Painted Pony Energy Ltd. (“Painted Pony”) (TSX: PONY) today announces the closing of the previously announced acquisition of Painted Pony by Canadian Natural Resources Limited ("Canadian Natural") (TSX, NYSE: CNQ) pursuant to a plan of arrangement (the “Arrangement”).

Pursuant to the Arrangement, shareholders of Painted Pony received $0.69 in cash for each share held at the effective time of the Arrangement. A form of letter of transmittal pursuant to which registered shareholders of Painted Pony can submit their share certificates in order to receive the cash consideration under the Arrangement was mailed to all registered shareholders. A copy of the letter of transmittal has been filed on Painted Pony’s profile at www.sedar.com and has been posted on Painted Pony’s website. Shareholders of Painted Pony who hold their shares through a broker are not required to submit a letter of transmittal; rather they will receive the cash consideration through their brokerage account.

The Painted Pony common shares will be de-listed from the Toronto Stock Exchange within a few trading days and Painted Pony will make an application to cease to be a reporting issuer.

Additional information regarding the Arrangement is provided in the management information circular of Painted Pony dated August 31, 2020, which is available on the SEDAR website at www.sedar.com under Painted Pony’s profile.

ABOUT CANADIAN NATURAL

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

For further information:

Canadian Natural

Tim S. McKayPresident

Mark A. StainthorpeChief Financial Officer and Senior Vice-President, Finance

Jason M. PopkoManager, Investor Relations

(403) 514-7777ir@cnrl.comwww.cnrl.com

Certain information regarding Painted Pony contained herein may constitute forward-looking statements under applicable securities laws.  Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Refer to Canadian Natural's website for complete forward-looking statements www.cnrl.com

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