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White Rose reaches production milestone

Posted: 14 August 2008

Husky Energy Inc., reported today that 100 million barrels of crude oil has been produced from the White Rose oil field, 350 kilometres southeast of St. John's, Newfoundland and Labrador. The milestone was reached today, August 14, 2008.

"The White Rose field has been a tremendous success for Husky and its partner, providing strong reservoir performance and high facility uptimes on the SeaRose FPSO," said Mr Lau, President & Chief Executive Officer, Husky Energy Inc.

"The project has provided significant returns to our shareholders and the people of Newfoundland and Labrador."

Present reservoir production capacity at the White Rose field is 120,000 barrels per day. An infill production well is currently being drilled, and is expected to come onstream in the third quarter this year.

Work continues to progress at the North Amethyst satellite field, the first of three tiebacks identified at the White Rose satellite development. Major contracts have been awarded for fabrication of subsea equipment, flowlines and manifolds.

A project team based in St. John's continues to advance engineering, design and future development of all three tie-ins and first oil from North Amethyst is projected for early 2010.

A pilot well is planned for North Amethyst this summer, with development drilling to commence later this year. A pilot well is also planned for the West White Rose area, to help refine reserve estimates in this portion of the field.

Husky has engaged two drilling rigs to assist in its growth plans. In January, the Company signed the GSF Grand Banks to a three year contract extension, and has since entered a rig sharing agreement with other operators to bring the Henry Goodrich back to Newfoundland waters.

"With good production and record oil prices, the White Rose development reached top tier royalty payout in March 2008. The dual rig strategy will help Husky meet its timelines for the White Rose satellite development, and will give us the flexibility to pursue a range of exploration, delineation and development options," said Mr. Lau.

Husky continues a seismic acquisition program in the Jeanne d'Arc Basin. The 2,500 square kilometre program on the East Coast, will encompass exploration lands held jointly with StatoilHydro, as well as other Husky-operated exploration licenses and the White Rose core and growth lands.

Husky Energy is the operator of the White Rose oil field and satellites, and holds a 68.875 per cent working interest in the White Rose Satellite tie-back project. Petro-Canada holds a 26.125 per cent share of the project, while the Government of Newfoundland and Labrador, through the province's energy corporation, has an equity stake of five per cent.




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