Exhibit 99.1

Disclosure about Oil and Gas Producing Activities  Accounting Standards Codification 932, Extractive Activities  Oil and Gas (unaudited)

The following disclosures have been prepared in accordance with FASB Accounting Standards Codification 932, Extractive Activities
 Oil and Gas:

Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a
given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations.

Proved developed oil and gas reserves are proved reserves that can be expected to be recovered:(i) through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled
acreage, or from existing wells where a relatively major expenditure is required for recompletion.

Canadian provincial
royalties are determined based on a graduated percentage scale, which varies with prices and production volumes. Canadian reserves, as presented on a net basis, assume prices and royalty rates in existence at the time the estimates were made, and
Huskys estimate of future production volumes. Future fluctuations in prices, production rates, or changes in political or regulatory environments could cause Huskys share of future production from Canadian reserves to be materially
different from that presented.

Subsequent to December 31, 2010, no major discovery or other favourable or adverse event
is believed to have caused a material change in the estimates of developed or undeveloped reserves as of that date.

Note that
the numbers in each column of the tables throughout this exhibit may not add due to rounding.

Results of Operations
for Producing Activities(1) (2)(unaudited)



|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|---------------------------------------- |  | ----------------------------------- | ----- |  | ------------- |  | ----- | ----- |  |  | ----- |  |  | ---- | ----- |  | ---- |  | ----- | ---- |  |  | ----- |  |  | ---- | ----- |  |  |  | ----- |  |  |  | ----- | 
|                                         |  | Canada                              |       |  | International |  |       | Total | 
|                                         |  | 2010                                |       |  | 2009          |  |       | 2008  |  |  | 2010  |  |  | 2009 |       |  | 2008 |  |       | 2010 |  |  | 2009  |  |  | 2008 |      
|                                         |  | ($ millions except per boe amounts) |      
|                                         |  |                                     |       |  |               |  |       |       | 
|Oil and gas production revenue           |  |                                     | 4,521 |  |               |  | 4,280 |       |  |  | 7,667 |  |  |      | 251   |  |      |  | 237   |      |  |  | 315   |  |  |      | 4,772 |  |  |  | 4,517 |  |  |  | 7,982 | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|Operating costs                          |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|Lease operating expenses                 |  |                                     | 1,450 |  |               |  | 1,357 |       |  |  | 1,469 |  |  |      | 30    |  |      |  | 30    |      |  |  | 25    |  |  |      | 1,480 |  |  |  | 1,387 |  |  |  | 1,494 | 
|Production taxes                         |  |                                     | 61    |  |               |  | 65    |       |  |  | 93    |  |  |      |      |  |      |  |      |      |  |  |      |  |  |      | 61    |  |  |  | 65    |  |  |  | 93    | 
|Asset retirement obligation accretion    |  |                                     | 43    |  |               |  | 39    |       |  |  | 44    |  |  |      | 1     |  |      |  | 1     |      |  |  | 1     |  |  |      | 44    |  |  |  | 40    |  |  |  | 45    | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|                                         |  |                                     | 1,554 |  |               |  | 1,461 |       |  |  | 1,606 |  |  |      | 31    |  |      |  | 31    |      |  |  | 26    |  |  |      | 1,585 |  |  |  | 1,492 |  |  |  | 1,632 | 
|Depreciation, depletion and amortization |  |                                     | 1,381 |  |               |  | 1,324 |       |  |  | 1,457 |  |  |      | 191   |  |      |  | 73    |      |  |  | 48    |  |  |      | 1,572 |  |  |  | 1,397 |  |  |  | 1,505 | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|Earnings before taxes                    |  |                                     | 1,586 |  |               |  | 1,495 |       |  |  | 4,604 |  |  |      | 29    |  |      |  | 133   |      |  |  | 241   |  |  |      | 1,615 |  |  |  | 1,628 |  |  |  | 4,845 | 
|Income taxes                             |  |                                     | 460   |  |               |  | 449   |       |  |  | 1,409 |  |  |      | 8     |  |      |  | 40    |      |  |  | 74    |  |  |      | 468   |  |  |  | 489   |  |  |  | 1,483 | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|Results of operations                    |  |                                     | 1,126 |  |               |  | 1,046 |       |  |  | 3,195 |  |  |      | 21    |  |      |  | 93    |      |  |  | 167   |  |  |      | 1,147 |  |  |  | 1,139 |  |  |  | 3,362 | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 
|                                         |  |                                     |       |  |               |  |       |       | 
|Amortization rate per gross boe          |  |                                     | 13.25 |  |               |  | 11.92 |       |  |  | 11.58 |  |  |      | 48.60 |  |      |  | 17.83 |      |  |  | 10.93 |  |  |      | 14.53 |  |  |  | 12.14 |  |  |  | 11.56 | 
|Amortization rate per net boe            |  |                                     | 16.17 |  |               |  | 14.59 |       |  |  | 14.47 |  |  |      | 65.33 |  |      |  | 21.60 |      |  |  | 14.77 |  |  |      | 17.79 |  |  |  | 14.85 |  |  |  | 14.48 | 
|                                         |  |                                     |       |  |               |  |       |       |  |  |       |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |  |  |  |       | 



