Husky Picks Up Another Oil Sands Lease at Saleski

John C.S. Lau, president and CEO of Husky Energy Inc., said Monday that the company has acquired a 14,560-acre oil sands lease adjacent to its Saleski property. The land, which was purchased at a land sale last week for approximately $6.6 million, could add approximately 1.34 billion barrels of bitumen in place to Husky’s existing holdings.

The new lease will increase Husky's total land holdings in Saleski from 178,560 acres to 193,120 acres and increase bitumen-in-place estimates for the property from 19.48 billion barrels to 20.82 billion barrels.

“We are pleased with this consolidation as the company is preparing a feasibility development plan for the area,” said Lau. “Including the Saleski oil sands leases, we estimate that the company's oil sands leases contain over 37.6 billion barrels of original bitumen in place.”

The potential resource in the Saleski lease is located in the Grosmont and Nisku carbonate formation and has on average 250 meters of overburden over the lease. During the 1970s and 1980s, Husky carried out several pilot projects producing bitumen from carbonates.

Husky Energy is a Calgary-based integrated energy and energy-related that is publicly traded on the Toronto Stock Exchange under the symbol HSE.