Husky Energy and BP Complete Joint Venture Agreements

Husky Energy Inc. reported that all necessary government and regulatory approvals have been received for the formation of an integrated oil sands/refining joint venture. This transaction is a creation of two 50/50 partnerships whereby Husky contributes and operates its Sunrise oil sands project in Alberta, Canada and BP contributes and operates its Toledo refinery in Ohio, U.S.A.

Husky/BP have completed all agreements on schedule. The effective date for the transaction is January 1, 2008.

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