registrant or the Canadian securities
                        regulatory authority of the review jurisdiction that a receipt or
                        notification of clearance has been issued with respect hereto.</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 9.85pt">
                    <td width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">4.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font face="Wingdings"><font face="Wingdings">o</font></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 9.85pt" valign="top" width="619">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="1">after the filing of the next amendment to this Form (if
                        preliminary material is being filed).</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: justify">
            <font size="1">If any of the securities being registered on this Form&nbsp;are to be
            offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s
            shelf prospectus offering procedures, check the following box.</font>
            <font face="Wingdings">x</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.2in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.31in; TEXT-ALIGN: justify">
            <b><font size="1">The Registrant hereby amends this registration statement on such date
            or dates as may be necessary to delay its effective date until the registration
            statement shall become effective as provided in Rule 467 under the Securities Act of
            1933 or on such date as the Commission, acting pursuant to Section 8(a) of the Act, may
            determine.</font></b></p>

            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.25em solid">
                <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.05em solid">
                    <p>&nbsp;</p>
                </div>
            </div>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">PART I</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">INFORMATION REQUIRED TO BE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">DELIVERED TO OFFEREES OR PURCHASERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: left">
            <font size="2"><b><font size="2">Base Shelf Prospectus</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">&nbsp;</p>

            <table style="BORDER-LEFT-COLOR: gray; BORDER-BOTTOM-COLOR: gray; MARGIN-LEFT: 0pt; BORDER-TOP-COLOR: gray; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: gray" cellspacing="0" cellpadding="0" width="703" border="0">
                <tr>
                    <td width="7">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" width="549">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <i><b><font size="2">New Issue</font></b></i></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 0in" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">September 25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        <img src="img-logo.jpg"><br>
                        </p>
                    </td>

                    <td width="26">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td width="7">
                    </td>

                    <td width="16">
                    </td>

                    <td width="549">
                    </td>

                    <td width="105">
                    </td>

                    <td width="26">
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">
            <b><font size="4">CANADIAN NATURAL RESOURCES LIMITED</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center">
            <b><font size="6">Debt Securities</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">______________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Canadian Natural Resources Limited may offer for sale from time to time
            debt securities in the aggregate principal amount of up to US$3,000,000,000 or its
            equivalent in any other currency or units based on or relating to foreign currencies
            during the 25&nbsp;month period that this prospectus (including any amendments hereto)
            remains effective.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We will provide the specific terms of these securities and all
            information omitted from this prospectus in supplements to this prospectus. You should
            read this prospectus and the supplements carefully before you invest.</font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">______________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">Neither the U.S. Securities and Exchange Commission nor any state
            securities commission has approved or disapproved these securities or determined if
            this prospectus is truthful or complete. Any representation to the contrary is a
            criminal offense.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">______________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">We are permitted to prepare this prospectus in accordance with
            Canadian disclosure requirements, which are different from those of the United States.
            We prepare our financial statements in accordance with Canadian generally accepted
            accounting practices, and they are subject to Canadian auditing and auditor
            independence standards. They may not be comparable to financial statements of United
            States companies.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">Owning the debt securities may subject you to tax consequences both
            in the United States and Canada. This prospectus or any applicable prospectus
            supplement may not describe these tax consequences fully. You should read the tax
            discussion in any applicable prospectus supplement.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            </p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">Your ability to enforce civil liabilities under the United States
            federal securities laws may be affected adversely because we are incorporated in
            Alberta, some of our officers and directors and some of the experts named in this
            prospectus are Canadian residents, and many of our assets are located in
            Canada.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">The debt securities offered hereby have not been qualified for sale
            under the securities laws of any province or territory of Canada and are not being and
            may not be offered or sold, directly or indirectly, in Canada or to any resident of
            Canada in contravention of the securities laws of any province or territory of
            Canada.</font></b></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center">
            <font size="2">______________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">TABLE OF CONTENTS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
            <u><font size="2">Page</font></u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="636" border="0">
                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC2"><u><font size="2">ABOUT THIS
                        PROSPECTUS</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in">
                        <a href="#TOC3"><u><font size="2">DEFINITIONS</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC4"><u><font size="2">WHERE YOU CAN
                        FIND MORE INFORMATION</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC5"><u><font size="2">FORWARD
                        LOOKING STATEMENTS</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC6"><u><font size="2">CANADIAN
                        NATURAL RESOURCES LIMITED</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">7</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC7"><u><font size="2">USE OF
                        PROCEEDS</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">7</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC8"><u><font size="2">INTEREST
                        COVERAGE</font></u></a></p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">7</font></p>
                    </td>

                    <td width="8">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC9"><u><font size="2">DESCRIPTION OF
                        DEBT SECURITIES</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC10"><u><font size="2">CERTAIN
                        INCOME TAX CONSIDERATIONS</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">28</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC11"><u><font size="2">RISK
                        FACTORS</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC12"><u><font size="2">PLAN OF
                        DISTRIBUTION</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">33</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC13"><u><font size="2">LEGAL
                        MATTERS</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in">
                        <a href="#TOC14"><u><font size="2">EXPERTS</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">35</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC15"><u><font size="2">DOCUMENTS
                        FILED AS PART OF THE REGISTRATION STATEMENT</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">35</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="600">
                        <p style="MARGIN-TOP: 0in"><a href="#TOC17"><u><font size="2">CONSENT OF
                        PRICEWATERHOUSECOOPERS LLP</font></u></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">37</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2"><a name="toc2"></a><strong>ABOUT THIS PROSPECTUS</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In this prospectus, unless otherwise specified or the context otherwise
            indicates, references to "Canadian Natural", "us", "we" or "our" mean Canadian Natural
            Resources Limited and its subsidiaries, including its material operating subsidiaries
            and, where applicable, their respective interests in partnerships and other
            entities.Unless otherwise specified, all dollar amounts contained in this prospectus
            are expressed in Canadian dollars, and references to "dollars", "Cdn$" or "$" are to
            Canadian dollars and all references to "US$" are to United States dollars.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">All financial information included and incorporated by reference in this
            prospectus is determined using generally accepted accounting principles which are in
            effect from time to time in Canada, referred to as "Canadian GAAP". "U.S. GAAP" means
            generally accepted accounting principles which are in effect from time to time in the
            United States.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">This prospectus replaces our amended and restated base shelf prospectus
            dated November&nbsp;27, 2006.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">This prospectus is part of a registration statement on Form&nbsp;F-9
            relating to the debt securities that we filed with the U.S. Securities and Exchange
            Commission (the "SEC"). Under the shelf registration statement, we may, from time to
            time, sell any combination of the debt securities described in this prospectus in one
            or more offerings up to an aggregate principal amount of US$3,000,000,000. This
            prospectus provides you with a general description of the debt securities that we may
            offer. Each time we sell debt securities under the registration statement, we will
            provide a prospectus supplement that will contain specific information about the terms
            of that offering of debt securities. The prospectus supplement may also add, update or
            change information contained in this prospectus. Before you invest, you should read
            both this prospectus and any applicable prospectus supplement together with additional
            information</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
            <font size="2">described under the heading "Where You Can Find More Information". This
            prospectus does not contain all of the information set forth in the registration
            statement, certain parts of which are omitted in accordance with the rules and
            regulations of the SEC. You may refer to the registration statement and the exhibits to
            the registration statement for further information with respect to us and the debt
            securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2"><a name="toc3"></a><strong>DEFINITIONS</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In this prospectus and in any applicable prospectus
            supplement:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">"Boe" means barrels of oil equivalent.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">This prospectus contains disclosure respecting oil and gas production
            expressed as "cubic feet of natural gas equivalent" and "barrels of oil equivalent" or
            "boe". All equivalency volumes have been derived using the ratio of six thousand cubic
            feet of natural gas to one barrel of oil. Equivalency measures may be misleading,
            particularly if used in isolation. A conversion ratio of six thousand cubic feet of
            natural gas to one barrel of oil is based on an energy equivalence conversion method
            primarily applicable at the burner tip and does not represent a value equivalency at
            the wellhead.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2"><a name="toc4"></a><strong>WHERE YOU CAN FIND MORE
            INFORMATION</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We file with the Alberta Securities Commission (the "ASC"), a commission
            of authority in the Province of Alberta similar to the SEC, material change, annual and
            quarterly reports and other information. We are subject to the informational
            requirements of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange
            Act"), and, in accordance with the Exchange Act, we file reports and furnish other
            information with the SEC. Under the multijurisdictional disclosure system adopted by
            the United States, these reports and other information (including financial
            information) may be prepared in accordance with the disclosure requirements of Canada,
            which differ from those in the United States. You may read any document we furnish to
            the SEC at the SEC's public reference room at Room 1580, 100 F Street, N.E.,
            Washington, D.C. 20549. You may also obtain copies of the same documents from the
            public reference room of the SEC by paying a fee. The SEC also maintains an internet
            site that contains reports and other information about issuers like us, that file
            electronically with the SEC. The site address is www.sec.gov.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Under the multijurisdictional disclosure system adopted by the United
            States and the provinces of Canada, the SEC and the ASC allow us to "incorporate by
            reference" certain information we file with them, which means that we can disclose
            important information to you by referring you to those documents. Information that is
            incorporated by reference is an important part of this prospectus. We incorporate by
            reference the documents listed below, which were filed with the ASC under the</font>
            <i><font size="2">Securities Act</font></i> <font size="2">(Alberta):</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our Annual Information Form dated March&nbsp;28, 2007 and
                        management's discussion and analysis of financial condition and results of
                        operations for the year ended December&nbsp;31, 2006 incorporated by
                        reference in the Annual Information Form;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our Information Circular dated March&nbsp;14, 2007 relating
                        to the Annual Meeting of our Shareholders held on May&nbsp;3, 2007,
                        excluding those portions thereof which appear</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0.75in; TEXT-ALIGN: justify">
            <font size="2">under the headings "Performance Graph", "Report on Executive
            Compensation by the Compensation Committee" and "Statement of Corporate Governance
            Practices" (which portions shall be deemed not to be incorporated by reference in this
            prospectus);</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our audited comparative consolidated financial statements as
                        at and for the year ended December&nbsp;31, 2006, together with the
                        auditors' report thereon; and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our unaudited comparative consolidated financial statements
                        for the six month period ended June&nbsp;30, 2007 and accompanying
                        management's discussion and analysis.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Any documents of the type referred to in the preceding paragraph, or
            similar material, including an Annual Information Form filed by us, all material change
            reports (excluding confidential reports, if any), all updated interest coverage ratio
            information, as well as all prospectus supplements disclosing additional or updated
            information, filed by us with securities commissions or similar authorities in the
            relevant provinces of Canada subsequent to the date of this prospectus and prior to
            25&nbsp;months from the date hereof, shall be deemed to be incorporated by reference
            into this prospectus. The documents are available through the internet on the System
            for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at
            www.sedar.com.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Any report that we file with or furnish to the SEC pursuant to
            Section&nbsp;13(a) or 15(d) of the</font> <i><font size="2">Exchange Act</font></i>
            <font size="2">after the date of this prospectus shall be deemed to be incorporated by
            reference into this prospectus and the registration statement of which it forms a part,
            if and to the extent expressly provided for in such report. Our U.S. filings are
            electronically available from the SEC's Electronic Document Gathering and Retrieval
            System, which is commonly known by the acronym EDGAR and may be accessed at
            www.sec.gov.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">A prospectus supplement containing the specific variable terms of an
            offering of debt securities will be delivered to purchasers of such debt securities
            together with this prospectus and will be deemed to be incorporated by reference into
            this prospectus as of the date of such prospectus supplement and only for the purposes
            of the offering of the debt securities covered by that prospectus
            supplement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">Any statement contained in this prospectus or in a document
            incorporated or deemed to be incorporated by reference in this prospectus shall be
            deemed to be modified or superseded for purposes of this prospectus to the extent that
            a statement contained in this prospectus or in any other subsequently filed document
            which also is or is deemed to be incorporated by reference in this prospectus modifies
            or supersedes that statement. Any statement or document so modified or superseded shall
            not, except to the extent so</font></b> <b><font size="2">modified or superseded, be
            incorporated by reference and constitute a part of this prospectus.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Upon a new Annual Information Form and related annual financial
            statements being filed with, and where required, accepted by, the applicable securities
            regulatory authorities during the currency of this prospectus, the previous Annual
            Information Form, annual financial statements and the accompanying management's
            discussion and analysis and any interim financial statements and the accompanying
            management's discussion and analysis, material change reports and management proxy
            circulars filed prior to the commencement of the then current fiscal year</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2">will
            be deemed no longer to be incorporated into this prospectus for purposes of future
            offers and sales of debt securities under this prospectus. Upon interim consolidated
            financial statements and the accompanying management's discussion and analysis being
            filed by us with the applicable securities regulatory authorities during the currency
            of this prospectus, all interim consolidated financial statements and the accompanying
            management's discussion and analysis filed prior to the new interim consolidated
            financial statements shall be deemed no longer to be incorporated into this prospectus
            for purposes of future offers and sales of debt securities under this
            prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In addition, you may obtain a copy of the Annual Information Form and
            other information mentioned above by writing or calling us at the following address and
            telephone number:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Canadian Natural Resources Limited</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">2500, 855&nbsp;&ndash;&nbsp;2 Street S.W.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Calgary, Alberta</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Canada T2P&nbsp;4J8</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">(403)&nbsp;517-6700</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Attention: Corporate Secretary</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">You should rely only on the information contained in or incorporated
            by reference in this prospectus or any applicable prospectus supplement and on the
            other information included in the registration statement of which this prospectus forms
            a part. We have not authorized anyone to provide you with different or additional
            information. We are not making an offer of these debt securities in any jurisdiction
            where the offer is not permitted by law. You should not assume that the information
            contained in or incorporated by reference in this prospectus or any applicable
            prospectus supplement is accurate as of any date other than the date on the front of
            the applicable prospectus supplement.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2"><a name="toc5"></a><strong>FORWARD LOOKING
            STATEMENTS</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">This prospectus contains or incorporates by reference forward looking
            statements within the meaning of the United States Private Securities Litigation Reform
            Act of 1995. All statements other than statements of historical fact included or
            incorporated by reference in this prospectus that address activities, events or
            developments that we expect or anticipate may or will occur in the future are forward
            looking statements, and indicate such things as:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">oil and natural gas reserve quantities and the discounted
                        present value of future net cash flows from these reserves;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the amount and nature of our capital
                        expenditures;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">plans for drilling wells;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">prices for oil and natural gas produced;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">timing and amount of future production, forecasts of capital
                        expenditures and the sources of financing thereof;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">5</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">operating and other costs;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">business strategies and plans of management;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">anticipated benefits and enhanced shareholder value
                        resulting from prospect development and acquisitions.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Such forward looking statements are subject to risks, uncertainties and
            other factors, many of which are beyond our control, including:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the impact of general economic and business conditions in
                        Canada, the United States and internationally which will, among other
                        things, impact demand for and market prices of our products;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">industry conditions, including fluctuations in the price of
                        crude oil and natural gas, royalties payable in respect of our crude oil
                        and natural gas production, and changes in governmental regulation of the
                        crude oil and natural gas industry, including environmental
                        regulation;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the need to obtain required approvals from regulatory
                        authorities;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the marketability of oil and natural gas, including the
                        proximity to and capacity of oil and natural gas pipelines and processing
                        equipment;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the success of exploration and development
                        activities;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the timing and success of integrating the business and
                        operations of acquired companies;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">uncertainty of estimates of oil and natural gas
                        reserves;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">impact of competition, availability and cost of seismic,
                        drilling and other equipment;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">operating hazards and other difficulties inherent in the
                        exploration for and production and sale of oil and natural gas;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">fluctuations in foreign exchange or interest rates and stock
                        market volatility;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">political instability and other risks of international
                        operations;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">uncertainties inherent in attracting capital;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">risks of war, hostilities, civil insurrection and terrorist
                        threats;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our ability to replace or expand reserves;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our ability to either generate sufficient cash flow to meet
                        current future obligations or to obtain external debt or equity
                        financing;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our ability to enter into or renew leases;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">6</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the timing and costs of pipeline and gas storage facility
                        construction and expansion;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">our ability to make capital investments and the amounts
                        thereof;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">imprecision in estimating future production capacity, and
                        the timing, costs and levels of production and drilling;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">risks associated with existing and potential future lawsuits
                        and regulatory actions against us;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">uncertainty in amounts and timing of royalty payments;
                        and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">imprecision in estimating product sales.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Additional factors are described in our management's discussion and
            analysis of financial condition and results of operations incorporated by reference in
            our Annual Information Form dated March&nbsp;28, 2007, which is filed with the
            securities commissions or similar authorities in the provinces of Canada and
            incorporated by reference in this prospectus. Events or circumstances could cause our
            actual results to differ materially from those estimated or projected and expressed in,
            or implied by, these forward looking statements. You should also carefully consider the
            matters discussed under "Risk Factors" in this prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc6"></a>CANADIAN NATURAL RESOURCES LIMITED</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We are a Canadian-based senior, independent energy company engaged in
            the acquisition, exploration, development, production, marketing and sale of crude oil
            and natural gas. Our core areas of operations are in the Western Canadian Sedimentary
            Basin, the United Kingdom sector of the North Sea and Offshore West Africa. Our head
            and principal office is located at 2500, 855 &ndash; 2 Street SW, Calgary, Alberta,
            T2P&nbsp;4J8.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: JUSTIFY">
            <font size="2">Our common shares are listed for trading on the Toronto Stock Exchange
            and on the New York Stock Exchange under the trading symbol "CNQ".</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc7"></a>USE OF PROCEEDS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise indicated in an applicable prospectus supplement
            relating to a series of debt securities, we will use the net proceeds we receive from
            the sale of the debt securities for general corporate purposes relating to our primary
            areas of operations in North America, the North Sea and Offshore West Africa, which may
            include financing our capital expenditure program and working capital requirements in
            those areas. We may also use the net proceeds for the repayment of indebtedness.
            Pending such use of any proceeds, we may invest funds in short-term marketable
            securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc8"></a>INTEREST COVERAGE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The following coverage ratios have been prepared in accordance with
            Canadian securities law requirements and are included in this prospectus in accordance
            with Canadian disclosure requirements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="312" border="0">
                <tr>
                    <td valign="top" width="284">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="28">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">7</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The following coverage ratios are calculated on a consolidated basis for
            the twelve month periods ended June&nbsp;30, 2007 and December&nbsp;31, 2006. The
            following ratios do not give effect to the issue of any debt securities pursuant to
            this prospectus.</font></p>

