Husky Makes Another White Rose Discovery

Husky has made a hydrocarbon discovery at the White Rose O-28 delineation well in the western section of the White Rose oil field, offshore Newfoundland and Labrador, Canada.

The O-28 well was drilled on Significant Discovery License 1044 to depths of up to 3,342 meters. The well revealed a 280 meter oil column in a multi- layered reservoir in the Ben Nevis Avalon formation. An additional side-track well is being drilled and logged to provide further information about reservoir quality, continuity and hydrocarbon contacts. Based on our current interpretation of the 3-D seismic and the O-28 well results, the discovery could contain a potential recoverable resource of 40 to 90 million barrels of oil. This potential recoverable resource is in addition to the gross proved and probable reserves of approximately 240 million barrels recognized in the White Rose oil field at the end of 2005.

"We are very encouraged by the initial results from the O-28 delineation well and this pool should provide an important addition to the White Rose oil field," said Mr. John C.S. Lau, CEO and President. "Further drilling and reservoir evaluation will be carried out to determine the extent of the reservoir and its recoverable reserves. We expect this discovery will significantly extend the production plateau and field life of the White Rose oil field." Mr. Lau further indicated that additional delineation wells are planned for the White Rose area over the next few years.

Husky Energy plans to tie this western extension of the oil field back to the SeaRose FPSO (floating production, storage and offloading vessel). The SeaRose FPSO is presently producing approximately 85,000 barrels of oil per day from four production wells. A fifth production well, which is being completed and scheduled to come on production later this month, will increase reservoir production capacity to approximately 110,000 barrels of oil per day. A sixth production well, which is scheduled to come on stream at the end of 2006, will further increase reservoir production capacity to 125,000 barrels of oil per day.

Husky Energy will be completing performance testing on the SeaRose FPSO during this summer to determine the productive capacity of the FPSO and will be applying to the regulatory authority C-NLOPB (Canada - Newfoundland and Labrador Offshore Petroleum Board) to increase the annualized daily production limit above the currently approved 100,000 barrels of oil per day.

Husky Energy holds a 72.5 percent working interest in the White Rose oil field and is the project operator.

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