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Canadian Natural Resources Ltd Announces Acquisition of Barrick Gold Corp's Barrick Energy Inc


Tuesday, 23 Jul 2013 05:21pm EDT 

Canadian Natural Resources Ltd announced that it is entering into an agreement relating to the acquisition of Barrick Energy Inc (BEI), a subsidiary of Barrick Gold Corp following the sale by BEI of certain assets, for cash consideration of approximately $173 million and a gross overriding royalty on certain lands at Nipisi. BEI's high quality land and production are located in Alberta and operated with a high working interest. The production base is concentrated in light oil weighted assets with strong netbacks, long reserve life and are complementary to Canadian Natural's existing core areas. The transaction is targeted to close July 31, 2013, subject to normal closing conditions. Canadian Natural will fund this acquisition through a combination of operating cash flow and available bank facilities.