Husky Announces Tucker Oil Sands Project Completion

Mr. John C.S. Lau, President & Chief Executive Officer, Husky Energy Inc., announced that construction on the Tucker Oil Sands Project is complete and that steam injection into the reservoir commenced on August 20th.

First oil is anticipated in November of this year, with peak production of more than 30,000 barrels per day expected to be achieved within two years after commencement. During the 35-year Tucker project life, Husky expects to produce approximately 350 million barrels of bitumen. The facility will employ approximately 40 full-time workers.

Construction on the project, 30 kilometers northwest of Cold Lake, Alberta, began in the fall of 2004 and at its peak employed approximately 700 on-site workers from several contractors. Total project capital costs are below the budget of $500 million. Husky used a lump sum turnkey contract for the Central Processing Facility, which amounted to approximately 60 percent of the total project capital costs.

"Tucker is in close proximity to Husky's Cold Lake pipeline system and heavy oil upgrader in Lloydminster, Saskatchewan, making it an attractive integrated project," said Mr. Lau. "I wish to congratulate the Husky project execution team and its contractors in completing the work on time and under budget, given the cost pressures and wet weather of 2005."

Husky Energy is a Canadian-based integrated energy and energy-related company headquartered in Calgary, Alberta.


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