            <table style="MARGIN-LEFT: 6pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="618" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="312">
                        <p style="MARGIN-TOP: 4.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18">
                        <p style="MARGIN-TOP: 4.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 4.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">June</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">30, 2007</font></b></p>
                        </div>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 4.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">December</font></b><font size="1">&nbsp;</font>
                            <b><font size="1">31, 2006</font></b></p>
                        </div>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="312">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="312">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Interest coverage on long-term debt<sup>(1)</sup></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="18">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 41.25pt; TEXT-ALIGN: left">
                        <font size="2">7.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="144">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt; TEXT-ALIGN: left">
                        <font size="2">10.5</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: left">
            <b><font size="1">Note:</font></b></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">Interest coverage on long-term debt is equal to net earnings
                        plus income taxes and interest expense, divided by the sum of interest
                        expense and capitalized interest.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc9"></a>DESCRIPTION OF DEBT SECURITIES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In this section, "we", "us", "our" or "Canadian Natural" refers only to
            Canadian Natural Resources Limited without its subsidiaries or interest in partnerships
            and other entities. The following describes certain general terms and provisions of the
            debt securities. The particular terms and provisions of the series of debt securities
            offered by any prospectus supplement, and the extent to which the general terms and
            provisions described below may apply to them, will be described in the applicable
            prospectus supplement. Accordingly, for a description of the terms of a particular
            series of debt securities, reference must be made to both the applicable prospectus
            supplement relating to them and the description of the debt securities set forth in
            this prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The debt securities will be issued under a trust indenture (the
            "Indenture") dated July&nbsp;24, 2001 between us and The Bank of Nova Scotia Trust
            Company of New York, as trustee (the "Trustee"). The Indenture is subject to and
            governed by the United States Trust Indenture Act of 1939, as amended. A copy of the
            form of the Indenture has been filed with the SEC as an exhibit to the registration
            statement of which this prospectus is a part. The following summaries of the Indenture
            and the debt securities are brief summaries of certain provisions of the Indenture and
            do not purport to be complete; these statements are subject to the detailed referenced
            provisions of the Indenture, including the definition of capitalized terms used under
            this caption. Wherever particular sections or defined terms of the Indenture are
            referred to, these sections or defined terms are incorporated in this prospectus by
            reference as part of the statement made, and the statement is qualified in its entirety
            by the reference to the Indenture. References in parentheses are to section numbers in
            the Indenture.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">General</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture does not limit the aggregate principal amount of debt
            securities (which may include debentures, notes and other unsecured evidences of
            indebtedness) that may be issued under the Indenture, and provides that debt securities
            may be issued from time to time in one or more series and may be denominated and
            payable in foreign currencies. The debt securities offered pursuant to this prospectus
            will be issued in an amount up to US$3,000,000,000 or the equivalent. The Indenture
            also permits us to increase the principal amount of any series of debt securities
            previously issued and to issue that increased principal amount.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">8</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The applicable prospectus supplement will contain a description of the
            following terms relating to the debt securities being offered:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the title of the debt securities of such series;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any limit on the aggregate principal amount of the debt
                        securities of such series;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the date or dates, if any, on which the principal (and
                        premium, if any) of the debt securities of such series will mature and the
                        portion (if less than all of the principal amount) of the debt securities
                        of such series to be payable upon declaration of acceleration of maturity
                        and/or the method by which such date or dates shall be
                        determined;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the rate or rates (which may be fixed or variable) at which
                        the debt securities of such series will bear interest, if any, the date or
                        dates from which that interest will accrue and on which that interest will
                        be payable and the Regular Record Dates for any interest payable on the
                        debt securities of such series which are Registered Securities and/or the
                        method by which such date or dates shall be determined;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">if applicable, any mandatory or optional redemption or
                        sinking fund provisions, including the period or periods within which, the
                        price or prices at which and the terms and conditions upon which the debt
                        securities of such series may be redeemed or purchased at the option of
                        Canadian Natural or otherwise;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">if applicable, whether the debt securities of such series
                        will be issuable in registered form or bearer form or both, and, if
                        issuable in bearer form, the restrictions as to the offer, sale and
                        delivery of the debt securities of such series in bearer form and as to
                        exchanges between registered and bearer form;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">whether the debt securities of such series will be issuable
                        in the form of one or more Registered Global Securities and, if so, the
                        identity of the Depository for those Registered Global
                        Securities;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the denominations in which any of the debt securities of
                        such series which are in registered form will be issuable, if other than
                        denominations of US$1,000 and any multiple thereof, and the denominations
                        in which any of the debt securities of such series which are in bearer form
                        will be issuable, if other than the denomination of US$1,000;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(i)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">each office or agency where the principal of and any premium
                        and interest on the debt securities of such series will be payable, and
                        each office or agency where the debt securities of such series may be
                        presented for registration of transfer or exchange;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(j)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">if other than United States dollars, the foreign currency or
                        the units based on or relating to foreign currencies in which the debt
                        securities of such series are denominated and/or in which the payment of
                        the principal of and any premium and interest on the debt securities of
                        such series will or may be payable;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">9</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(k)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any index pursuant to which the amount of payments of
                        principal of and any premium and interest on the debt securities of such
                        series will or may be determined;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(l)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any applicable Canadian and U.S. federal income tax
                        consequences;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(m)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">whether and under what circumstances we will pay Additional
                        Amounts on the debt securities of such series in respect of certain taxes
                        (and the terms of any such payment) and, if so, whether we will have the
                        option to redeem the debt securities of such series rather than pay the
                        Additional Amounts (and the terms of any such option);</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(n)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any deletions from, modifications of or additions to the
                        Events of Default or covenants of Canadian Natural with respect to such
                        debt securities, whether or not such Events of Default or covenants are
                        consistent with the Events of Default or covenants set forth herein;
                        and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(o)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any other terms of the debt securities of such
                        series.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise indicated in the applicable prospectus supplement, the
            Indenture does not afford the Holders the right to tender debt securities to us for
            repurchase, or provide for any increase in the rate or rates of interest per annum at
            which the debt securities will bear interest, in the event we become involved in a
            highly leveraged transaction or in the event that we undergo a change in
            control.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Debt securities may be issued under the Indenture bearing no interest or
            interest at a rate below the prevailing market rate at the time of issuance and may be
            offered and sold at a discount below their stated principal amount. The Canadian and
            U.S. federal income tax consequences and other special considerations applicable to
            those discounted debt securities or other debt securities offered and sold at par which
            are treated as having been issued at a discount for Canadian and/or U.S. federal income
            tax purposes will be described in the prospectus supplement relating to the debt
            securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Ranking and Other Indebtedness</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The debt securities will be unsecured obligations of ours and, unless
            otherwise provided in the prospectus supplement relating to such debt securities, will
            rank</font> <i><font size="2">pari passu</font></i> <font size="2">with all our other
            unsecured and unsubordinated debt from time to time outstanding and</font>
            <i><font size="2">pari passu</font></i> <font size="2">with other debt securities
            issued under the Indenture. The debt securities will be structurally subordinated to
            all existing and future liabilities of any of our corporate or partnership
            subsidiaries, including trade payables and other indebtedness.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Registered Global Securities</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise indicated in a prospectus supplement, a series of debt
            securities will be issued in the form of one or more Registered Global Securities which
            will be registered in the name of and be deposited with a Depository, or its nominee,
            each of which will be identified in the prospectus supplement relating to that series.
            Unless and until exchanged, in whole or in</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">part, for debt securities in definitive registered form, a Registered
            Global Security may not be transferred except as a whole by the Depository for a
            Registered Global Security to a nominee of that Depository, by a nominee of that
            Depository to that Depository or another nominee of that Depository or by that
            Depository or any nominee of that Depository to a successor of that Depository or a
            nominee of a successor of that Depository.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The specific terms of the depository arrangement with respect to any
            portion of a particular series of debt securities to be represented by a Registered
            Global Security will be described in the prospectus supplement relating to that series.
            Canadian Natural anticipates that the following provisions will apply to all depository
            arrangements.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Upon the issuance of a Registered Global Security, the Depository or its
            nominee will credit, on its book entry and registration system, the respective
            principal amounts of the debt securities represented by that Registered Global Security
            to the accounts of those persons having accounts with that Depository or its nominee
            ("participants") as shall be designated by the underwriters, investment dealers or
            agents participating in the distribution of those debt securities or by us if those
            debt securities are offered and sold directly by us. Ownership of beneficial interests
            in a Registered Global Security will be limited to participants or persons that may
            hold beneficial interests through participants. Ownership of beneficial interests in a
            Registered Global Security will be shown on, and the transfer of the ownership of those
            beneficial interests will be effected only through, records maintained by the
            Depository therefor or its nominee (with respect to beneficial interests of
            participants) or by participants or persons that hold through participants (with
            respect to interests of persons other than participants).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The laws of some states in the United States require certain purchasers
            of securities to take physical delivery of the debt securities in definitive form.
            These depository arrangements and these laws may impair the ability to transfer
            beneficial interests in a Registered Global Security.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">So long as the Depository for a Registered Global Security or its
            nominee is the registered owner of the debt securities, that Depository or its nominee,
            as the case may be, will be considered the sole owner or Holder of the debt securities
            represented by that Registered Global Security for all purposes under the Indenture.
            Except as provided below, owners of beneficial interests in a Registered Global
            Security will not be entitled to have debt securities of the series represented by that
            Registered Global Security registered in their names, will not receive or be entitled
            to receive physical delivery of debt securities of that series in definitive form and
            will not be considered the owners or Holders of those debt securities under the
            Indenture.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Principal, premium, if any, and interest payments on a Registered Global
            Security registered in the name of a Depository or its nominee will be made to that
            Depository or nominee, as the case may be, as the registered owner of that Registered
            Global Security. Neither we, the Trustee nor any paying agent for debt securities of
            the series represented by that Registered Global Security will have any responsibility
            or liability for any aspect of the records relating to or payments made on account of
            beneficial interests in that Registered Global Security or for maintaining, supervising
            or reviewing any records relating to those beneficial interests.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">11</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We expect that the Depository for a Registered Global Security or its
            nominee, upon receipt of any payment of principal, premium or interest, will
            immediately credit participants' accounts with payments in amounts proportionate to
            their respective beneficial interests in the principal amount of that Registered Global
            Security as shown on the records of that Depository or its nominee. We also expect that
            payments by participants to owners of beneficial interests in that Registered Global
            Security held through those participants will be governed by standing instructions and
            customary practices, as is the case with securities held for the accounts of customers
            registered in "street name", and will be the responsibility of those
            participants.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">If the Depository for a Registered Global Security representing debt
            securities of a particular series is at any time unwilling or unable to continue as
            Depository, or if the Depository is no longer eligible to continue as Depository, and a
            successor Depository is not appointed by us within 90&nbsp;days, or if an Event of
            Default described in clauses&nbsp;(a) or (b) of the first sentence under "Events of
            Default" below with respect to a particular series of debt securities has occurred and
            is continuing, we will issue Registered Securities of that series in definitive form in
            exchange for that Registered Global Security. In addition, we may at any time and in
            its sole discretion determine not to have the debt securities of a particular series
            represented by one or more Registered Global Securities and, in that event, will issue
            Registered Securities of that series in definitive form in exchange for all of the
            Registered Global Securities representing debt securities of that series.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Debt Securities in Definitive Form</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">If indicated in an applicable prospectus supplement, the debt securities
            may be issued in definitive form without coupons. Debt securities in definitive form
            may be presented for exchange and for registration of transfer in the manner, at the
            places and, subject to the restrictions set forth in the Indenture and in the
            applicable prospectus supplement, without service charge, but upon payment of any taxes
            or other governmental charges due in connection therewith. We have appointed the
            Trustee as Security Registrar. Debt securities in bearer form and the coupons
            appertaining thereto, if any, will be transferable by delivery.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise indicated in the applicable prospectus supplement,
            payment of the principal of and any premium and interest on debt securities in
            definitive form will be made at the office or agency of the Trustee at One Liberty
            Plaza, New York, New York 10006, except that, at our option, payment of any interest
            may be made (a)&nbsp;by check mailed to the address of the Person entitled thereto as
            that Person's address will appear in the Security Register or (b)&nbsp;by wire transfer
            to an account maintained by the Person entitled thereto as specified in the Security
            Register.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Negative Pledge</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture includes our covenant that, so long as any of the debt
            securities remain outstanding, we will not, and will not permit any Subsidiary to,
            create, assume or otherwise have outstanding any Security Interest, except for
            Permitted Encumbrances, on or over its or their respective assets (present or future)
            securing any Indebtedness of any Person without also at the same time or prior to that
            time securing equally and ratably with other Indebtedness all of the debt securities
            then Outstanding under the Indenture.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">12</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Certain Definitions</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Set forth below is a summary of certain of the defined terms used in the
            Indenture. Reference is made to the Indenture for the full definitions of all such
            terms.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Capital Lease
            Obligation</font></i><font size="2">" means the obligation of a Person, as lessee, to
            pay rent or other amounts to the lessor under a lease of real or personal property
            which is required to be classified and accounted for as a capital lease on a
            consolidated balance sheet of such Person in accordance with GAAP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Consolidated Net Tangible
            Assets</font></i><font size="2">" means the total amount of assets on a consolidated
            basis (less applicable reserves and other properly deductible items) after deducting
            therefrom:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">all current liabilities (excluding any current liabilities
                        which are by their terms extendible or renewable at the option of the
                        obligor thereon to a time more than 12&nbsp;months after the time as of
                        which the amount thereof is being computed);</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">all goodwill, trade names, trademarks, patents, unamortized
                        debt discount and expense and other like intangibles (and for greater
                        certainty does not include deferred foreign exchange gains or losses on
                        long-term monetary items); and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">appropriate adjustments on account of minority interests of
                        other Persons holding stock of our Subsidiaries,</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">all
            as set forth on our most recent quarterly balance sheet and our consolidated
            Subsidiaries and computed in accordance with GAAP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The term "</font><i><font size="2">Current
            Assets</font></i><font size="2">" means current assets as determined in accordance with
            GAAP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The term "</font><i><font size="2">Financial Instrument
            Obligations</font></i><font size="2">" means obligations arising under:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">interest rate swap agreements, forward rate agreements,
                        floor, cap or collar agreements, futures or options, insurance or other
                        similar agreements or arrangements, or any combination thereof, entered
                        into by a Person of which the subject matter is interest rates or pursuant
                        to which the price, value or amount payable thereunder is dependent or
                        based upon interest rates in effect from time to time or fluctuations in
                        interest rates occurring from time to time;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">currency swap agreements, cross-currency agreements, forward
                        agreements, floor, cap or collar agreements, futures or options, insurance
                        or other similar agreements or arrangements, or any combination thereof,
                        entered into by a Person of which the subject matter is currency exchange
                        rates or pursuant to which the price, value or amount payable thereunder is
                        dependent or based upon currency exchange</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">13</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            <font size="2">rates in effect from time to time or fluctuations in currency exchange
            rates occurring from time to time; and</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">commodity swap or hedging agreements, floor, cap or collar
                        agreements, commodity futures or options or other similar agreements or
                        arrangements, or any combination thereof, entered into by a Person of which
                        the subject matter is one or more commodities or pursuant to which the
                        price, value or amount payable thereunder is dependent or based upon the
                        price of one or more commodities in effect from time to time or
                        fluctuations in the price of one or more commodities occurring from time to
                        time.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The term "</font><i><font size="2">GAAP</font></i><font size="2">" means
            generally accepted accounting principles which are in effect from time to time in
            Canada.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The term
            "</font><i><font size="2">Indebtedness</font></i><font size="2">" means at any time,
            and whether or not contingent, all items of indebtedness in respect of any amounts
            borrowed which, in accordance with GAAP, would be recorded as indebtedness in the
            consolidated financial statements of Canadian Natural as at the date as of which
            Indebtedness is to be determined, and in any event including, without duplication
            (i)&nbsp;any obligation for borrowed money, (ii)&nbsp;any obligation evidenced by
            bonds, debentures, notes, guarantees or other similar instruments, including, without
            limitation, any such obligations incurred in connection with the acquisition of
            property, assets or businesses, (iii)&nbsp;any Purchase Money Obligation, (iv)&nbsp;any
            reimbursement obligation with respect to letters of credit, bankers' acceptances or
            similar facilities, (v)&nbsp;any obligation issued or assumed as the deferred purchase
            price of property or services, (vi)&nbsp;any Capital Lease Obligation, (vii)&nbsp;any
            obligation to pay rent or other payment amounts with respect to any Sale and Leaseback
            Transaction, (viii)&nbsp;any payment obligation under Financial Instrument Obligations
            at the time of determination, (ix)&nbsp;any indebtedness in respect of any amounts
            borrowed or any Purchase Money Obligation secured by any Security Interest existing on
            property owned subject to such Security Interest, whether or not the indebtedness or
            Purchase Money Obligation secured thereby shall have been assumed and
            (x)&nbsp;guarantees, indemnities, endorsements (other than endorsements for collection
            in the ordinary course of business) or other contingent liabilities in respect of
            obligations of another Person for indebtedness of that other Person in respect of any
            amounts borrowed by that other Person.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The term "</font><i><font size="2">Permitted
            Encumbrances</font></i><font size="2">" means any of the following:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest existing as of the date of the first
                        issuance by us of the debt securities issued pursuant to the
                        Indenture;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest on pipelines, pumping stations or
                        other pipeline facilities, drilling equipment, production equipment and
                        platforms; tank cars, tankers, barges, ships, trucks, automobiles,
                        airplanes or other marine, automotive, aeronautical or other similar
                        moveable facilities or equipment, computer systems and associated programs;
                        office equipment; weather stations; townsites; housing facilities,
                        recreation halls, stores and other related facilities; gasification or
                        natural gas liquefying facilities and burning towers, flares or stacks;
                        retail service</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">14</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            <font size="2">stations, bulk plants, storage facilities, terminals or warehouses; or
            similar facilities and equipment of or associated with any of the foregoing; provided,
            in each case, that such Security Interest is incurred to finance the acquisition of
            such property or assets within 90 days after such acquisition and such Security
            Interest shall be limited to the specified property or assets being
            financed;</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">(i)&nbsp;any Security Interest on any specific properties or
                        any interest therein, construction thereon or improvement thereto, and on
                        any receivables, inventory, equipment, chattel paper, contract rights,
                        intangibles and other assets, rights or collateral specifically connected
                        with such properties, incurred (A)&nbsp;to secure all or any part of the
                        financing for acquisition, surveying, exploration, drilling, extraction,
                        development, operation, production, construction, alteration, repair or
                        improvement of, in, under or on such properties and the plugging and
                        abandonment of wells located thereon (it being understood that, in the case
                        of oil and natural gas producing properties (including oil sands
                        properties), or any interest therein, financing incurred for "development"
                        shall include financing incurred for all facilities relating to such
                        properties or to projects, ventures or other arrangements of which such
                        properties form a part or which relate to such properties or interests), or
                        (B)&nbsp;for acquiring ownership of any Person which owns any such property
                        or interest therein, provided that such Security Interest is limited to
                        such property or such interest therein owned by any such Person; and
                        (ii)&nbsp;any Security Interest on an oil and/or natural gas producing
                        property (including oil sands properties) to secure Indebtedness incurred
                        in connection with or necessarily incidental to commitments for the
                        purchase or sale of, or the transportation or distribution of, the products
                        derived from such property;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest in favor of Canadian Natural or any of
                        its wholly-owned Subsidiaries;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest existing on the property of any Person
                        at the time such Person becomes a Subsidiary, or arising thereafter
                        pursuant to contractual commitments entered into prior to and not in
                        contemplation of such Person becoming a Subsidiary;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest on property of a Person which Security
                        Interest exists at the time such Person is merged into, or amalgamated or
                        consolidated with, Canadian Natural or a Subsidiary, or such property is
                        otherwise acquired by Canadian Natural or a Subsidiary, provided such
                        Security Interest does not extend to property owned by Canadian Natural or
                        such Subsidiary immediately prior to such merger, amalgamation,
                        consolidation or acquisition;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest on Current Assets securing any
                        Indebtedness to any bank or banks or other lending institution or
                        institutions incurred in the ordinary course of business and for the
                        purpose of carrying on the same, repayable on demand or maturing within
                        12&nbsp;months of the date when such Indebtedness is incurred or the date
                        of any renewal or extension thereof, provided that such security is given
                        at the time that the Indebtedness is incurred;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">15</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest in respect of (i)&nbsp;liens for taxes
