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Title: |
Annual Information Form |
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Entities: |
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Date: |
2005 |
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Preview shows 9KB of 208KB total |
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$81 |
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ID: |
#871154 |
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CANADIAN NATURAL RESOURCES LIMITED
ANNUAL INFORMATION FORM
March 30, 2005
<PAGE>
1
TABLE OF CONTENTS
DEFINITIONS....................................................................3
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS..............................4
THE COMPANY....................................................................6
GENERAL DEVELOPMENT OF THE BUSINESS............................................7
REGULATORY MATTERS.............................................................9
RISK FACTORS..................................................................10
ENVIRONMENTAL MATTERS.........................................................14
DESCRIPTION OF THE BUSINESS...................................................14
A. PRINCIPAL CRUDE OIL AND NATURAL GAS PROPERTIES.............................16
Drilling Activity..........................................................17
Producing Oil and Natural Gas Wells........................................18
Northeast British Columbia.................................................18
Northwest Alberta..........................................................20
Northern Plains............................................................21
Southern Plains and Southeast Saskatchewan.................................23
United Kingdom North Sea...................................................24
Offshore West Africa.......................................................25
Cote d'Ivoire..............................................................26
Angola.....................................................................26
Horizon Oil Sands Project..................................................27
B. CRUDE OIL AND NATURAL GAS RESERVES.........................................28
C. RECONCILIATION OF CHANGES IN NET RESERVES..................................33
D. OIL SANDS MINING RESERVES..................................................34
E. CRUDE OIL AND NATURAL GAS PRODUCTION.......................................34
F. HISTORICAL DRILLING ACTIVITY BY PRODUCT....................................38
G. CAPITAL EXPENDITURES.......................................................39
H. NON-RESERVE ACREAGE........................................................41
I. DEVELOPED ACREAGE..........................................................41
SELECTED FINANCIAL INFORMATION................................................42
CAPITAL STRUCTURE.............................................................43
<PAGE>
2
MARKET FOR CANADIAN NATURAL RESOURCES LIMITED SECURITIES......................45
DIVIDEND HISTORY..............................................................46
TRANSFER AGENTS and REGISTRAR.................................................46
DIRECTORS AND EXECUTIVE OFFICERS..............................................47
AUDIT COMMITTEE INFORMATION...................................................51
LEGAL PROCEEDINGS.............................................................52
INTERESTS OF EXPERTS..........................................................52
ADDITIONAL INFORMATION........................................................52
SCHEDULE "A"..................................................................53
SCHEDULE "B"..................................................................56
CURRENCY
Unless otherwise indicated, all dollar figures stated in this Annual Information
Form represent Canadian dollars.
<PAGE>
3
DEFINITIONS
The following are definitions of selected abbreviations used in this Annual
Information Form:
"ARTC" means Alberta Royalty Tax Credit.
"bbl" or "barrel" means 34.972 Imperial gallons or 42 U.S. gallons.
"Bcf" means one billion cubic feet.
"bbls/d" means barrels per day.
"BOE" or "boe" means natural gas is converted to oil equivalent at the rate of
six thousand cubic feet equals one barrel of oil equivalent.
"Canadian Natural Resources Limited", "Canadian Natural", "CNRL" or "Company"
means Canadian Natural Resources Limited and includes, where applicable,
reference to subsidiaries of and partnership interests held by Canadian Natural
Resources Limited and its subsidiaries.
"FPSO" means floating production, storage and off-take vessel.
"gross acres" means the total number of acres in which the Company holds a
working interest or the right to earn a working interest.
"gross wells" means the total number of wells in which the Company has a working
interest.
"mbbl" means one thousand barrels.
"mcf" means one thousand cubic feet.
"mcf/d" means one thousand cubic feet per day.
"mmbbl" means one million barrels.
"mmbtu" means one million British thermal units.
"mmcf" means one million cubic feet.
"mmcf/d" means one million cubic feet per day.
"NGLs" means natural gas liquids.
"net acres" refers to gross acres multiplied by the percentage working interest
therein owned or to be owned by the Company.
"net wells" refers to gross wells multiplied by the percentage working interest
therein owned or to be owned by the Company.
"SAGD" means steam-assisted gravity drainage.
"undeveloped land" or "non-reserve acreage" refers to lands on which wells have
not been drilled or completed to a point that would permit the production of
commercial quantities of crude oil and natural gas.
"working interest" means the interest held by the Company in a crude oil or
natural gas property, which interest normally bears its proportionate share of
the costs of exploration, development, and operation as well as any royalties or
other production burdens.
"WTI" means West Texas Intermediate.
<PAGE>
4
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this document or incorporated herein by reference may
constitute "forward-looking statements" within the meaning of the United States
Private Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such because of the context of the statements
including words such as the Company "believes", "anticipates", "expects",
"plans", "estimates", or words of a similar nature.
The forward-looking statements are based on current expectations and are subject
to known and unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company, or industry results,
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others: the general economic and business conditions which will, among
other things, impact demand for and market prices of the Company's products; the
foreign currency exchange rates; the economic conditions in the countries and
regions in which the Company conducts business; the political uncertainty,
including actions of or against terrorists, insurgent groups or other conflict
including conflict between states; the industry capacity; the ability of the
Company to implement its business strategy, including exploration and
development activities; the impact of competition, availability and cost of
seismic, drilling and other equipment; the ability of the Company to complete
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