News Release
November 14, 2002
Calgary, Alberta - Husky Energy Inc. (Husky) today announced that a significant natural gas discovery in Saskatchewan is expected to add 75 billion cubic feet of proved natural gas reserves in 2002 as a result of a successful land acquisition and development program. The Shackleton play, located 80 miles northwest of Swift Current, will add 20 million cubic feet per day to Husky's natural gas production by December. Successful area development could increase Husky reserves to 250 billion cubic feet over the next two to three years.
"Shackleton has emerged as an important new gas development for Husky, which will contribute to our production in 2002," said John C.S. Lau, President and Chief Executive Officer. "We have been successful in recent land sales to support an already strong base in the region."
Husky has acquired a land inventory in the Shackleton area of more than 400 sections, which comprise of approximately 300,000 acres. The Company plans to complete a 170-well development drilling program covering 85 sections by year-end. Husky has completed two gathering and compression systems to develop the Shackleton field. One system is designed to handle up to 18 million cubic feet per day and the other will handle up to 12 million cubic feet per day. Initial sales of 16 million cubic feet per day at present are expected to increase to 20 million cubic feet by December.
Husky Energy Inc. is a Canadian-based integrated energy and energy-related company headquartered in Calgary, Alberta. Husky is a publicly traded company with shares trading on the Toronto Stock Exchange under the symbol HSE.
Certain information in this release may contain forward-looking statements. Actual future results may differ materially. Husky's annual report to shareholders and other documents filed with securities regulatory authorities describe the risks, uncertainties and other factors, such as drilling results that could influence actual results.
For further information please contact:
| Investor Relations: Kim Schoenroth Manager, Investor Relations (403) 750-1313 | Media Relations: Michael Lawrence Senior Communications Advisor (403) 298-6587 |
Background information: http://www.huskyenergy.ca/news
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