                        and assessments not at the time overdue or any liens securing workmen's
                        compensation assessments, unemployment insurance or other social security
                        obligations; provided, however, that if any such liens, duties or
                        assessments are then overdue, Canadian Natural or the Subsidiary, as the
                        case may be, shall be prosecuting an appeal or proceedings for review with
                        respect to which it shall have secured a stay in the enforcement of any
                        such obligations, (ii)&nbsp;any liens for specified taxes and assessments
                        which are overdue but the validity of which is being contested at the time
                        by Canadian Natural or the Subsidiary, as the case may be, in good faith,
                        and with respect to which Canadian Natural or the Subsidiary shall have
                        secured a stay of enforcement thereof, if applicable, (iii)&nbsp;any liens
                        or rights of distress reserved in or exercisable under any lease for rent
                        and for compliance with the terms of such lease, (iv)&nbsp;any obligations
                        or duties, affecting the property of Canadian Natural or that of a
                        Subsidiary to any municipality or governmental, statutory or public
                        authority, with respect to any franchise, grant, license, lease or permit
                        and any defects in title to structures or other facilities arising solely
                        from the fact that such structures or facilities are constructed or
                        installed on lands held by Canadian Natural or the Subsidiary under
                        government permits, licenses, leases or other grants, which obligations,
                        duties and defects in the aggregate do not materially impair the use of
                        such property, structures or facilities for the purpose for which they are
                        held by Canadian Natural or the Subsidiary, (v)&nbsp;any deposits or liens
                        in connection with contracts, bids, tenders or expropriation proceedings,
                        surety or appeal bonds, costs of litigation when required by law, public
                        and statutory obligations, liens or claims incidental to current
                        construction, builders', mechanics', laborers', materialmen's,
                        warehousemen's, carrier's and other similar liens, (vi)&nbsp;the right
                        reserved to or vested in any municipality or governmental or other public
                        authority by any statutory provision or by the terms of any lease, license,
                        franchise, grant or permit, that affects any land, to terminate any such
                        lease, license, franchise, grant or permit or to require annual or other
                        periodic payments as a condition to the continuance thereof, (vii)&nbsp;any
                        Security Interest the validity of which is being contested at the time by
                        Canadian Natural or a Subsidiary in good faith or payment of which has been
                        provided for by deposit with the Trustee of an amount in cash sufficient to
                        pay the same in full, (viii)&nbsp;any easements, rights-of-way and
                        servitudes (including, without in any way limiting the generality of the
                        foregoing, easements, rights-of-way and servitudes for railways, sewers,
                        dykes, drains, pipelines, natural gas and water mains or electric light and
                        power or telephone conduits, poles, wires and cables) that, in the opinion
                        of Canadian Natural, will not in the aggregate materially and adversely
                        impair the use or value of the land concerned for the purpose for which it
                        is held by Canadian Natural or the Subsidiary, as the case may be,
                        (ix)&nbsp;any security to a public utility or any municipality or
                        governmental or other public authority when required by such utility or
                        other authority in connection with the operations of Canadian Natural or
                        the Subsidiary, as the case may be, and (x)&nbsp;any liens and privileges
                        arising out of judgments or awards with respect to which Canadian Natural
                        or the Subsidiary shall be prosecuting an appeal or proceedings for
                        review</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">16</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">
            <font size="2">and with respect to which it shall have secured a stay of execution
            pending such appeal or proceedings for review;</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(i)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest arising under partnership agreements,
                        oil and natural gas leases, overriding royalty agreements, net profits
                        agreements, production payment agreements, royalty trust agreements, master
                        limited partnership agreements, farm-out agreements, division orders,
                        contracts for the sale, purchase, exchange, transportation, gathering or
                        processing of oil, natural gas or other hydrocarbons or by-product thereof,
                        unitizations and pooling designations, declarations, orders and agreements,
                        development agreements, operating agreements, production sales contracts
                        (including security in respect of take or pay or similar obligations
                        thereunder), area of mutual interest agreements, natural gas balancing or
                        deferred production agreements, injection, repressuring and recycling
                        agreements, salt water or other disposal agreements, seismic or geophysical
                        permits or agreements, which in each of the foregoing cases is customary in
                        the oil and natural gas business, and other agreements which are customary
                        in the oil and natural gas business, provided in all instances that such
                        Security Interest is limited to the assets that are the subject of the
                        relevant agreement;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(j)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest on cash or marketable securities of
                        Canadian Natural or any Subsidiary granted in the ordinary course of
                        business in connection with Financial Instrument Obligations;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(k)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interest in respect of the sale (including any
                        forward sale) or other transfer, in the ordinary course of business, of
                        (i)&nbsp;oil, natural gas, other hydrocarbons or by-product thereof, or
                        other minerals, whether in place or when produced, for a period of time
                        until, or in an amount such that, the purchaser will realize therefrom a
                        specified amount of money (however determined) or a specified amount of
                        such minerals and (ii)&nbsp;any other interests in property of a character
                        commonly referred to as a "production payment";</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(l)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any extension, renewal, alteration or replacement (or
                        successive extensions, renewals, alterations or replacements) in whole or
                        in part, of any Security Interest referred to in the foregoing
                        clauses&nbsp;(a) through (k) inclusive, provided the principal amount
                        thereof is not increased and provided that such extension, renewal,
                        alteration or replacement shall be limited to all or a part of the property
                        or other assets which secured the Security Interest so extended, renewed,
                        altered or replaced (plus improvements on such property or other assets);
                        and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(m)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any Security Interests that would otherwise be prohibited
                        (including any extensions, renewals, alterations or replacements thereof)
                        provided that the aggregate Indebtedness outstanding and secured under this
                        clause&nbsp;(m) does not (calculated at the time of the granting of the
                        Security Interest) exceed an amount equal to 10&nbsp;percent of
                        Consolidated Net Tangible Assets.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Person</font></i><font size="2">"
            means any individual, corporation, limited liability company, partnership, association,
            joint-stock company, trust, unincorporated organization or government or any agency or
            political subdivision thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">17</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Purchase Money
            Obligation</font></i><font size="2">" means any monetary obligation created or assumed
            as part of the purchase price of real or tangible personal property, whether or not
            secured, any extensions, renewals or refundings of any such obligation, provided that
            the principal amount of such obligation on the date of such extension, renewal or
            refunding is not increased and further provided that any security given in respect of
            such obligation shall not extend to any property other than the property acquired in
            connection with which such obligation was created or assumed and fixed improvements, if
            any, thereto or erected or constructed thereon.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Sale and Leaseback
            Transaction</font></i><font size="2">" means any direct or indirect arrangement
            (excluding, however, any such arrangement between Canadian Natural and a Subsidiary or
            between one or more Subsidiaries) pursuant to which property is sold or transferred and
            is thereafter leased back from the purchaser or transferee thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Security
            Interest</font></i><font size="2">" means any security by way of an assignment,
            mortgage, charge, pledge, lien, encumbrance, title retention agreement or other
            security interest whatsoever, howsoever created or arising, whether absolute or
            contingent, fixed or floating, perfected or not; however, for purposes of the "Negative
            Pledge" covenant only, such term shall not include any encumbrance that may be deemed
            to arise solely as a result of entering into an agreement, not in violation of the
            terms of the Indenture, to sell or otherwise transfer assets or property.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Shareholders'
            Equity</font></i><font size="2">" means, with respect to any Person, at any date, the
            aggregate of the Dollar amount of outstanding share capital, the amount, without
            duplication, of any surplus, whether contributed or capital, and retained earnings,
            subject to any currency translation adjustment, all as set forth in such Person's most
            recent annual consolidated balance sheet.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Significant
            Subsidiary</font></i><font size="2">" means a Subsidiary that constitutes a
            "significant subsidiary" as defined in Rule&nbsp;1-02 of Regulation S-X of the Exchange
            Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Subsidiary</font></i><font size="2">"
            means any corporation or other Person of which there are owned, directly or indirectly,
            by or for Canadian Natural or by or for any corporation or other Person in like
            relation to Canadian Natural, Voting Shares or other interests which, in the aggregate,
            entitle the holders thereof to cast more than 50&nbsp;percent of the votes which may be
            cast by the holders of all outstanding Voting Shares of such first mentioned
            corporation or other Person for the election of its directors or, in the case of any
            Person which is not a corporation, Persons having similar powers or (if there are no
            such persons) entitle the holders thereof to more than 50&nbsp;percent of the income or
            capital interests (however called) thereon and includes any corporation in like
            relation to a Subsidiary; provided, however, that such term will not include, for
            purposes of the "Negative Pledge" covenant only, any Subsidiary if the assets of the
            Subsidiary do not at the time exceed 2&nbsp;percent of Consolidated Net Tangible
            Assets.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The term "</font><i><font size="2">Voting
            Shares</font></i><font size="2">" means shares of capital stock of any class of a
            corporation and other interests of any other Persons having under all circumstances the
            right to vote for the election of the directors of such corporation or in the case of
            any Person which is not a corporation, Persons having similar powers or (if there are
            no such Persons) income or capital interests (however called), provided that, for the
            purpose of this definition, shares or other</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">18</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">interests which only carry the right to vote conditionally on the
            happening of an event shall not be considered Voting Shares whether or not such event
            shall have happened.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Events of Default</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The occurrence of any of the following events with respect to the debt
            securities of any series will constitute an "Event of Default" with respect to the debt
            securities of that series:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">default by Canadian Natural in payment of all or any part of
                        the principal of any of the debt securities of that series when the same
                        becomes due under any provision of the Indenture or of those debt
                        securities;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">default by Canadian Natural in payment of any interest due
                        on any of the debt securities of that series, or Additional Amounts on any
                        of the debt securities of that series when they become due and payable, and
                        continuance of that default for a period of 30&nbsp;days;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">default by Canadian Natural in observing or performing any
                        of the covenants described below under "Consolidation, Merger, Amalgamation
                        and Sale of Assets";</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">default by Canadian Natural in observing or performing any
                        other of its covenants or conditions contained in the Indenture or in the
                        debt securities of that series and continuance of that default for a period
                        of 60&nbsp;days after written notice as provided in the
                        Indenture;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">default by Canadian Natural or any Subsidiary in payment of
                        the principal of, premium, if any, or interest on any Indebtedness for
                        borrowed money having an outstanding principal amount in excess of the
                        greater of $75&nbsp;million and 2&nbsp;percent of the Shareholders' Equity
                        of Canadian Natural in the aggregate at the time of default or default in
                        the performance of any other covenant of Canadian Natural or any Subsidiary
                        contained in any instrument under which that indebtedness is created or
                        issued and the holders thereof, or a trustee, if any, for those holders,
                        declare that indebtedness to be due and payable prior to the stated
                        maturities of that indebtedness ("accelerated indebtedness"), and such
                        acceleration shall not be rescinded or annulled, or such default under such
                        instrument shall not be remedied or cured, whether by payment or otherwise,
                        or waived by the holders of such indebtedness, provided that if such
                        accelerated indebtedness is the result of an event of default which is not
                        related to the failure to pay principal or interest on the terms, at the
                        times and on the conditions set forth in such instrument, it will not be
                        considered an Event of Default under this clause&nbsp;(e) until
                        15&nbsp;days after such acceleration;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">certain events of bankruptcy, insolvency, winding up,
                        liquidation or dissolution relating to Canadian Natural or any Significant
                        Subsidiary;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">19</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">the taking or entry of certain judgments or decrees against
                        Canadian Natural or any Subsidiary for the payment of money in excess of
                        the greater of $75&nbsp;million and 2&nbsp;percent of the Shareholders'
                        Equity of Canadian Natural in the aggregate, if Canadian Natural or such
                        Subsidiary, as the case may be, fails to file an appeal or, if Canadian
                        Natural or such Subsidiary, as the case may be, does file an appeal, that
                        judgment or decree is not and does not remain vacated, discharged or stayed
                        as provided in the Indenture; or</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">any other Event of Default provided with respect to debt
                        securities of that series.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">If an Event of Default described in clause&nbsp;(a) or (b) above occurs
            and is continuing with respect to debt securities of any series, unless the principal
            of all of the debt securities of that series shall have already become due and payable,
            the Trustee may, in its discretion, and shall upon request in writing made by the
            Holders of not less than 25&nbsp;percent in aggregate principal amount of the debt
            securities of that series then Outstanding, declare the principal of (and premium, if
            any, on) all the debt securities of that series then Outstanding and the interest
            accrued thereon and all other money, if any, owing under the provisions of the
            Indenture in respect of those debt securities to be due and payable immediately on
            demand. If an Event of Default described in clause&nbsp;(d) or (h) above occurs and is
            continuing with respect to the debt securities of one or more series, unless the
            principal of all of the debt securities of the affected series shall have already
            become due and payable, the Trustee may, in its discretion, and shall upon request in
            writing made by the Holders of not less than 25&nbsp;percent in aggregate principal
            amount of the debt securities of all such affected series then Outstanding (voting as
            one class), declare the principal of (and premium, if any, on) all the debt securities
            of all the affected series then Outstanding and the interest accrued thereon and all
            other money, if any, owing under the provisions of the Indenture in respect of those
            debt securities to be due and payable immediately on demand. If an Event of Default
            described in clause&nbsp;(c), (e), (f) or (g) above occurs and is continuing, unless
            the principal of all debt securities then Outstanding shall have already become due and
            payable, the Trustee may, in its discretion, and shall upon request in writing made by
            the Holders of not less than 25&nbsp;percent in aggregate principal amount of all the
            debt securities then Outstanding (voting as one class), declare the principal of (and
            premium, if any, on) all the debt securities then Outstanding and the interest accrued
            thereon and all other money, if any, owing under the provisions of the Indenture in
            respect of those debt securities to be due and payable immediately on
            demand.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Upon certain conditions, any declaration of this kind may be cancelled
            if all Events of Default with respect to the debt securities of all those affected
            series then Outstanding shall have been cured or waived as provided in the Indenture by
            the Holders of not less than a majority in aggregate principal amount of the debt
            securities of the affected series then Outstanding (voting as one class, except in the
            case of Events of Default described in clauses&nbsp;(a) and (b) of the first sentence
            of the preceding paragraph, as to which each series so affected will vote as a separate
            class). See "Modification and Waiver" below. Reference is made to the applicable
            prospectus supplement or supplements relating to any series of Original Issue Discount
            Securities for the particular provisions relating to the acceleration of a portion of
            the principal amount thereof upon the occurrence and continuance of an Event of Default
            with respect thereto.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">20</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture provides that the Trustee will be under no obligation to
            exercise any of its rights or powers under the Indenture at the request or direction of
            the Holders, unless those Holders shall have provided to the Trustee reasonable
            indemnity. Subject to those provisions for indemnity and certain other limitations
            contained in the Indenture, the Holders of a majority in aggregate principal amount of
            the debt securities of all affected series then Outstanding (voting as one class) will
            have the right to direct the time, method and place of conducting any proceeding for
            any remedy available to the Trustee, or exercising any trust or power conferred on the
            Trustee, with respect to the debt securities of those affected series.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture provides that no Holder of the debt securities of any
            series will have any right to institute any proceeding with respect to the Indenture or
            for any remedy thereunder, unless (a)&nbsp;that Holder shall have previously given to
            the Trustee written notice of a continuing Event of Default with respect to the debt
            securities of that series, (b)&nbsp;the Holders of not less than 25&nbsp;percent in
            aggregate principal amount of the debt securities of all affected series then
            Outstanding (voting as one class) shall have made written request, and provided
            reasonable indemnity, to the Trustee to institute that proceeding, (c)&nbsp;the Trustee
            shall have failed to institute that proceeding within 60 days after that notification,
            request and offer of indemnity and (d)&nbsp;the Trustee shall not have received from
            the Holders of a majority in aggregate principal amount of the debt securities of all
            affected series then Outstanding (voting as one class) a direction inconsistent with
            that request during such 60&nbsp;day period. However, the Holder of any Security will
            have an absolute right to receive payment of the principal of and any premium and
            interest on that Security on or after the due dates expressed in that Security and to
            institute suit for the enforcement of any of these payments. The Indenture requires
            Canadian Natural to furnish to the Trustee annually an Officers' Certificate as to the
            compliance by Canadian Natural with certain covenants, conditions or other requirements
            contained in the Indenture and as to any non-compliance therewith.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture provides that the Trustee may withhold notice to the
            Holders of the debt securities of one or more series of any default affecting those
            series (except defaults as to payment of principal or interest) if it, in good faith,
            considers that withholding to be in the best interests of the Holders of the debt
            securities of those series.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Consolidation, Merger, Amalgamation and Sale of Assets</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Canadian Natural shall not enter into any transaction (whether by way of
            reorganization, reconstruction, consolidation, amalgamation, merger, lease, transfer,
            sale or otherwise) whereby all or substantially all of its assets would become the
            property of any other Person (the "Successor Corporation") unless (a)&nbsp;the
            Successor Corporation shall, prior to or contemporaneously with the consummation of
            that transaction, execute those instruments, which may include a supplemental
            indenture, and do those things as shall be necessary or advisable to establish that
            upon the consummation of that transaction (i)&nbsp;the Successor Corporation will have
            assumed all of the covenants and obligations of Canadian Natural under the Indenture in
            respect of the debt securities of every series, and (ii)&nbsp;the debt securities of
            every series will be valid and binding obligations of the Successor Corporation
            entitling the Holders thereof, as against the Successor Corporation, to all the rights
            of Holders of debt securities under the Indenture; (b)&nbsp;the Successor Corporation
            is a corporation, partnership, or trust organized and validly existing under</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">21</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">the
            laws of Canada or any province thereof or of the United States, any state thereof or
            the District of Columbia, (c)&nbsp;Canadian Natural has delivered to the Trustee,
            within 60&nbsp;days thereof, an Officer's Certificate and an Opinion of Counsel each
            stating that such transaction and such supplemental indenture comply with this covenant
            and all conditions precedent to Section&nbsp;7.1 relating to such transaction have been
            complied with, and (d)&nbsp;immediately before and after giving effect to such
            transaction, no Event of Default, and no event which, after notice or lapse of time or
            both, would become an Event of Default, shall have occurred and be
            continuing.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <b><font size="2">Additional Amounts</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise specified in the applicable prospectus supplement, all
            payments made by Canadian Natural under or with respect to the debt securities will be
            made free and clear of and without withholding or deduction for or on account of any
            present or future tax, duty, levy, impost, assessment or other governmental charge
            (including penalties, interest and other liabilities related thereto) imposed or levied
            by or on behalf of the Government of Canada or of any province or territory thereof or
            by any authority or agency therein or thereof having power to tax (hereinafter
            "Canadian Taxes"), unless Canadian Natural is required to withhold or deduct Canadian
            Taxes by law or by the interpretation or administration thereof. If Canadian Natural is
            so required to withhold or deduct any amount for or on account of Canadian Taxes from
            any payment made under or with respect to the debt securities, Canadian Natural will
            pay to each Holder as additional interest such additional amounts ("Additional
            Amounts") as may be necessary so that the net amount received by each Holder after such
            withholding or deduction (and after deducting any Canadian Taxes on such Additional
            Amounts) will not be less than the amount the Holder would have received if such
            Canadian Taxes had not been withheld or deducted. However, no Additional Amounts will
            be payable with respect to a payment made to a Holder (such Holder, an "Excluded
            Holder") in respect of the beneficial owner thereof:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">with which Canadian Natural does not deal at arm's length
                        (within the meaning of the</font> <i><font size="2">Income Tax
                        Act</font></i> <font size="2">(Canada)) at the time of making such
                        payment;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">which is subject to such Canadian Taxes by reason of the
                        Holder being a resident, domicile or national of, or engaged in business or
                        maintaining a permanent establishment or other physical presence in or
                        otherwise having some connection with Canada or any province or territory
                        thereof otherwise than by the mere holding of debt securities or the
                        receipt of payments thereunder; or</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">which is subject to such Canadian Taxes by reason of the
                        Holder's failure to comply with any certification, identification,
                        information, documentation or other reporting requirements if compliance is
                        required by law, regulation, administrative practice or an applicable
                        treaty as a precondition to exemption from, or a reduction in the rate of
                        deduction or withholding of, such Canadian Taxes.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">22</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Canadian Natural will also:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">make such withholding or deduction; and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">remit the full amount deducted or withheld to the relevant
                        authority in accordance with applicable law.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Canadian Natural will furnish to the Holders of the debt securities,
            within 60&nbsp;days after the date the payment of any Canadian Taxes is due pursuant to
            applicable law, certified copies of tax receipts or other documents evidencing such
            payment by Canadian Natural.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Canadian Natural will indemnify and hold harmless each Holder (other
            than an Excluded Holder) and upon written request reimburse each such Holder for the
            amount of:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">any Canadian Taxes so levied or imposed and paid by such
                        Holder as a result of payments made under or with respect to the debt
                        securities;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">any liability (including penalties, interest and expenses)
                        arising therefrom or with respect thereto; and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">any Canadian Taxes imposed with respect to any reimbursement
                        under clause&nbsp;(i) or (ii) above, but excluding any such Canadian Taxes
                        on such Holder's net income.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Wherever in the Indenture there is mentioned, in any context, the
            payment of principal (and premium, if any), interest or any other amount payable under
            or with respect to a Security, such mention shall be deemed to include mention of the
            payment of Additional Amounts to the extent that, in such context, Additional Amounts
            are, were or would be payable in respect thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Tax
            Redemption</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The debt securities will be subject to redemption in whole, but not in
            part, at the option of Canadian Natural, at any time, on not less than 30 nor more than
            60&nbsp;days prior written notice, at 100&nbsp;percent of the principal amount,
            together with accrued interest thereon to the redemption date, in the event that we
            have become or would become obligated to pay, on the next date on which any amount
            would be payable with respect to the debt securities, any Additional Amounts as a
            result of an amendment to or change in the laws (including any regulations promulgated
            thereunder) of Canada (or any political subdivision or taxing authority thereof or
            therein), or any amendment to or change in any official position regarding the
            application or interpretation of such laws or regulations, which change is announced or
            becomes effective on or after the date of this prospectus.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Modification and Waiver</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture permits Canadian Natural and the Trustee to enter into
