Husky acquires Greenland acreage

Offshore staff

CALGARY, Alberta -- Husky Energy Inc. has been awarded exploration licenses on block 5 (2007-22) and block 7 (2007-24) offshore Greenland.

"Our experience operating in the North Atlantic offshore Newfoundland and Labrador has positioned us for the challenges in exploring this new frontier area," says John C.S. Lau, Husky president and CEO. "Husky is excited with this offshore Greenland opportunity and will commence an aero-gravity and magnetic survey over the blocks this summer."

These two blocks, which cover 21,067 sq km (8,134 sq mi), lie 120 km (75 mi) offshore the west coast of Disko Island in water depths of less than 500 m (1,640 ft).

Husky will operate the licenses with 87.5% interest. NUNAOIL A/S, Greenland's national oil company, holds the remaining 12.5% interest.

6/20/2007