South White Rose Reserves
CALGARY, ALBERTA -- (Marketwired) -- 10/11/13 -- Husky Energy's
(TSX:HSE) disclosure in its June 5, 2013 press release of 20 million
barrels of oil (Husky W.I.) from the South White Rose extension is of
estimated reserves comprised of 16.8 million barrels of probable
reserves and 3.1 million barrels of possible reserves as of December
31, 2012. The development plan amendment for the South White Rose
field discussed in the June 5, 2013 press release will allow Husky
Energy to access 4 million barrels of probable reserves and 2.5
million barrels of possible reserves (Husky W.I.) from the South
Husky Energy is one of Canada's largest integrated energy companies.
It is headquartered in Calgary, Alberta, Canada and is publicly
traded on the Toronto Stock Exchange under the symbol HSE and
HSE.PR.A. More information is available at www.huskyenergy.com
Certain statements in this document are forward-looking statements
and information (collectively "forward-looking statements"), within
the meaning of the applicable Canadian securities legislation,
Section 21E of the United States Securities Exchange Act of 1934, as
amended, and Section 27A of the United States Securities Act of 1933,
as amended. The forward-looking statements contained in this document
are forward-looking and not historical facts.
Such forward-looking statements are based on the Company's current
expectations, estimates, projections and assumptions that were made
by the Company in light of its experience and its perception of
historical trends. Further, such forward-looking statements are
subject to risks, uncertainties and other factors, some of which are
beyond the Company's control and difficult to predict. Accordingly,
these factors could cause actual results or outcomes to differ
materially from those expressed or projected in the forward-looking
Some of the forward-looking statements may be identified by
statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of words or
phrases such as "will likely result", "are expected to", "will
continue", "is anticipated", "is targeting", "estimated", "intend",
on", "could", "aim", "vision", "goals", "objective",
"target", "schedules" and "outlook"). In particular, forward-looking
statements in this document include, but are not limited to,
references to the expected outcome of the development plan amendment
for the South White Rose field.
In addition, statements relating to "reserves" and "resources" are
deemed to be forward-looking statements as they involve the implied
assessment based on certain estimates and assumptions that the
reserves or resources described can be profitably produced in the
future. There are numerous uncertainties inherent in estimating
quantities of reserves and resources and in projecting future rates
of production and the timing of development expenditures. The total
amount or timing of actual future production may vary from reserve,
resource and production estimates.
Although the Company believes that the expectations reflected by the
forward-looking statements presented in this document are reasonable,
the Company's forward-looking statements have been based on
assumptions and factors concerning future events that may prove to be
inaccurate. Those assumptions and factors are based on information
currently available to the Company about itself and the businesses in
which it operates. Information used in developing forward-looking
statements has been acquired from various sources including
third-party consultants, suppliers, regulators and other sources.
Because actual results or outcomes could differ materially from those
expressed in any forward-looking statements, investors should not
place undue reliance on any such forward-looking statements. By their
nature, forward-looking statements involve numerous assumptions,
inherent risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Some of these risks, uncertainties and other factors are
similar to those faced by other oil and gas companies and some are
unique to Husky.
The Company's Annual Information Form for the year ended December 31,
2012 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, material assumptions and
other factors that could influence actual results and are
incorporated herein by reference.
Any forward-looking statement speaks only as of the date on which
such statement is made, and, except as required by applicable
securities laws, the Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the occurrence
of unanticipated events. New factors emerge from time to time, and it
is not possible for management to predict all of such factors and to
assess in advance the impact of each such factor on the Company's
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statement. The impact of any one
factor on a particular forward-looking statement is not determinable
with certainty as such factors are dependent upon other factors, and
the Company's course of action would depend upon its assessment of
the future considering all information then available.
Disclosure of Oil and Gas Information
The Company has disclosed possible reserves. Possible reserves are
those additional reserves that are less certain to be recovered than
probable reserves. It is unlikely that the actual remaining
quantities recovered will exceed the sum of proved plus probable plus
possible reserves. There is a 10 percent probability that the
quantities actually recovered will equal or exceed the sum of proved
plus probable plus possible reserves.
The estimates of reserves for individual properties may not reflect
the same confidence level as estimates of reserves for all
properties, due to the effects of aggregation. The Company has
disclosed its total reserves in Canada in its Annual Information Form
for the year ended December 31, 2012, which reserves disclosure is
incorporated by reference herein.
Manager, Investor Relations
Husky Energy Inc.
Manager, Media & Issues
Husky Energy Inc.
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