            supplemental indentures without the consent of the Holders of the debt securities to,
            among other things: (a)&nbsp;secure the debt securities of one or more series,
            (b)&nbsp;evidence the assumption by the Successor Corporation of Canadian Natural's
            covenants and obligations under the Indenture and the debt</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">23</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">securities then Outstanding, (c)&nbsp;add covenants or Events of Default
            for the benefit of the Holders of one or more series of the debt securities,
            (d)&nbsp;cure any ambiguity or correct or supplement any defective provision in the
            Indenture which correction will not be prejudicial to the interests of the Holders of
            the debt securities, (e)&nbsp;establish the form and terms of the debt securities of
            any series, (f)&nbsp;evidence the acceptance of appointment by a successor Trustee,
            (g)&nbsp;to comply with any requirements of the SEC in order to effect and maintain the
            qualification of the Indenture under the Trust Indenture Act of 1939, as amended,
            (h)&nbsp;to supplement any of the provisions of the Indenture to the extent necessary
            to permit or facilitate defeasance and discharge of any series of debt securities,
            provided, however, such action shall not adversely affect the interests of the Holders
            of any debt securities in any material respect, and (i)&nbsp;make any other
            modifications which will not be prejudicial to the interests of the Holders of the debt
            securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture also permits Canadian Natural and the Trustee, with the
            consent of the Holders of a majority in aggregate principal amount of the debt
            securities of each series then Outstanding and affected (voting as one class), to add
            any provisions to, or change in any manner or eliminate any of the provisions of, the
            Indenture or modify in any manner the rights of the Holders of the debt securities of
            each such affected series; provided, however, that Canadian Natural and the Trustee may
            not, among other things, without the consent of the Holder of each Security then
            Outstanding and affected thereby: (a)&nbsp;change the Stated Maturity of the principal
            amount of, or any installment of the principal of or the interest on, that Security,
            (b)&nbsp;reduce the principal amount of or the rate of interest on or any premium
            payable upon the redemption of that Security, (c)&nbsp;reduce the amount of principal
            of an Original Issue Discount Security payable upon acceleration of the Maturity
            thereof, (d)&nbsp;change the place or currency of payment of the principal of or any
            premium or interest on that Security, (e)&nbsp;impair the right to institute suit for
            the enforcement of payment of this kind with respect to that Security on or after the
            Stated Maturity thereof, (f)&nbsp;reduce the percentage in principal amount of the
            Outstanding Securities of the affected series, the consent of whose Holders is required
            for modification or amendment of the Indenture, or for any waiver with respect to
            defaults, breaches, Events of Default or declarations of acceleration, (g)&nbsp;change
            the time at which any Security may or shall be redeemable or repayable, (h)&nbsp;change
            any obligation of Canadian Natural to pay additional amounts provided for pursuant to
            the Indenture, with certain exceptions, or (i)&nbsp;modify any provisions of the
            Indenture relating to modifying or amending the Indenture or the waiving of past
            defaults or covenants except as otherwise specified in the Indenture.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Prior to the acceleration of the Maturity of any debt securities, the
            Holders of a majority in aggregate principal amount of the debt securities of all
            series at the time Outstanding with respect to which a default or breach or an Event of
            Default shall have occurred and be continuing (voting as one class) may on behalf of
            the Holders of all such affected debt securities waive any past default or breach or
            Event of Default and its consequences, except a default in the payment of the principal
            of or premium or interest on any Security of any series or an Event of Default in
            respect of a covenant or provision of the Indenture or of any Security which cannot be
            modified or amended without the consent of the Holder of each Security
            affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">24</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Defeasance and Covenant Defeasance</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise specified in the applicable prospectus supplement, the
            Indenture provides that, at the option of Canadian Natural, Canadian Natural will be
            discharged from any and all obligations with respect to the debt securities of any
            series (except for certain obligations to register the transfer or exchange of the debt
            securities of that series, to replace mutilated, destroyed, lost or stolen debt
            securities of that series, to maintain paying agencies, to compensate and indemnify the
            Trustee and to maintain the trust and payments under the trust described below and the
            defeasance provisions of the Indenture) (hereinafter called a "defeasance") upon the
            irrevocable deposit with the Trustee, in trust, of money, and/or Government Obligations
            which, through the payment of the principal thereof and the interest thereon in
            accordance with their terms, will provide money, in an amount sufficient, in the
            opinion of a nationally recognized firm of independent chartered accountants, to pay
            all the principal of and any premium and interest on the debt securities of that series
            on the Stated Maturity of those payments in accordance with the terms of the debt
            securities of that series. Such a defeasance may be effected only if, among other
            things, (i)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in
            the United States (who may be counsel for Canadian Natural) stating that Canadian
            Natural has received from, or there has been published by, the Internal Revenue Service
            a ruling, since the date of the Indenture, or there has been a change in the applicable
            laws or regulations, in either case to the effect that the Holders of the debt
            securities of that series will not recognize income, gain or loss for United States
            federal income tax purposes as a result of that defeasance and will be subject to
            United States federal income tax on the same amounts, in the same manner and at the
            same times as would have been the case if that defeasance had not occurred, and
            (ii)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in Canada
            (who may be counsel for Canadian Natural) or a ruling from the Canada Revenue Agency to
            the effect that the Holders of the debt securities of that series will not recognize
            income, gain or loss for Canadian federal or provincial income or other Canadian tax
            purposes as a result of that defeasance and will be subject to Canadian federal or
            provincial income and other Canadian tax (including withholding tax) on the same
            amounts, in the same manner and at the same times as would have been the case if that
            defeasance had not occurred (and for the purposes of such opinion, such Canadian
            counsel shall assume that Holders of the debt securities include holders who are not
            resident in Canada). In addition, Canadian Natural may also obtain a discharge of the
            Indenture with respect to the debt securities of all series issued under the Indenture
            by depositing with the Trustee, in trust, an amount of money and government securities
            as shall be sufficient to pay, at Stated Maturity or upon redemption, all of those debt
            securities, provided that those debt securities are by their terms to become due and
            payable within one year or are to be called for redemption within one year.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture also provides that Canadian Natural may omit to comply
            with the restrictive covenants described under the caption "Negative Pledge" and
            certain other covenants and no Event of Default shall arise with respect to the debt
            securities of that series by reason of this failure to comply (hereinafter called a
            "covenant defeasance"), upon the irrevocable deposit with the Trustee, in trust, of
            money and/or Government Obligations which, through the payment of the principal thereof
            and the interest thereon in accordance with their terms, will provide money, in an
            amount sufficient, in the opinion of a nationally recognized firm of independent
            chartered accountants, to pay all the principal of and any premium and interest on the
            debt</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">25</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">securities of that series on the Stated Maturity of those payments in
            accordance with the terms of the debt securities of that series. Canadian Natural's
            other obligations with respect to the debt securities of that series would remain in
            full force and effect. A covenant defeasance may be effected only if, among other
            things, (i)&nbsp;Canadian Natural has delivered to the Trustee an Opinion of Counsel in
            the United States (who may be counsel for Canadian Natural) to the effect that the
            Holders of debt securities of that series will not recognize income, gain or loss for
            United States federal income tax purposes as a result of the covenant defeasance and
            will be subject to United States federal income tax on the same amounts, in the same
            manner and at the same times as would have been the case if that covenant defeasance
            had not occurred, and (ii)&nbsp;Canadian Natural has delivered to the Trustee an
            Opinion of Counsel in Canada (who may be counsel for Canadian Natural) or a ruling from
            the Canada Revenue Agency to the effect that the Holders of the debt securities of that
            series will not recognize income, gain or loss for Canadian federal or provincial
            income or other Canadian tax purposes as a result of that covenant defeasance and will
            be subject to Canadian federal or provincial income and other Canadian tax (including
            withholding tax) on the same amounts, in the same manner and at the same times as would
            have been the case if that covenant defeasance had not occurred (and for the purposes
            of such opinion, such Canadian counsel shall assume that Holders of the debt securities
            include holders who are not resident in Canada).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">In the event that Canadian Natural exercises its option to effect a
            covenant defeasance with respect to the debt securities of any series and the debt
            securities of that series are thereafter declared due and payable because of the
            occurrence of another Event of Default, the amount of money and securities on deposit
            with the Trustee would be sufficient, in the opinion of a nationally recognized firm of
            independent chartered accountants, to pay the amounts due on the debt securities of
            that series at their respective Stated Maturities, but may not be sufficient, in the
            opinion of a nationally recognized firm of independent chartered accountants, to pay
            the amounts due on the debt securities of that series at the time of the acceleration
            resulting from that Event of Default. However, Canadian Natural would remain liable for
            this deficiency.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Provision of Financial Information</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We will file with the Trustee, within 15&nbsp;days after we file them
            with the SEC, copies of our annual report and other information (or copies of such
            portions of any of the foregoing as the SEC may by rules and regulations prescribe)
            which we are required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the
            Exchange Act. Notwithstanding that we may not be required to remain subject to the
            reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act or otherwise
            report on an annual and quarterly basis on forms provided for such annual and quarterly
            reporting pursuant to rules and regulations promulgated by the SEC, we will continue to
            provide the Trustee, and file with the SEC, in accordance with rules and regulations
            prescribed from time to time by the SEC, the information, documents and reports which
            may be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a
            security listed and registered on a national securities exchange as may be prescribed
            from time to time in such rules and regulations, which, regardless of applicable
            requirements shall, at a minimum, consist of such information required to be provided
            in quarterly and annual reports under the laws of Canada or any province thereof to
            security holders of a corporation with securities listed on the Toronto Stock Exchange,
            whether or not we have any or our securities listed on such exchange. Such</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">26</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">information will be prepared in accordance with Canadian disclosure
            requirements and Canadian GAAP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Resignation of Trustee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Trustee may resign or be removed with respect to one or more series
            of debt securities and a successor Trustee may be appointed to act with respect to such
            series. In the event that two or more persons are acting as Trustee with respect to
            different series of debt securities, each such Trustee shall be a Trustee of a trust
            under the Indenture separate and apart from the trust administered by any other such
            Trustee, and any action described herein to be taken by the "Trustee" may then be taken
            by each such Trustee with respect to, and only with respect to, the one or more series
            of debt securities for which it is Trustee.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Payment and Paying Agents</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise provided in the applicable prospectus supplement,
            principal, premium, if any, and interest, if any, on debt securities will be payable at
            an office or agency of the Trustee in New York, New York, except that at our option
            interest, if any, may be paid (i)&nbsp;by check mailed to the address of the Person
            entitled thereto as such address shall appear in the Security Register or (ii)&nbsp;by
            wire transfer to an account located in the United States maintained by the Person
            entitled thereto as specified in the Security Register. Unless otherwise provided in
            the applicable prospectus supplement, payment of any instalment of interest on debt
            securities will be made to the Person in whose name such debt security is registered at
            the close of business on the Regular Record Date for such interest.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Any Paying Agents outside the United States and any other Paying Agents
            in the United States initially designated by us for the debt securities will be named
            in the applicable prospectus supplement. We may at any time designate additional Paying
            Agents or rescind the designation of any Paying Agent or approve a change in the office
            through which any Paying Agent acts, except that we will be required to maintain a
            Paying Agent in each Place of Payment for such series.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Consent to Service and Jurisdiction</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We have designated CT Corporation System, 111-8<sup>th</sup> Avenue,
            13<sup>th</sup>&nbsp;Floor, New York, New York 10011 as our authorized agent for
            service of process in the United States in any action, suit or proceeding arising out
            of or relating to the Indenture or the debt securities. Any such action may be brought
            in any Federal court (or, if such court refuses to take jurisdiction, in any New York
            state court) located in the Borough of Manhattan in The City of New York, or brought
            under United States federal or state securities laws or brought by the Trustee, and
            Canadian Natural has irrevocably submitted to the jurisdiction of such
            courts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Governing Law</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Indenture and the debt securities will be governed by and construed
            in accordance with the laws of the State of New York.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">27</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Enforceability of Judgments</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Since a significant portion of all of our assets, as well as the assets
            of a number of our directors and officers, are outside the United States, any judgment
            obtained in the United States against us or certain of our directors or officers,
            including judgments with respect to the payment of principal on any debt securities,
            may not be collectible within the United States.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We have been informed by Parlee McLaws</font> <small>LLP</small>
            <font size="2">that the laws of the Province of Alberta and the federal laws of Canada
            applicable therein permit an action to be brought in a court of competent jurisdiction
            in the Province of Alberta on any final and conclusive judgment in</font>
            <i><font size="2">personam</font></i> <font size="2">of any federal or state court
            located in the State of New York (a "New York Court") against us, which judgment is
            subsisting and unsatisfied for a sum certain with respect to enforceability of the
            Indenture and the debt securities that is not impeachable as void or voidable or
            otherwise effective under the internal laws of the State of New York if (i)&nbsp;the
            New York Court rendering such judgment had jurisdiction over the judgment debtor, as
            recognized by the courts of the Province of Alberta (and submission by us in the
            Indenture to the jurisdiction of the New York Court will be sufficient for that purpose
            with respect to the debt securities), (ii)&nbsp;the judgment debtor was properly served
            in connection with any action leading to such judgment, (iii)&nbsp;such judgment was
            not obtained by fraud or in a manner contrary to natural justice and the enforcement
            thereof would not be inconsistent with public policy, as such terms are understood
            under the laws of the Province of Alberta and enforcement thereof will not be contrary
            to any order made by the Attorney General of Canada under the</font>
            <i><font size="2">Foreign Extraterritorial Measures Act</font></i>
            <font size="2">(Canada) or by the Competition Tribunal under the</font>
            <i><font size="2">Competition Act</font></i> <font size="2">(Canada), (iv)&nbsp;the
            enforcement of such judgment would not be contrary to the laws of general application
            limiting the enforcement of creditors' rights including any other rule of law, whether
            equitable, legal or statutory, bankruptcy, reorganization, winding up, moratorium and
            similar laws and does not constitute, directly or indirectly, the enforcement of
            foreign revenue, expropriatory, penal or public laws in the Province of Alberta,
            (v)&nbsp;no new admissible evidence relevant to the action is discovered prior to the
            rendering of judgment by the court in the Province of Alberta, (vi)&nbsp;interest
            payable on the debt securities is not characterized by a court in the Province of
            Alberta as interest payable at a criminal rate within the meaning of section&nbsp;347
            of the</font> <i><font size="2">Criminal Code</font></i> <font size="2">(Canada) and
            (vii)&nbsp;the action to enforce such judgment is commenced within the appropriate
            limitation periods, except that any court in the Province of Alberta may only give
            judgment in Canadian dollars. We have been advised by such counsel that there is doubt
            as to the enforceability in Canada in original actions, or in motions to enforce
            judgments of United States courts, of civil liabilities predicated solely upon United
            States federal securities laws.</font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc10"></a>CERTAIN INCOME TAX CONSIDERATIONS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The applicable prospectus supplement will describe the material Canadian
            federal income tax consequences to an investor who is a citizen or resident of the
            United States purchasing the debt securities, including whether payments of principal,
            premium, if any, and interest will be subject to Canadian non-resident withholding
            tax.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The applicable prospectus supplement will also describe certain United
            States federal income tax consequences of the purchase, ownership and disposition of
            the debt securities by an</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">28</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">investor who is a United States person (as defined in the applicable
            prospectus supplement), including, to the extent applicable, certain relevant United
            States federal income tax rules pertaining to capital gains and ordinary income
            treatment, original issue discount, backup withholding and the foreign tax credit, and
            any consequences relating to debt securities payable in a currency other than U.S.
            dollars, issued at an original discount for United States federal income tax purposes
            or containing early redemption provisions or other special terms.</font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc11"></a>RISK FACTORS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <i><font size="2">Prospective purchasers of the debt securities should consider
            carefully the risk factors set forth below as well as the other information contained
            in and incorporated by reference in this prospectus and in the prospectus supplement
            before purchasing the debt securities in this offering.</font></i><b><font size="2">In
            addition to the risk factors set forth below, additional risk factors are discussed in
            our Annual Information Form and our management&rsquo;s discussion and analysis, which
            risk factors are incorporated herein by reference.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">A substantial or extended decline in oil and gas prices could have a
            material adverse effect on us.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Our financial condition will be substantially dependent on, and highly
            sensitive to, the prevailing prices of crude oil and natural gas. Fluctuations in crude
            oil or natural gas prices could have a material adverse effect on our operations and
            financial condition and the value and amount of our reserves. Prices for crude oil and
            natural gas fluctuate in response to changes in the supply of and demand for, crude oil
            and natural gas, market uncertainty and a variety of additional factors beyond our
            control. Oil prices are determined by international supply and demand. Factors which
            affect crude oil prices include the actions of the Organization of Petroleum Exporting
            Countries, the condition of the Canadian, United States and Asian economies, government
            regulation, political stability in the Middle East and elsewhere, the foreign supply of
            oil, the price of foreign imports, the availability of alternate fuel sources and
            weather conditions. Natural gas prices realized by us will be affected primarily in
            North America by supply and demand, weather conditions and prices of alternate sources
            of energy. Any substantial or extended decline in the prices of crude oil or natural
            gas could result in a delay or cancellation of existing or future drilling, development
            or construction programs or curtailment in production at some properties or resulting
            unutilized long-term transportation commitments, all of which could have a material
            adverse effect on our revenues, profitability and cash flows.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We conduct an annual assessment of the carrying value of our assets in
            accordance with Canadian generally accepted accounting principles. If oil and natural
            gas prices decline, the carrying value of our assets could be subject to downward
            revisions, and our earnings could be adversely affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">A substantial portion of our production on a Boe basis is primary and
            thermal heavy oil. The market prices for this heavy oil differ from the established
            market indices for light and medium grades of oil, due principally to the higher
            transportation and refining costs associated with heavy oil. As a result, the price
            received for heavy oil is generally lower than the price for</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">29</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">medium and light oil, and the production costs associated with heavy oil
            are relatively higher than for lighter grades. Future differentials are uncertain and
            any increase in the heavy oil differentials could have a material adverse effect on our
            business.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Our business is subject to environmental legislation in all
            jurisdictions in which we operate and any changes in such legislation could negatively
            affect our results of operations.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">All phases of the oil and natural gas business are subject to
            environmental regulation pursuant to a variety of Canadian, United States, United
            Kingdom, European Union and other federal, provincial, state and municipal laws and
            regulations, as well as international conventions (collectively, "environmental
            legislation").</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Environmental legislation imposes, among other things, restrictions,
            liabilities and obligations in connection with the generation, handling, storage,
            transportation, treatment and disposal of hazardous substances and waste and in
            connection with spills, releases and emissions of various substances to the
            environment. Environmental legislation also requires that wells, facility sites and
            other properties associated with our operations be operated, maintained, abandoned and
            reclaimed to the satisfaction of applicable regulatory authorities. In addition,
            certain types of operations, including exploration and development projects and
            significant changes to certain existing projects, may require the submission and
            approval of environmental impact assessments or permit applications. Compliance with
            environmental legislation can require significant expenditures and failure to comply
            with environmental legislation may result in the imposition of fines and penalties. The
            costs of complying with environmental legislation in the future may have a material
            adverse effect on our financial condition or results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Canadian Federal Government (the "Federal Government") has announced
            its intention to regulate greenhouse gases ("GHG") and other air pollutants. In late
            April 2007, the Federal Government announced its regulatory framework (the "Framework")
            that outlines its clean air and climate change action plan, including a target to
            reduce GHG emissions and a commitment to regulate industry on an emissions intensity
            basis in the short-term. The regulations to achieve these objectives will be enacted
            under the</font> <i><font size="2">Canadian Environmental Protection Act,
            1999</font></i> <font size="2">and will be introduced starting in spring 2008. For GHG,
            the Framework sets a 2010 implementation date for emissions intensity reduction
            targets.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The government of Alberta (the "Alberta Government") has also passed
            legislation that regulates GHG emissions from certain facilities located in the
            province. The Alberta Government's legislation is called the</font>
            <i><font size="2">Climate Change and Emissions Management Act</font></i>
            <font size="2">("CCEMA"). In March 2007, the Alberta Government proposed amendments to
            the CCEMA that, starting on July 1, 2007, requires facilities that emit more than
            100,000 tonnes of GHG per year to reduce their emissions intensity by 12% from a
            baseline established using an average emissions intensity calculated from reported
            emissions averaged over a three year period depending on the type of facility. The
            companies that operate these facilities will be given options under the regulations to
            the CCEMA to allow them to comply with this requirement. These compliance options
            include making operating improvements, buying offsets to apply against their emission
            total or making a contribution at $15/tonne to a new Alberta Government fund that will
            invest in technology to reduce greenhouse gas emissions in the province.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">30</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">As these programs are under development, we are unable to predict the
            total impact or cost of the potential regulations on our business. Therefore, it is
            possible that we could face increases in operating costs in order to comply with GHG
            emissions legislation. In cooperation with the Canadian Association of Petroleum
            Producers, we will continue to work with the Federal Government and the Alberta
            Government to develop an approach to deal with climate change issues that manages the
            cost and administrative burden of compliance and supports continued investment in the
            sector.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We anticipate that changes in environmental legislation may require
            reductions in GHG emissions to the air from our operations. Any required reductions in
            the GHG emitted from our operations could result in increased capital expenditures and
            increased operating expenses, especially those related to the Horizon Project and our
            other existing and planned oil sands projects. This may have an adverse effect on our
            net earnings and cash flow from operations. Future changes in environmental legislation
            could occur and result in stricter standards and enforcement, larger fines and
            liability, and increased capital expenditures and operating costs, which could have a
            material adverse effect on our financial condition or results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">If we fail to acquire or find additional reserves, our reserves and
            production will decline materially from current levels.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Our future oil and natural gas reserves and production, and therefore
            our cash flows and results of operations, are highly dependent upon our success in
            exploiting our current reserve base and acquiring or discovering additional reserves.
            Without additions to our reserves through exploration, acquisition or development
            activities, our reserves and production will decline over time as reserves are
            depleted. The business of exploring for, developing or acquiring reserves is capital
            intensive. To the extent our cash flows from operations are insufficient to fund our
            capital expenditures and external sources of capital become limited or unavailable, our
            ability to make the necessary capital investments to maintain and expand our oil and
            natural gas reserves will be impaired. In addition, we may be unable to find and
            develop or acquire additional reserves to replace our oil and natural gas production at
            acceptable costs.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">We
            operate in a highly competitive industry.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The energy industry is highly competitive in all aspects, including the
            exploration for, and the development of, new sources of supply, the construction and
            operation of crude oil and natural gas pipelines and facilities, the acquisition of oil
