ST. JOHN'S--(CCNMatthews - July 10) - Mr. John C.S. Lau, President & Chief Executive Officer, Husky Energy Inc. is pleased to announce that the Company has successfully increased its production from a fifth well at the White Rose oil field, 350 kilometres southeast of St. John's, Newfoundland and Labrador, Canada.
Commencing on Sunday June 25, 2006 crude oil began flowing from the White Rose SP1 well to the SeaRose FPSO (floating production, storage and offloading vessel).
"The production performance of Husky's White Rose project has proceeded on-schedule with the fifth well now completed. White Rose oil field production has now reached 110,000 barrels per day" said Mr. Lau.
Husky Energy will be conducting performance tests on the SeaRose FPSO later this month to determine the productive capacity of the FPSO. During the third quarter this year Husky will be applying to the regulatory authority C-NLOPB (Canada - Newfoundland and Labrador Offshore Petroleum Board) to increase the annualized daily production above the current approved limit of 100,000 barrels of oil per day.
A sixth production well, which is scheduled to come on-stream at the end of 2006, is expected to further increase reservoir production capacity to 125,000 barrels of oil per day.
Husky Energy holds a 72.5 percent working interest in the White Rose field and is the project operator. Petro-Canada holds the remaining 27.5 percent working interest.
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 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.