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Husky Oil receives strong support from renaissance shareholders to form Husky Energy Inc.

CALGARY, Alberta - The Chief Executive Officer of Husky Oil Limited John C.S. Lau, says he is very pleased with the overwhelming support from Renaissance Energy shareholders, who voted this morning over 95 per cent in favour of a proposed merger with Husky Oil.

Mr. Lau said today's meeting was a crucial step in the process of closing the deal. "We are very pleased to receive this strong support from Renaissance shareholders. The new company, Husky Energy Inc., will be a dynamic company with an excellent future growth. It has a diversified, balanced and high-quality growth-oriented platform. Husky Energy is well positioned to realize the full profit and cash-generating potential of our opportunities in heavy oil, oil sands, and offshore East Coast. With its quality asset base and strong management and employee team, Husky Energy will create excellent shareholder value."

The deal still requires approval from the Court of Queen's Bench of Alberta; a hearing is scheduled for tomorrow, August 22, 2000. With that approval, a filing of the necessary documents under the Alberta Business Corporations Act will follow. The merger has already received approval under the Competitions Act and the Investment Canada Act. The anticipated effective date for the transaction is August 25, 2000.

Upon the successful closing of the deal, Husky Energy Inc. will be one of Canada's largest integrated oil and gas companies. The anticipated first day of trading on the Toronto Stock Exchange for Husky Energy Inc. is August 28, 2000 under the trading symbol HSE.

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For further information please contact:

Laurel Nichol
Manager, Corporate Communications
Husky Oil Limited
(403) 298-7188