            and natural gas interests and the transportation and marketing of crude oil, natural
            gas, natural gas liquids and electricity. We will compete not only among participants
            in the energy industry, but also between petroleum products and other energy sources.
            Our competitors will include integrated oil and natural gas companies and numerous
            other senior oil and natural gas companies, some of which may have greater financial
            and other resources than us.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">We
            are subject to a number of business risks that could affect our results of
            operations.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Other business risks include operational risks, the cost of capital
            available to fund exploration and development programs, fluctuations in foreign
            exchange rates, the availability of skilled labour and manpower, cost overruns in
            capital projects, escalating operating costs,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">31</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">regulatory issues and taxation and the requirements of new environmental
            laws and regulations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2"><font size="2">On September 18, 2007, the Alberta Royalty Review Panel
            released its report providing non-binding recommendations on modifications to the
            Alberta provincial royalty and tax regime. If the recommendations were implemented in
            their current form, it would negatively impact our cash flow. The Government of Alberta
            has announced that it intends to provide a formal response to the report by mid
            October. It is not possible to predict at this time which of the recommendations, if
            any, will be adopted by the Government of Alberta and implemented and therefore what
            the impact will be on Canadian Natural.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2"><font size="2">Exploring for, producing and transporting petroleum
            substances involves many risks, which even a combination of experience, knowledge and
            careful evaluation may not be able to overcome. These activities are subject to a
            number of hazards which may result in fires, explosions, spills, blow-outs or other
            unexpected or dangerous conditions causing personal injury, property damage,
            environmental damage and interruption of operations. Our liability, property and
            business interruption insurance may not provide adequate coverage in certain unforeseen
            circumstances.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Our ownership interests in foreign oil and natural gas properties
            involve a number of risks and could adversely affect our results of
            operations.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Our foreign investments involve risks typically associated with
            investments in developing countries such as uncertain political, economic, legal and
            tax environments. These risks may include, among other things, currency restrictions
            and exchange rate fluctuations, loss of revenue, property and equipment as a result of
            hazards such as expropriation, nationalization, war, insurrection and other political
            risks, risks of increases in taxes and governmental royalties, renegotiation of
            contracts with governmental entities and quasi-governmental agencies, changes in laws
            and policies governing operations of foreign-based companies and other uncertainties
            arising out of foreign government sovereignty over our international operations. In
            addition, if a dispute arises in our foreign operations, we may be subject to the
            exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign
            persons to the jurisdiction of a court in the United States or Canada.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Our private ownership of oil and natural gas properties in Canada
            differs distinctly from our ownership interests in foreign oil and natural gas
            properties. In some foreign countries in which we do and may do business in the future,
            the state generally retains ownership of the minerals and consequently retains control
            of, and in many cases participates in, the exploration and production of reserves.
            Accordingly, operations outside of Canada may be materially affected by host
            governments through royalty payments, export taxes and regulations, surcharges, value
            added taxes, production bonuses and other charges. In addition, changes in prices and
            costs of operations, timing of production and other factors may affect estimates of oil
            and natural gas reserve quantities and future net cash flows attributable to foreign
            properties in a manner materially different than such changes would affect estimates
            for Canadian properties. Agreements covering foreign oil and natural gas operations
            also frequently contain provisions obligating us to spend specified amounts on
            exploration and development or to perform certain operations, or forfeit all or a
            portion of the acreage subject to the contract.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Our
            oil and natural gas reserve data and future net revenue estimates are
            uncertain.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">There are numerous uncertainties inherent in estimating quantities of
            reserves, including many factors beyond our control. The reserve information set forth
            and incorporated by reference in this prospectus is our estimate.</font>
            <font size="2">In general, estimates of economically recoverable oil and natural gas
            reserves and the future net cash flow therefrom are based upon a number of factors and
            assumptions made as of the date on which the reserve estimates were determined, such as
            geological and engineering estimates which have inherent uncertainties, the assumed
            effects of regulation by governmental agencies and estimates of future commodity prices
            and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">32</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">operating costs, all of which may vary considerably from actual results.
            All such estimates are, to some degree, uncertain and classifications of reserves are
            only attempts to define the degree of uncertainty involved. For these reasons,
            estimates of the economically recoverable oil, natural gas liquids and natural gas
            reserves attributable to any particular group of properties, the classification of such
            reserves based on risk of recovery and estimates of future net revenues expected
            therefrom, prepared by different engineers or by the same engineers at different times,
            may vary substantially. Our actual production, revenues, taxes and development,
            abandonment and operating expenditures with respect to our reserves will likely vary
            from such estimates, and such variances could be material.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Estimates with respect to reserves that may be developed and produced in
            the future are often based upon volumetric calculations and upon analogy to similar
            types of reserves, rather than upon actual production history. Estimates based on these
            methods generally are less reliable than those based on actual production history.
            Subsequent evaluation of the same reserves based upon production history will result in
            variations, which may be material, in the estimated reserves.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">The debt securities will be structurally subordinated to any
            indebtedness of our subsidiaries.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We carry on our business through corporate and partnership subsidiaries.
            The majority of our assets are held in one or more corporate or partnership
            subsidiaries. Our results of operations and ability to service indebtedness, including
            the debt securities, are dependent upon the results of operations of these subsidiaries
            and the payment of funds by these subsidiaries to us in the form of loans, dividends or
            otherwise. In the event of the liquidation of any corporate or partnership subsidiary,
            the assets of the subsidiary would be used first to repay the indebtedness of the
            subsidiary, including trade payables or obligations under any guarantees, prior to
            being used by us to pay our indebtedness, including any debt securities. Such
            indebtedness and any other future indebtedness of our subsidiaries would be
            structurally senior to the debt securities. The Indenture pursuant to which the debt
            securities will be issued does not limit our ability or the ability of our subsidiaries
            to incur additional unsecured indebtedness. See "Description of Debt
            Securities&mdash;Ranking and Other Indebtedness".</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc12"></a>PLAN OF DISTRIBUTION</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We may sell the debt securities to or through underwriters or dealers or
            to one or more other purchasers directly or through agents.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The applicable prospectus supplement will describe the terms of the
            offering, including the name or names of any underwriters or agents, the purchase price
            or prices of the debt securities to be offered, the proceeds to us from the sale of the
            debt securities to be offered, any initial public offering price, any underwriting
            discount or commission and any discounts, concessions or commissions allowed or
            reallowed or paid by any underwriter to other dealers. Any initial public offering
            price and any discounts, concessions or commissions allowed or reallowed or paid to
            dealers may be changed from time to time.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">33</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The debt securities may be sold from time to time in one or more
            transactions at a fixed price or fixed prices, which may be changed, or at market
            prices prevailing at the time of sale, at prices related to these prevailing market
            prices or at negotiated prices.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">If indicated in the applicable prospectus supplement, we may authorize
            dealers or other persons acting as our agents to solicit offers by certain institutions
            to purchase the debt securities directly from us pursuant to contracts providing for
            payment and delivery on a future date. These contracts will be subject only to the
            conditions described in the applicable prospectus supplement or supplements, which will
            also describe the commission payable for solicitation of these contracts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We may enter into agreements to indemnify underwriters, dealers and
            agents who participate in the distribution of the debt securities against certain
            liabilities, including liabilities under the U.S. Securities Act of 1933, as amended,
            or to contribution with respect to payments which the underwriters, dealers or agents
            may be required to make in respect of these liabilities. The underwriters, dealers and
            agents with whom we enter into agreements may be customers of, engage in transactions
            with or perform services for us in the ordinary course of business.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The debt securities will not be qualified for sale under the securities
            laws of any province or territory of Canada and may not be offered, sold or delivered,
            directly or indirectly, in Canada or to any resident of Canada in contravention of the
            securities laws of any province or territory of Canada. Each underwriter and each
            dealer participating in the distribution of debt securities will agree that it will
            not, directly or indirectly, offer, sell or deliver any such debt securities purchased
            by it in connection with that distribution in Canada or to any resident of Canada in
            contravention of the securities laws of any province or territory of Canada.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Each series of the debt securities will be a new issue of securities
            with no established trading market. Unless otherwise specified in an applicable
            prospectus supplement relating to a series of debt securities, the debt securities will
            not be listed on any securities exchange or on any automated dealer quotation system.
            Some broker-dealers may make a market in the debt securities, but they will not be
            obligated to do so and may discontinue any market-making activities at any time without
            notice. We cannot assure you that there will be liquidity in the trading market for the
            debt securities of any series or that an active public market for the debt securities
            of any series will develop. If an active public trading market for the debt securities
            of any series does not develop, the market price and liquidity of the series of debt
            securities may be adversely affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc13"></a>LEGAL MATTERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Unless otherwise specified in the applicable prospectus supplement
            relating to a series of debt securities, the validity of the debt securities will be
            passed upon for us by Parlee McLaws</font> <small>LLP</small><font size="2">, Calgary,
            Alberta, and by Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, New York, New York.
            As to all matters of Canadian federal and Alberta law, Paul, Weiss, Rifkind, Wharton
            &amp; Garrison LLP may rely upon the opinion of Parlee McLaws</font>
            <small>LLP</small><font size="2">. As to all matters of U.S. federal and New York law,
            Parlee McLaws</font> <small>LLP</small> <font size="2">may rely upon the opinion of
            Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">34</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We are advised that, as of the date hereof, the partners and associates
            of Parlee McLaws</font> <small>LLP</small> <font size="2">beneficially own, directly or
            indirectly, less than one percent of our outstanding securities and none of our
            securities or our property are to be received by such persons.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc14"></a>EXPERTS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Our consolidated balance sheets as at December&nbsp;31, 2006 and 2005
            and the consolidated statements of earnings, retained earnings and cash flows for each
            of the years in the three year period ended December&nbsp;31, 2006 have been
            incorporated by reference in this prospectus in reliance on the report dated
            March&nbsp;15, 2007 of PricewaterhouseCoopers LLP, independent auditors, given on the
            authority of said firm as experts in auditing and accounting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Sproule Associates Limited, RyderScott Company and GLJ Petroleum
            Consultants Ltd., independent reserves evaluators, have evaluated our reserves in
            reports dated March&nbsp;1, 2007, March&nbsp;1, 2007 and February&nbsp;5, 2007
            respectively, as more particularly described in our Annual Information Form,
            incorporated by reference herein. The statements as to our reserves, which appear in or
            are incorporated by reference herein, have been so included or incorporated by
            reference upon the authority, as experts, of Sproule Associates Limited, Ryder Scott
            Company and GLJ Petroleum Consultants Ltd.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Based on information provided by the relevant persons or companies,
            there are beneficial interests, direct or indirect, in less than 1% of our securities
            or property or securities or property of our associates or affiliates held by Sproule
            Associates Limited, RyderScott Company or GLJ Petroleum Consultants Ltd. or by
            "designated professionals", being any partners, employees or consultants of such
            independent reserves evaluators who participated in and who were in a position to
            directly influence the preparation of the relevant report, or any such person who, at
            the time of the preparation of the report was in a position to directly influence the
            outcome of the preparation of the report.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc15"></a>DOCUMENTS FILED AS PART OF THE REGISTRATION
            STATEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The following documents have been filed with the SEC as part of the
            registration statement of which this prospectus is a part insofar as required by the
            SEC's Form&nbsp;F-9:</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the documents listed in the second paragraph under "Where
                        You Can Find More Information" in this prospectus to the extent not
                        previously filed with the SEC;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the consents of our accountants PricewaterhouseCoopers
                        LLP;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the consent of our counsel Parlee McLaws</font>
                        <small>LLP</small><font size="2">;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the consent of our independent petroleum consultants Sproule
                        Associates Limited;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the consent of our independent petroleum consultants Ryder
                        Scott Company;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the consent of our independent petroleum consultants Gilbert
                        Laustsen Jung Associates Ltd.;</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">35</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">powers of attorney from directors and officers of Canadian
                        Natural;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">the indenture relating to the debt securities;
                        and</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 10pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">statement of eligibility of the Trustee on
                        Form&nbsp;T-1.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><a name="toc16"></a></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">36</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2"><a name="toc17"></a>CONSENT OF PRICEWATERHOUSECOOPERS
            LLP</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We have read the base shelf prospectus of Canadian Natural Resources
            Limited (the "Company") dated September&nbsp;25, 2007 relating to the issue and sale of
            up to US$3,000,000,000 of Debt Securities of the Company. We have complied with
            Canadian generally accepted standards for an auditor's involvement with offering
            documents.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">We consent to the incorporation by reference in the above-mentioned
            prospectus of our report to the shareholders of Canadian Natural Resources Limited on
            the consolidated balance sheets of Canadian Natural Resources Limited as at
            December&nbsp;31, 2006 and 2005 and the consolidated statements of earnings, retained
            earnings and cash flows for each of the years in the three-year period ended
            December&nbsp;31, 2006. Our report is dated March&nbsp;15, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">(Signed)</font> <i><font size="2">&ldquo;PricewaterhouseCoopers
            LLP&rdquo;</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Chartered Accountants</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">September 25</font><font size="2">, 2007</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                <tr>
                    <td valign="top" width="280">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">37</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><a name="toc18"></a></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(This
            page has been left blank intentionally)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">PART II</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">INFORMATION NOT REQUIRED TO BE DELIVERED</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">TO OFFEREES OR PURCHASERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Indemnification</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Under the Business Corporations Act (Alberta) (the &ldquo;ABCA&rdquo;),
            the Registrant may indemnify a present or former director or officer or a person who
            acts or acted at the Registrant&rsquo;s request as a director or officer of a body
            corporate of which the Registrant is or was a shareholder or creditor, and his heirs
            and legal representatives, against all costs, charges and expenses, including an amount
            paid to settle an action or satisfy a judgment, reasonably incurred by him in respect
            of any civil, criminal or administrative action or proceeding to which he is made a
            party by reason of being or having been a director or officer of the Registrant or that
            body corporate, if the director or officer acted honestly and in good faith with a view
            to the best interests of the Registrant, and, in the case of a criminal or
            administrative action or proceeding that is enforced by a monetary penalty, had
            reasonable grounds for believing that his conduct was lawful. Such indemnification may
            be in connection with a derivative action only with court approval. A director or
            officer is entitled to indemnification from the Registrant as a matter of right if he
            or she was substantially successful on the merits, fulfilled the conditions set forth
            above, and is fairly and reasonably entitled to indemnity.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The by-laws of the Registrant provide that, subject to the limitations
            contained in the ABCA, the Registrant shall indemnify a director or officer, a former
            director or officer, or a person who acts or acted at the Registrant&rsquo;s request as
            a director or officer of a body corporate of which the Registrant is or was a
            shareholder or creditor, and his heirs, executors, administrators and other legal
            representatives, to the fullest extent which may from time to time be permitted by the
            ABCA, from and against, (a) all costs, charges and expenses that he incurs in respect
            of any civil, criminal or administrative action or proceeding that is proposed or
            commenced against him by reason of being or having been a director or officer of the
            Registrant, and (b) all other costs, charges and expenses that he sustains or incurs in
            respect of the affairs of the Registrant, except in respect of an action by or on
            behalf of the Registrant, or such body corporate, to procure a judgment in its
            favor.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The by-laws of the Registrant provide that the Registrant may, subject
            to the limitations contained in the ABCA, purchase and maintain insurance for the
            benefit of any director or officer as such against any liability incurred by him in his
            capacity as a director or officer of the Registrant or as a director or officer of any
            body corporate where he acts or acted in that capacity at the Registrant&rsquo;s
            request. The Registrant has purchased third party director and officer liability
            insurance.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Insofar as indemnification for liabilities arising under the Securities
            Act of 1933 may be permitted to directors, officers or persons controlling the
            Registrant pursuant to the foregoing provisions, the Registrant has been informed that
            in the opinion of the Securities and Exchange Commission such indemnification is
            against public policy as expressed in the Securities Act of 1933 and is therefore
            unenforceable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">II-1</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">EXHIBITS</font></b></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="685" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Exhibit</font></b><br>
                        <u><b><font size="2">Number</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <u><b><font size="2">Description</font></b></u></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 58.05pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 58.05pt" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 58.05pt" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The Annual Information Form of the Registrant, dated March
                        28, 2007, for the fiscal year ended December&nbsp;31, 2006 (incorporated by
                        reference to the Registrant&rsquo;s Annual Report on Form&nbsp;40-F for the
                        fiscal year ended December&nbsp;31, 2006, as filed with the Securities and
                        Exchange Commission on March 30, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.2*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The Information Circular of the Registrant, dated March 14,
                        2007, issued in connection with the Annual Meeting of Shareholders of the
                        Registrant held on May 3, 2007, excluding those portions which appear under
                        the headings &ldquo;Performance Graph,&rdquo; &ldquo;Report on Executive
                        Compensation by the Compensation Committee&rdquo; and &ldquo;Statement of
                        Corporate Governance Practices&rdquo; (which portions shall be deemed not
                        to be incorporated by reference in this Registration Statement on
                        Form&nbsp;F-9) (incorporated by reference to the Registrant&rsquo;s Report
                        on Form&nbsp;6-K, as filed with the Securities and Exchange Commission on
                        March 29, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.3*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">&ldquo;Management&rsquo;s Discussion and Analysis&rdquo; of
                        the Registrant for the fiscal year ended December&nbsp;31, 2006
                        (incorporated by reference to the Registrant&rsquo;s Annual Report on
                        Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2006, as filed
                        with the Securities and Exchange Commission on March 30, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.4*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">The annual audited comparative consolidated financial
                        statements of the Registrant, together with the notes thereto and
                        Auditors&rsquo; Report thereon, as at and for the fiscal year ended
                        December&nbsp;31, 2006 (incorporated by reference to the Registrant&rsquo;s
                        Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31,
                        2006, as filed with the Securities and Exchange Commission on March 30,
                        2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.5*</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">The unaudited interim comparative consolidated financial
                        statements of the Registrant, together with the notes thereto, for the
                        period ended June 30, 2007 (incorporated by reference to the
                        Registrant&rsquo;s Report on Form&nbsp;6-K, filed with the Securities and
                        Exchange Commission on August 20, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">4.6*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify">
                        <font size="2">&ldquo;Management&rsquo;s Discussion and Analysis&rdquo; of
                        the Registrant relating to the period ended June 30, 2007 (incorporated by
                        reference to the Registrant&rsquo;s Report on Form&nbsp;6-K, filed with the
                        Securities and Exchange Commission on August 20, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">5.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">Consent of PricewaterhouseCoopers LLP, independent chartered
                        accountants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">5.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Parlee McLaws LLP.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">5.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Sproule Associates Limited, independent petroleum
                        engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">5.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Ryder Scott Company, independent petroleum
                        engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">5.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Consent of Gilbert Laustsen Jung Associates Ltd.,
                        independent petroleum engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">6.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Powers of Attorney (included on the signature page of this
                        Registration Statement).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">7.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN:justify">
                        <font size="2">Indenture dated as of July&nbsp;24, 2001, between the
                        Registrant and The Bank of Nova Scotia Trust Company New York, as Trustee
                        (incorporated by reference to the Registrant&rsquo;s Registration Statement
                        on Form&nbsp;F-9, as filed with the Securities and Exchange Commission on
                        August&nbsp;12, 2002).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 17.25pt; TEXT-ALIGN: left">
                        <font size="2">7.2*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="606">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">Statement of Eligibility of the Trustee of Form&nbsp;T-1
                        (incorporated by reference to the Registrant&rsquo;s Registration Statement
                        on Form F-9, as filed with the Securities and Exchange Commission on August
                        12, 2002).</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">*
            PREVIOUSLY FILED</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">II-2</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">PART III</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Item 1. Undertaking</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">The Registrant undertakes to make available, in person or by telephone,
            representatives to respond to inquiries made by the Commission staff, and to furnish
            promptly, when requested to do so by the Commission staff, information relating to the
            securities registered pursuant to Form&nbsp;F-9 or to transactions in said
            securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Item 2. Consent to Service of Process</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Concurrent with the filing of this Registration Statement, the
            Registrant has filed with the Commission a written irrevocable consent and power of
            attorney on Form F-X.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">Any change to the name or address of the agent for service of process of
            the Registrant shall be communicated promptly to the Securities and Exchange Commission
            by an amendment to the Form F-X referencing the file number of the relevant
            registration statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">III-1</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">SIGNATURES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">Pursuant to the requirements of the Securities Act of 1933, the
            Registrant certifies that it has reasonable grounds to believe that it meets all of the
            requirements for filing on Form&nbsp;F-9 and has duly caused this Amendment No. 1 to
            this Registration Statement to be signed on its behalf by the undersigned, thereunto
            duly authorized, in the City of Calgary, Province of Alberta, Canada, on September 25,
            2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="576" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="282">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CANADIAN NATURAL RESOURCES LIMITED</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="282">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="23">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="230">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <font size="2">/s/ John G. Langille</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="282">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="23">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="230">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:&nbsp;John G. Langille</font><br>
                        <font size="2">Title:&nbsp;&nbsp;&nbsp;Vice Chairman</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.3in; TEXT-INDENT: -0.3in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">Pursuant to the requirements of the Securities Act of 1933, this
            Registration Statement has been signed by the following persons in the capacities and
            on the dates indicated.</font></p>

            <table style="MARGIN-LEFT: 6pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="618" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Signature</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Capacity</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Date</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: -4.3pt; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Steve W. Laut</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">President and Chief Operating Officer (Principal Executive
                        Officer)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Douglas A. Proll</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Senior Vice-President, Finance and Chief Financial Officer
                        (Principal Financial and Accounting Officer)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Allan P. Markin</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Chairman and Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Catherine M. Best</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.5pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">N. Murray Edwards</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Vice-Chairman and Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">III-2</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <table style="MARGIN-LEFT: 6pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="618" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Signature</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Capacity</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.3pt; TEXT-ALIGN: left">
                        <u><b><font size="2">Date</font></b></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: -4.3pt; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Gary A. Filmon</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Gordon D. Giffin</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">John G. Langille</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Vice-Chairman and Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Keith A. J. MacPhail</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Norman F. McIntyre</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Frank J. McKenna</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: -4.5pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">James S. Palmer</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">Eldon R. Smith, M.D.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="264">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5pt; TEXT-ALIGN: left">
                        <u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br>

                        <font size="2">David A. Tuer</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="130">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5.55pt; MARGIN-LEFT: 0in; TEXT-INDENT: 4.3pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">
                        <font size="2">September&nbsp;25, 2007</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">*By:
            /s/</font> <u><font size="2">Douglas A. Proll</font></u></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="195" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="48">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0pt" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Douglas A. Proll<BR>Attorney-in-Fact<BR>September 25, 2007</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">III-3</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">AUTHORIZED REPRESENTATIVE</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="2">Pursuant to the requirements of Section 6(a) of the Securities Act of
            1933, the Authorized Representative has duly caused this Registration Statement to be
            signed on its behalf by the undersigned, solely in its capacity as the duly authorized
            representative of Canadian Natural Resources Limited in the United States, on
            September&nbsp;25, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: justify">
            <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="576" border="0">
                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="282">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">CANNAT ENERGY INC.</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="bottom" width="282">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        </p>
                    </td>

