Husky Energy: Discovery Increases White Rose Reserve Estimates

Husky Energy has successfully completed the White Rose 2006 delineation program, which has resulted in an increase of the assessment of White Rose recoverable resources of 190 million barrels of oil.

The Company is pleased to advise that a hydrocarbon discovery has been made at the North Amethyst K-15 delineation well, located in the southwestern section of the White Rose oil field, estimated to contain a recoverable resource of 40 to 100 million barrels of oil, with a likely estimate of 70 million barrels. The K-15 well was drilled on White Rose Significant Discovery License 1044 to a depth of 2,566 meters. The well revealed a 50 to 55-meter oil column in the Ben Nevis Avalon formation with high reservoir quality. Assessment of core and fluid samples and wireline log data is continuing.

Earlier in the year Husky announced the results of the O-28 delineation well, drilled in the western section of the White Rose field. Further review of the well data and geological modeling has resulted in Husky upgrading its estimate of recoverable resources in this area to between 50 and 200 million barrels of oil, with a current likely estimate of 120 million barrels. A further delineation well is planned in 2007 to confirm the resource estimates and to assist in future development planning.

The K-15 and O-28 wells total estimate of approximately 190 million barrels of recoverable resource is incremental to the White Rose proven and probable reserves.

"We are very encouraged by the results of the 2006 delineation program," said John C.S. Lau, President & Chief Executive Officer. "Both the K-15 and O-28 wells are located only a few kilometers away from the SeaRose FPSO (floating production, storage and offloading vessel). The results of this delineation program, along with the strong performance of the current development, should allow White Rose to significantly extend its production plateau."

Husky is progressing front end engineering on the southern extension of the White Rose field, discovered in 2003 with wells F-04 and F-04Z. This southern extension is expected to be developed as a subsea tie-back to the SeaRose FPSO. Subject to regulatory approvals, production from this pool is scheduled for late 2009. The southern extension reserves are included in the current estimate of White Rose proven and probable reserves. It is anticipated that the K-15 discovery will also be developed through the southern extension development.

The SeaRose FPSO is presently producing 110,000 barrels of oil per day from five production wells. A sixth production well is being completed and is expected to come on-stream later this month. This is expected to increase reservoir production capacity to 125,000 barrels of oil per day.

Husky Energy is the operator of the White Rose oil field, and holds a 72.5 percent working interest in the project. Petro-Canada holds the remaining 27.5 percent.

Husky Energy is a Canadian based, integrated energy and energy-related company headquartered in Calgary, Alberta. Husky Energy is publicly traded on the Toronto Stock Exchange under the symbol HSE.

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