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For Immediate Release

Calgary - August 25, 2000

Husky Energy Announces Completion of the Arrangement with
Renaissance Energy and Husky Oil Limited

Mr. John C. S. Lau, CEO of Husky Energy Inc. and Mr. Ronald G. Greene, Chairman and acting CEO of Renaissance Energy Ltd. are pleased to announce that the Final Order of the Court of Queen's Bench of Alberta and the Articles of Arrangement have been filed with the Registrar of companies under the Alberta Business Corporations Act. This follows the successful vote of over 95% of the votes cast by shareholders and optionholders of Renaissance Energy Ltd. in favour of the Arrangement on August 21, 2000 and completes the transaction.

Husky Energy Inc. (TSE: "HSE") will commence trading on Monday August 28, 2000. Standard and Pool's Canadian Index Operations has announced that Husky Energy will replace Renaissance Energy in the S&P Global 1200, TSE 300 Composite, S&P/TSE 60, TSE 100 and Toronto 35 Indices and will be represented in the relevant energy and resources sectors of the applicable indexes. Husky Energy will be represented in the integrated oil subgroup in the TSE 300 Composite and Renaissance Energy will be removed from the oil and gas producers' subgroup.

Mr. Al, Chief Executive Officer of Husky Energy Inc., reiterated that this new company will be ranked as Canada's second largest integrated energy company in terms of oil and natural gas production, the third largest in terms of reserves, and the fourth largest downstream retailer in terms of retail outlets. "Husky Energy is poised to capitalize on the opportunities inherent in the excellent mix of assets and expertise provided by Renaissance Energy and Husky Oil."

For further information, please contact:

Douglas A. Prowl,
Vice President,
Finance & Business Development
Telephone: (403) 750-1447
Facsimile: (403) 750-5010
orLaurel D. Nickel,
Manager, Corporate Communications
Telephone: (403) 298-7188
Facsimile: (403) 298-6515
http://www.husky-oil.com