                    <td valign="bottom" width="40">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="bottom" width="23">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="230">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <br>
                        <font size="2">/s/ John G. Langille</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="282">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="23">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="230">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Name:&nbsp;John G. Langille</font><br>
                        <font size="2">Title:&nbsp;&nbsp;&nbsp;Vice Chairman</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">III-4</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="637" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><font size="2">Exhibit</font></b><br>
                        <u><b><font size="2">Number</font></b></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <br>
                        <u><b><font size="2">Description</font></b></u></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 58.05pt">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 58.05pt" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 58.05pt" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The Annual Information Form of the Registrant, dated March
                        28, 2007, for the fiscal year ended December&nbsp;31, 2006 (incorporated by
                        reference to the Registrant&rsquo;s Annual Report on Form&nbsp;40-F for the
                        fiscal year ended December&nbsp;31, 2006, as filed with the Securities and
                        Exchange Commission on March 30, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.2*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The Information Circular of the Registrant, dated March 14,
                        2007, issued in connection with the Annual Meeting of Shareholders of the
                        Registrant held on May 3, 2007, excluding those portions which appear under
                        the headings &ldquo;Performance Graph,&rdquo; &ldquo;Report on Executive
                        Compensation by the Compensation Committee&rdquo; and &ldquo;Statement of
                        Corporate Governance Practices&rdquo; (which portions shall be deemed not
                        to be incorporated by reference in this Registration Statement on
                        Form&nbsp;F-9) (incorporated by reference to the Registrant&rsquo;s Report
                        on Form&nbsp;6-K, as filed with the Securities and Exchange Commission on
                        March 29, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.3*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">&ldquo;Management&rsquo;s Discussion and Analysis&rdquo; of
                        the Registrant for the fiscal year ended December&nbsp;31, 2006
                        (incorporated by reference to the Registrant&rsquo;s Annual Report on
                        Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2006, as filed
                        with the Securities and Exchange Commission on March 30, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.4*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">The annual audited comparative consolidated financial
                        statements of the Registrant, together with the notes thereto and
                        Auditors&rsquo; Report thereon, as at and for the fiscal year ended
                        December&nbsp;31, 2006 (incorporated by reference to the Registrant&rsquo;s
                        Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31,
                        2006, as filed with the Securities and Exchange Commission on March 30,
                        2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.5*</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: left">
                        &nbsp;</p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">The unaudited interim comparative consolidated financial
                        statements of the Registrant, together with the notes thereto, for the
                        period ended June 30, 2007 (incorporated by reference to the
                        Registrant&rsquo;s Report on Form&nbsp;6-K, filed with the Securities and
                        Exchange Commission on August 20, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">4.6*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">&ldquo;Management&rsquo;s Discussion and Analysis&rdquo; of
                        the Registrant relating to the period ended June 30, 2007 (incorporated by
                        reference to the Registrant&rsquo;s Report on Form&nbsp;6-K, filed with the
                        Securities and Exchange Commission on August 20, 2007).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">5.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">
                        <font size="2">Consent of PricewaterhouseCoopers LLP, independent chartered
                        accountants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">5.3</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Parlee McLaws LLP.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">5.4</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Sproule Associates Limited, independent petroleum
                        engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">5.5</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Ryder Scott Company, independent petroleum
                        engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">5.6</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Consent of Gilbert Laustsen Jung Associates Ltd.,
                        independent petroleum engineering consultants.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">6.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Powers of Attorney (included on the signature page of this
                        Registration Statement).</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <br>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="637" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">7.1*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Indenture dated as of July&nbsp;24, 2001, between the
                        Registrant and The Bank of Nova Scotia Trust Company New York, as Trustee
                        (incorporated by reference to the Registrant&rsquo;s Registration Statement
                        on Form&nbsp;F-9, as filed with the Securities and Exchange Commission on
                        August&nbsp;12, 2002).</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left">
                        <font size="2">7.2*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="558">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Statement of Eligibility of the Trustee of
                        Form&nbsp;T-1</font> <font size="2">(incorporated by reference to the
                        Registrant&rsquo;s Registration Statement on Form F-9, as filed with the
                        Securities and Exchange Commission on August 12, 2002).</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">*
            PREVIOUSLY FILED</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>ex5-1_formf9a1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
            <HTML>
            <HEAD>
            <TITLE> </TITLE>
            </HEAD>
            <BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

            <div style='width:600;'>


            <p style=' margin-bottom:10pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;<br> <img src="img3.gif"><br> <img src="img2.gif"></font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=1>PricewaterhouseCoopers LLP</font></b></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=1>Chartered Accountants</font></b></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=1>111 5 Avenue SW, Suite 3100</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=1>Calgary, Alberta</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=1>Canada T2P 5L3</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=1>Telephone +1 (403) 509 7500</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=1>Facsimile +1 (403) 781 1825</font></p>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Consent of Independent Auditors</font></b></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We hereby consent to the incorporation by reference in the registration statement on Form F-9 dated September 25, 2007, of our audit report dated March 15, 2007, on the consolidated balance sheets of Canadian Natural Resources Limited as at December 31, 2006 and 2005, and the consolidated statements of earnings, retained earnings and cash flows for each of years in the three-year period ended December 31, 2006 and management's assessment of the effectiveness  of internal control over financial reporting and the effectiveness of internal control over financial reporting of Canadian Natural Resources Limited as of December 31, 2006. We also consent to the reference to us under the heading "Experts" in the Form F-9.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="img5.jpg"><br> </p>

            <table border="0" cellspacing=0 cellpadding=0 width="167" style='border-collapse:collapse'>
                <tr >
                    <td width="167" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chartered Accountants</font></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Calgary, Alberta</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>September 25, 2007</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><font size=1>PricewaterhouseCoopers refers to the Canadian firm of PricewaterhouseCoopers LLP and the other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. </font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>ex5-3_formf9a1.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
            <HTML>
            <HEAD>
            <TITLE> </TITLE>
            </HEAD>
            <BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

            <div style='width:600;'>



            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>



            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><b><font size=2>Exhibit 5.3</font></b></u></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
                <tr >
                    <td width="638" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:151.2%'><img src="img1.gif"><br> </p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>September 25, 2007</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Dear Sirs/Mesdames:</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
                <tr >
                    <td width="48" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Re:</font></b></p> </td>
                    <td  valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Canadian Natural Resources Limited ("CNRL")</font></b></p> </td> </tr></table>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We refer to the Registration Statement on Form&nbsp;F-9 of CNRL dated September 25, 2007 (collectively the "Registration Statement").</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We hereby consent to the use of our firm name in the Registration Statement and to the reference to our opinion under "Certain Income Tax Considerations" and reference to our firm name under the heading "Legal Matters" in the Registration Statement.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Yours truly,</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>(Signed)</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>"</font><i><font size=2>PARLEE McLAWS </font><small>LLP"</small></i></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>PLEASE REPLY TO CALGARY OFFICE</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="717" style='border-collapse:collapse'>
                <tr >
                    <td  nowrap colspan="6" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>CALGARY</font></B></p> </td>
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=1>EDMONTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></B></p> </td>
                    <td  width="1">
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
                <tr >
                    <td  nowrap colspan="3" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>3400 Petro-Canada Centre</font></p> </td>
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Established 1883</font></p> </td>
                    <td  nowrap colspan="4" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;&nbsp;1500 Manulife Place&nbsp;&nbsp;&nbsp;</font></p> </td> </tr>
                <tr >
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>150&#150;6 Avenue SW, Calgary, Alberta  T2P 3Y7</font></p> </td>
                    <td  nowrap colspan="2" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Patent &amp; Trademark Agents</font></p> </td>
                    <td  nowrap colspan="3" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>10180&#150;101 Street, Edmonton, Alberta  T5J 4K1</font></p> </td>
                    <td   colspan="2">
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
                <tr >
                    <td width="253" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Telephone: (403)294-7000  Fax: (403)265-8263</font></p> </td>
                    <td  nowrap colspan="3" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Web Site: www.parlee.com</font></b></p> </td>
                    <td  nowrap colspan="4" valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>Telephone: (780)423-8500  Fax: (780)423-2870</font></p> </td>
                    <td  width="1">
                        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
                <tr>
                    <td width="253" ></td>

                    <td width="9" ></td>

                    <td width="20" ></td>

                    <td width="211" ></td>

                    <td width="119" ></td>

                    <td width="32" ></td>

                    <td width="71" ></td>

                    <td width="1" ></td>

                    <td width="1" ></td> </tr> </table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>9
<FILENAME>ex5-4_formf9a1.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
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            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><b><font size=2>Exhibit 5.4</font></b></u></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.75in;text-align:justify;'><font size=2>September 25, 2007</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>United States Securities and Exchange Commission</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="539" style='border-collapse:collapse'>
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                    <td width="32" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Re:</font></b></p> </td>
                    <td width="452" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Registration Statement on Form F-9 dated September 25, 2007<BR>(the &#147;Registration Statement&#148;) of Canadian Natural Resources Limited</font></b></p> </td>
                    <td  width="55">
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We are a firm of independent geological and petroleum engineer consultants of Calgary, Alberta having prepared evaluation reports entitled &#147;Evaluation of the P&amp;NG Reserves of Canadian Natural Resources Limited in North America (As of December 31, 2006) Based on Escalated Prices and Costs&#148; and &#147;Evaluation of the P&amp;NG Reserves of Canadian Natural Resources Limited in North America (As of December 31, 2006) Based on Constant Price and Costs&#148; both dated March 1, 2007 (the &#147;Reports&#148;); of certain oil and gas properties of Canadian Natural Resources Limited.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We refer to the Registration Statement relating to the offering of Debt Securities by Canadian Natural Resources Limited and hereby consent to the reference to our firm under the heading &#147;Experts&#148; and to the use of our Reports which are incorporated by reference in the Registration Statement.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="217" style='margin-left:215.95pt;border-collapse:collapse; '>
                <tr >
                    <td width="217" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sincerely,</font></p> </td> </tr>
                <tr >
                    <td width="217" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><br>   </p> </td> </tr>
                <tr >
                    <td width="217" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/&nbsp;Harry J. Helwerda, P.Eng.</font></p> </td> </tr>
                <tr >
                    <td width="217" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Harry J. Helwerda, P.Eng.</font><br> <font size=2>Executive Vice President</font></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Enclosure(s)</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>HJH:paob</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>10
<FILENAME>ex5-5_formf9a1.htm
<DESCRIPTION>EXHIBIT 5.5
<TEXT>
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            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><U><B><font SIZE=2>EXHIBIT 5.5</font></B></U></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>LETTER OF CONSENT</font></B></p>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Re:</font></b></p> </td>
                    <td  valign=top style='padding:0in 0in 12.0pt 0in'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Registration Statement on Form F-9 dated  September 25, 2007 (the &#147;Registration   Statement&#148;) of Canadian Natural Resources Limited</font></b></p> </td> </tr></table>


            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Dear Sirs:</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>We are a firm of independent petroleum consultants of Calgary, Alberta having prepared an evaluation report entitled &#147;CNR International (U.K.) Limited North Sea, and Offshore West Africa Constant (and Escalated) Parameters&#148;, as of December&nbsp;31, 2006 (the &#147;Report&#148;) of certain oil and gas properties of Canadian Natural Resources Limited. The Report was dated March 1, 2007.</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>We refer to the Registration Statement relating to the offering of Debt Securities by Canadian Natural Resources Limited and hereby consent to the reference to our firm under the heading &#147;Experts&#148; and to the use of our Report which is incorporated by reference in the Registration Statement.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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                        <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in'><font size=2>Yours very truly,</font></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>


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                        <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in'><font size=2>(Signed) Ryder Scott Company-Canada</font></p> </td> </tr></table>

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            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>11
<FILENAME>ex5-6_formf9a1.htm
<DESCRIPTION>EXHIBIT 5.6
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            <p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:right;'><U><B><font SIZE=2>EXHIBIT 5.6</font></B></U></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


            <table border="0" cellspacing=0 cellpadding=0 width="751" style='border-collapse:collapse'>
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                    <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><img src="img8.gif"><br> </p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td width="108" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=6>GLJ</font></B></p> </td>
                    <td width="408" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=5>Petroleum</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=5>Consultants</font></p> </td>
                    <td width="156" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.25pt'><font size=1>Principal Officers:</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Harry Jung, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>President, C.E.O.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Dana B. Laustsen, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Executive V.P., C.O.O.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Keith M. Braaten, </font><font size=1>P. Eng.</font></p>
            <p
            style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Executive V.P.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.25pt'><font size=1>Officers / Vice Presidents:</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Terry L. Aarsby, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Jodi L. Anhorn, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Neil I. Dell, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>David G.
            Harris, </font><font size=1>P. Geol.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Myron J. Hladyshevsky, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Bryan M. Joa, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>John H. Stilling, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Douglas R. Sutton, </font><font size=1>P. Eng.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>James H. Willmon, </font><font size=1>P. Eng</font><font size=1>.</font></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.25in;text-align:center;'><B><font SIZE=3>LETTER OF CONSENT</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Re:</font></b></p> </td>
                    <td  valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Registration Statement on Form</font></b><font size=3>&nbsp;</font><b><font size=3>F-9 dated September 25, 2007 (the &#147;Registration</font></b></p> </td> </tr></table>



            <table border="0" cellspacing=0 cellpadding=0 width="627" style='border-collapse:collapse'>
                <tr >
                    <td width="48" nowrap valign=top >
                        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
                    <td width="579" nowrap valign=top >
                        <p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font
size=3>Statement&#148;) of Canadian Natural Resources Limited</font></b><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>We are a firm of independent petroleum consultants of Calgary, Alberta having prepared an evaluation report entitled &#147;Horizon Oil Sands Project, Surface Mineable Reserves Booking, Effective December&nbsp;31, 2006&#148; (the &#147;Report&#148;). The Report was dated February&nbsp;5, 2007.</font></p>

            <p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>We refer to the Registration Statement relating to the offering of Debt Securities by Canadian Natural Resources Limited and hereby consent to the reference to our firm under the heading &#147;Experts&#148; and to the use of our Report which is incorporated by reference in the Registration Statement.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>Yours very truly,</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><B><font SIZE=2>GLJ PETROLEUM CONSULTANTS LTD.</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><B><font SIZE=2>ORIGINALLY SIGNED BY</font></B></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>James H. Willmon, P. Eng.</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>Vice-President</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Dated:  September 25, 2007</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Calgary, Alberta</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font SIZE=2>CANADA</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

            <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: 0.15em solid"></div>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4100, 400 - 3<sup>rd</sup> Avenue S.W., Calgary, Alberta, Canada T2P 4H2 </font><font size=4><b>&#149;</b></font><font size=2> (403) 266-9500 </font><font size=4><b>&#149;</b></font><font size=2> Fax (403) 262-1855 </font><font size=4><b>&#149;</b></font><font size=2> GLJPC.com</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

            <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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