Highlights:

• Proved reserves replacement of 115 percent (111 percent including economic factors) in 2014
• Average proved four-year reserves replacement ratio of 157 percent (143 percent including economic factors)
• 1.3 billion barrels of oil equivalent (boe) total proved reserves before royalties
• Proved reserves life index of 10.3 years

Husky Energy's (TSX: HSE) reserves growth continued to outpace production in 2014, reflecting the additional booking of reserves at the Liwan Gas Project, the Sunrise Energy Project and heavy oil thermal projects.

The average proved reserves replacement ratio in 2014 was 115 percent (111 percent including economic factors such as declining oil and gas prices during the year). The proved reserves replacement ratio over the past four years is 157 percent (143 percent including economic factors).

At the end of 2014, Husky had total proved reserves before royalties of 1.3 billion boe, probable reserves of 1.9 billion boe and best estimate contingent resources of 14.8 billion boe.

The Company's Oil Sands portfolio is responsible for 10.3 billion boe of the best estimate contingent resources total.

HIGHLIGHTS:

• Extensions, improved recovery and strong performance from the Company's heavy oil thermal developments resulted in the booking of an additional 36 million barrels of bitumen in proved reserves.

• Proved reserves in Western Canada, including Heavy Oil and excluding Oil Sands, were 848 million boe as of December 31, 2014.

• Extensions at the Ansell liquids-rich gas resource play in Western Canada contributed to the booking of an additional 10 million boe of natural gas and natural gas liquids in proved undeveloped reserves.

• Extensions at the Sunrise Energy Project resulted in the booking of an additional 40 million boe of bitumen in proved undeveloped reserves.

• Strong performance from the Liwan Gas Project, which started up in the first quarter of 2014, resulted in the booking of an additional 19 million boe of natural gas and natural gas liquids in proved developed producing reserves.

A full reporting of the Company's oil and natural gas reserves data for the year ended December 31, 2014 has been included in the Company's Annual Information Form (AIF), which was filed with securities regulators on February 27, 2015 on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR), and the U.S. Electronic Data Gathering, Analysis and Retrieval (EDGAR) System. It may be accessed electronically at www.sedar.com and www.sec.gov. Both the Canadian and U.S. disclosure documents may also be accessed electronically from Husky's website at www.huskyenergy.com

Husky Energy is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE.