Painted Pony Enters into Agreement to be Acquired by Canadian Natural Resources Limited - Seite 3

ADVISORS
TD Securities Inc. (“TD”) and RBC Capital Markets are acting as Co-Lead Financial Advisors, and Raymond James Ltd. is also acting as a Financial Advisor, in connection with the Transaction. TD provided a verbal fairness opinion (the “Fairness Opinion”) that, subject to review of the final form of documents affecting the Transaction, as at the date of the Arrangement Agreement, the consideration to be received by Painted Pony shareholders pursuant to the Transaction is fair, from a financial point of view, to Painted Pony shareholders.

Blake, Cassels & Graydon LLP is acting as legal counsel to Painted Pony.

Bennett Jones LLP is acting as legal counsel to the Purchaser.

Gryphon Advisors Inc. is acting as proxy solicitor for Painted Pony.

DEFINITIONS AND ADVISORIES
Currency: All amounts referred to in this press release are stated in Canadian dollars unless otherwise specified.

Forward-Looking Information: This press release contains certain forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to future events or future performance and is based upon the Corporation's current internal expectations, estimates, projections, assumptions and beliefs. All information other than historical fact is forward-looking information. Words such as "plan", "expect", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words that indicate events or conditions may occur are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward looking information relating to the anticipated benefits of the Transaction to Painted Pony and its shareholders; the timing and anticipated receipt of required Securityholder, court, regulatory, stock exchange and other third party approvals for the Transaction; the ability of Painted Pony and the Purchaser to satisfy the other conditions to, and to complete, the Transaction; and the anticipated timing of the holding of the Meeting and the closing of the Transaction.

In respect of the forward-looking statements concerning the anticipated benefits and completion of the Transaction, the timing and anticipated receipt of required third party approvals and the anticipated timing for completion of the Transaction, the Purchaser and Painted Pony have provided such in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail special meeting materials, including the information circular; the ability of the parties to receive, in a timely manner, the necessary Securityholder, court, regulatory, stock exchange and other third party approvals, including but not limited to the receipt of applicable competition approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement Agreement.