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Unless otherwise specified, resources estimates represent Husky's share and are given with an effective date of Dec. 31, 2012.

The Company has disclosed best-estimate contingent resources in this document. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. There is no certainty that it will be commercially viable to produce any portion of the contingent resources.

The Company has disclosed best-estimate contingent resources of 11.4 billion barrels of bitumen for our emerging oil sands portfolio. Of the total, 10.1 billion barrels is economic at year-end 2012. Contingent resources are reported as the working interest volumes and Husky's working interest is 100 percent in all properties except Athabasca South, which is 50 percent working interest. The properties are located in the Athabasca, Peace River and Cold Lake region of Alberta.

Best estimate as it relates to resources is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Estimates of contingent resources have not been adjusted for risk based on the chance of development. There is no certainty as to the timing of such development. For movement of resources to reserves categories, all projects must have an economic depletion plan and may require, among other things: (i) additional delineation drilling and/or new technology for unrisked contingent resources; (ii) regulatory approvals; and (iii) Company approvals to proceed with development.

Specific contingencies preventing the classification of contingent resources at the Company's emerging oil sands properties as reserves include further reservoir studies, delineation drilling, facility design, preparation of firm development plans, regulatory applications and Company approvals. Development is also contingent upon successful application of SAGD and/or Cyclic Steam Stimulation (CSS) technology in carbonate reservoirs at Saleski, which is currently under active development. Positive and negative factors relevant to the estimate of oil sands resources include a higher level of uncertainty in the estimates as a result of lower core-hole drilling density.

Note to U.S. Readers

The Company reports its reserves and resources information in accordance with Canadian practices and specifically in accordance with National Instrument 51-101, "Standards of Disclosure for Oil and Gas Disclosure," adopted by the Canadian securities regulators. Because the Company is permitted to prepare its reserves and resources information in accordance with Canadian disclosure requirements, it uses certain terms in this presentation, such as "contingent resources," that U.S. oil and gas companies generally do not include or may be prohibited from including in their filings with the Securities and Exchange Commission.



Contacts:
Husky Energy Inc. - Investor Inquiries:
Rob McInnis
Manager, Investor Relations
403-298-6817

Husky Energy Inc. - Media Inquiries:
Mel Duvall
Manager, Media & Issues
403-513-7602