Husky Oil and Partners Announce Successful Drilling Results
at the White Rose Oil Field

14 June 1999

St. John's, Newfoundland - Husky Oil Limited and its partners announced successful drilling results today at the White Rose L-08 appraisal well in the Jeanne d'Arc Basin. The well encountered over 100 metres of net oil pay in the Avalon sandstone formation. Coring, logging and flow testing operations show an extensive, clean reservoir with improved porosity and permeability compared to the expectations based on previous wells at White Rose.

The White Rose field is located approximately 350 km off the East Coast of Newfoundland and about 50 km east of the Hibernia field. The White Rose L-08 well is located about 2 km south of the E-09 discovery well. Husky Oil is the operator. The working interest owners in the White Rose L-08 well are: Husky Oil 71.2%; Petro-Canada 17.5%; Norsk Hydro Canada Oil and Gas 7.5%; and Denison Mines 3.8%.

"Husky views the East Coast as a core growth area, and the results of this well as encouraging." commented Husky Oil Chief Executive Officer John C S Lau. "The improvement on the evaluated results from our E-09 discovery well has enhanced our view of the White Rose field potential."

The White Rose L-08 well is the first of a two-well drilling program planned for the White Rose field this year. The Bill Shoemaker Rig is expected to spud the next well, A-17, immediately following its release from the L-08 location. Located approximately 3 km south of the L-08 well, A-17 will also target the Avalon formation. Concept screening, preliminary development planning and further delineation drilling are planned for the White Rose project next year.

"The next well at A-17 will test the extension of the field to the south and allow us to more fully assess the overall commercial viability of the field," said James Blair, Husky Oil Vice President of Canada Frontier and International. "We will be better able to determine this potential in the fourth quarter of 1999, once the A-17 well results are available."

Husky Oil Limited is a Canada-based privately held integrated oil gas company headquartered in Calgary, Alberta. The company's operations include the exploration for and development of crude oil and natural gas, as well as the production, purchase, transportation, upgrading, refining and marketing of crude oil, natural gas, natural gas liquids, sulphur and petroleum coke, and the marketing of refined petroleum products, including gasoline, alternative fuels and asphalt.

For further information, please contact: