Husky Energy Inc.

Husky Energy Inc.

September 11, 2008 21:23 ET

Husky Energy Awarded Labrador Blocks

CALGARY, ALBERTA--(Marketwire - Sept. 11, 2008) - Mr. John C.S. Lau, President & Chief Executive Officer, Husky Energy Inc. (TSX:HSE), announced that the Company has been successful in acquiring two parcels (blocks 1 and 3) at the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) September 10, 2008 Land Sale Offshore Labrador.

- Parcel NL07-2-1, block 1 (236,981 hectares) work commitment of $10,162,800 Husky (100 percent).

- Parcel NL07-2-3, block 3 (233,712 hectares) work commitment of $120,166,880 Husky (75 percent) Suncor (25 percent).

"Expanding our interests offshore Newfoundland and Labrador has been one of Husky's strategic priorities. We are pleased that the company has acquired these exploration blocks in an offshore East Coast basin," said Mr. Lau.

Husky currently has 17.13 percent working interest in the Bjarni and North Bjarni Significant Discovery Licenses (SDLs) which are located within NL07-2-3 and 17.13 percent in the Gudrid SDL which is located within Parcel NL07-2-1. The C-NLOPB estimates that the Bjarni and North Bjarni discoveries hold natural gas resources of 3.1 TCF and the Gudrid discovery holds 0.9 TCF effective 2007/2008. In addition Husky also has 17 to 19 percent working interests in the two other SDLs on the Labrador Shelf. Further delineation drilling will be required on these discoveries to allow for advancement of development plans in the future.

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.

The C-NLOPB defines "Resources" as volumes of hydrocarbons, expressed at 50 percent probability, assessed to be technically recoverable that have not been delineated and have unknown economic viability. There is no certainty that it will be commercially viable to produce any portion of the resources.

Contact Information

  • Husky Energy Inc. Calgary
    Patrick Aherne
    Manager, Investor Relations
    (403) 298-6817