TMX group

ST. JOHN'S, Nov. 16 /CNW/ - Mr. John C.S. Lau, President & Chief
Executive Officer of Husky Energy Inc., announced today the successful
completion of the White Rose 2006 delineation program, which has resulted in
an increase of the assessment of White Rose recoverable resources of
190 million barrels of oil.
The Company is pleased to advise that a hydrocarbon discovery has been
made at the North Amethyst K-15 delineation well, located in the southwestern
section of the White Rose oil field, estimated to contain a recoverable
resource of 40 to 100 million barrels of oil, with a likely estimate of
70 million barrels. The K-15 well was drilled on White Rose Significant
Discovery Licence 1044 to a depth of 2,566 metres. The well revealed a 50 to
55-metre oil column in the Ben Nevis Avalon formation with high reservoir
quality. Assessment of core and fluid samples and wireline log data is
continuing.
Earlier in the year Husky announced the results of the O-28 delineation
well, drilled in the western section of the White Rose field. Further review
of the well data and geological modeling has resulted in Husky upgrading its
estimate of recoverable resources in this area to between 50 and 200 million
barrels of oil, with a current likely estimate of 120 million barrels. A
further delineation well is planned in 2007 to confirm the resource estimates
and to assist in future development planning.
The K-15 and O-28 wells total estimate of approximately 190 million
barrels of recoverable resource is incremental to the White Rose proven and
probable reserves.
"We are very encouraged by the results of the 2006 delineation program,"
said Mr. Lau. "Both the K-15 and O-28 wells are located only a few kilometres
away from the SeaRose FPSO (floating production, storage and offloading
vessel). The results of this delineation program, along with the strong
performance of the current development, should allow White Rose to
significantly extend its production plateau."
Husky is progressing front end engineering on the southern extension of
the White Rose field, discovered in 2003 with wells F-04 and F-04Z. This
southern extension is expected to be developed as a subsea tie-back to the
SeaRose FPSO. Subject to regulatory approvals, production from this pool is
scheduled for late 2009. The southern extension reserves are included in the
current estimate of White Rose proven and probable reserves. It is anticipated
that the K-15 discovery will also be developed through the southern extension
development.
The SeaRose FPSO is presently producing 110,000 barrels of oil per day
from five production wells. A sixth production well is being completed and is
expected to come on-stream later this month. This is expected to increase
reservoir production capacity to 125,000 barrels of oil per day.
Husky Energy is the operator of the White Rose oil field, and holds a
72.5 percent working interest in the project. Petro-Canada holds the remaining
27.5 percent.

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.

Cautionary note regarding forward-looking statements or information -
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 or performance. In particular, forward-looking
statements include the references to the estimates of recoverable resources,
plans for White Rose drilling, White Rose production and increases in
reservoir production capacity. 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, the timing of
regulatory approvals, 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.

Reserves Data and Other Oil and Gas Information - Husky's disclosure of
reserves data and other oil and gas information is made in reliance on an
exemption granted to Husky by Canadian securities regulatory authorities,
which permits Husky to provide disclosure required by and consistent with
those of the United States Securities and Exchange Commission and the
Financial Accounting Standards Board in the United States in place of much of
the disclosure expected by National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities. The proved oil and gas reserves disclosed in this
release have been evaluated using United States standards, including those
contained in Rule 4-10 of Regulation S-X of the Securities Exchange Act of
1934. The recoverable resources disclosed in this release have been evaluated
in accordance with standards outlined in National Instrument 51-101. Please
refer to "Disclosure of Exemption Under National Instrument 51-101" at page 2
of our Annual Information Form for the year ended December 31, 2005 filed with
securities regulatory authorities for further information.

Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. oil and gas companies in their filings with
the SEC, to disclose only proved reserves, that is reserves that geological
and engineering data demonstrate with reasonable certainty to be recoverable
in future years from known reservoirs under existing economic and operating
conditions, i.e. prices and costs as of the date the estimate is made. We use
certain terms in this news release that the SEC's guidelines strictly prohibit
in filings with the SEC by U.S. oil and gas companies, such as "recoverable
resource", which are inherently more uncertain than proved reserves. U.S.
investors should refer to our Annual Report on Form 40-F available from us or
the SEC for further reserve disclosure.