Husky Energy and BP Complete Joint Venture Agreements

* Reuters is not responsible for the content in this press release.

Mon Mar 31, 2008 4:30pm EDT 

  CALGARY, ALBERTA, Mar 31 (MARKET WIRE) -- 
 Husky Energy Inc. (TSX: HSE) is pleased to advise that all necessary
government and regulatory approvals have been received for the formation
of an integrated oil sands/refining joint venture. This transaction is a
creation of two 50/50 partnerships whereby Husky contributes and operates
its Sunrise oil sands project in Alberta, Canada and BP contributes and
operates its Toledo refinery in Ohio, U.S.A.

    Husky/BP have completed all agreements on schedule. The effective date
for the transaction is January 1, 2008.

    Husky Energy is a Canadian-based integrated energy and energy-related
company headquartered in Calgary, Alberta. Husky Energy is publicly
traded on the Toronto Stock Exchange under the symbol HSE.

    To view the December 5, 2007 news release announcing the transaction,
please visit the Husky Energy website at: www.huskyenergy.com

Contacts:
Husky Energy Inc.
Tanis Thacker
Manager, Investor Relations
(403) 298-6747
Website: www.huskyenergy.com

Copyright 2008, Market Wire, All rights reserved.

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