December 12, 2016 / 2:06 PM / a year ago

BRIEF-Canadian Natural Resources announces sale of stake in the Cold Lake Pipeline

Dec 12 (Reuters) - Canadian Natural Resources Ltd

* Canadian natural resources ltd - upon closing of transaction company will receive gross proceeds of $350 million in cash

* Canadian natural resources - expects to record an after-tax gain on disposition of approximately $200 million, based upon preliminary value allocations

* Canadian natural resources - transaction consists of monetization of co’s entire 15% interest of cold lake pipeline, 14.7% interest in cold lake limited partnership

* Canadian natural resources-upon closing of deal co will receive 6.4 million common shares of inter pipeline at an ascribed value of $177.5 million

* Canadian natural resources - after completion of sale, co will retain access to cold lake pipeline system for portions of company’s crude oil volumes

* Canadian natural resources limited announces the sale of its ownership interest in the cold lake pipeline Source text for Eikon: Further company coverage:

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