ST. JOHN'S--(CCNMatthews - May 11) - Mr. John C.S. Lau, President & Chief Executive Officer, Husky Energy Inc., announced that the Company has achieved 100,000 barrels per day production from the White Rose oil field, 350 kilometres southeast of St. John's, Newfoundland and Labrador, following the successful completion of a fourth production well.
"We are very pleased with the performance of the White Rose oil field, which is ahead of our project milestone of producing 100,000 barrels per day. The safe and reliable operations of the SeaRose FPSO (floating production, storage and offloading vessel) allows us to continue to achieve efficient production performance from the White Rose reservoir," said Mr. Lau.
White Rose oil field gross production successfully reached 100,000 barrels per day on May 9 and sustained at that level throughout May 10. The fourth production well was subsequently cut back for a pressure build-up of 24 hours in compliance with Husky's development program approved by the Canada - Newfoundland and Labrador Offshore Petroleum Board.
The Company intends to keep gross production rates at an average of 85,000 barrels per day until the completion of a fifth production well at the end of June. With the fifth production well online, production capacity of the White Rose oil field is expected to be in excess of 100,000 barrels per day.
Husky Energy holds a 72.5 percent working interest in the White Rose field and is the project operator.
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.
Forward Looking Statements - Certain statements contained in this news release constitute forward looking statements or information (collectively, "forward looking statements") within the meaning of applicable securities legislation. These forward looking statements relate to future events or Husky's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward looking statements and are based on Husky's current belief or assumptions as to the outcome and timing of such future events, and in this news release include White Rose drilling activities and production. Actual future results may differ materially. Husky's annual report to shareholders and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com
and the EDGAR website www.sec.gov
) describe the risks, uncertainties and other factors, such as drilling results, changes in business plans and potential delays or changes in plans with respect to development projects or capital expenditures, that could influence actual results. Except as required by law, Husky disclaims any intention or obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.