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Canadian Natural to pay $3.125 billion for oil and gas lands in Western Canada

CALGARY - Canadian Natural Resources Ltd (TSX:CNQ) will pay $3.125 billion cash to buy conventional oil and gas assets near its core areas in Western Canada in a major land deal with Devon Canada.

Canadian Natural 's announcement comes just weeks after it called off plans to sell a major portion of its holdings due to low prices.

The Devon Canada lands in the deal are adjacent or close to Canadian Natural's current operations in Western Canada.

In addition to the producing assets, Canadian Natural will acquire more than two million acres of undeveloped land and nearly three million acres of royalty lands from Devon.

Canadian Natural expects the deal to close April 1.

The Canadian Press

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