Notes:

|(1) | The costs in this schedule exclude corporate overhead, interest expense and other operating costs, which are not directly related to producing activities.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Under U.S. GAAP, the depreciation, depletion and amortization for Canadian producing activities for 2010 amounted to $1,413 million (2009  $1,341 million; 2008
 $1,435 million). Income taxes for Canadian producing activities under U.S. GAAP for 2010 amounted to $451 million (2009  $444 million; 2008  $1,415 million).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 1



---

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development
Activities(1)(unaudited)



|                              |  |        |       |  |               |  |     |       |  |  |       | 
|----------------------------- |  | ------ | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|                              |  | Canada |       |  | International |  |     | Total | 
|                              |  |        |       |  | ($ millions)  |  |     |       | 
|2010                          |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition          |  |        |       |  |               |  |     |       |  |  |       | 
|Proved                        |  |        | 389   |  |               |  |    |       |  |  | 389   | 
|Unproved                      |  |        | 62    |  |               |  |    |       |  |  | 62    | 
|Exploration                   |  |        | 428   |  |               |  | 381 | (2)   |  |  | 809   | 
|Development                   |  |        | 2,088 |  |               |  | 63  | (3)   |  |  | 2,151 | 
|Capitalized interest          |  |        | 16    |  |               |  | 14  |       |  |  | 30    | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred          |  |        | 2,983 |  |               |  | 458 |       |  |  | 3,441 | 
|                              |  |        |      
|Less: Proved acquisitions     |  |        | 389   |  |               |  |    |       |  |  | 389   | 
|Capitalized interest          |  |        | 16    |  |               |  | 14  |       |  |  | 30    | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Finding and development costs |  |        | 2,578 |  |               |  | 444 |       |  |  | 3,022 | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|2009                          |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition          |  |        |       |  |               |  |     |       |  |  |       | 
|Proved                        |  |        | 220   |  |               |  |    |       |  |  | 220   | 
|Unproved                      |  |        | 87    |  |               |  | 2   |       |  |  | 89    | 
|Exploration                   |  |        | 259   |  |               |  | 549 |       |  |  | 808   | 
|Development                   |  |        | 1,225 |  |               |  | 17  |       |  |  | 1,242 | 
|Capitalized interest          |  |        | 16    |  |               |  |    |       |  |  | 16    | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred          |  |        | 1,807 |  |               |  | 568 |       |  |  | 2,375 | 
|                              |  |        |      
|Less: Proved acquisitions     |  |        | 220   |  |               |  |    |       |  |  | 220   | 
|Capitalized interest          |  |        | 16    |  |               |  |    |       |  |  | 16    | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Finding and development costs |  |        | 1,571 |  |               |  | 568 |       |  |  | 2,139 | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|2008                          |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition          |  |        |       |  |               |  |     |       |  |  |       | 
|Proved                        |  |        | 241   |  |               |  |    |       |  |  | 241   | 
|Unproved                      |  |        | 244   |  |               |  | 45  |       |  |  | 289   | 
|Exploration                   |  |        | 596   |  |               |  | 240 |       |  |  | 836   | 
|Development                   |  |        | 2,209 |  |               |  | 5   |       |  |  | 2,214 | 
|Capitalized interest          |  |        |      |  |               |  |    |       |  |  |      | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred          |  |        | 3,290 |  |               |  | 290 |       |  |  | 3,580 | 
|                              |  |        |      
|Less: Proved acquisitions     |  |        | 241   |  |               |  |    |       |  |  | 241   | 
|Capitalized interest          |  |        |      |  |               |  |    |       |  |  |      | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 
|Finding and development costs |  |        | 3,049 |  |               |  | 290 |       |  |  | 3,339 | 
|                              |  |        |       |  |               |  |     |       |  |  |       | 



Notes:

|(1) | Development costs incurred exclude actual retirement expenditures and include asset retirement obligation incurred.Asset retirement obligation incurred for 2010
was $287 million (2009 - $75 million; 2008 - $40 million).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Total international exploration costs of $381 million pertain to the following countries: China - $369 million and Indonesia - $12 million. International exploration
costs for Greenland - $3 million are included in the Atlantic Region within Canada exploration costs of $428 million.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Total international development costs of $63 million pertain to the following countries: China - $60 million and Libya - $3 million.
|--- | ------------------------------------------------------------------------------------------------------------------------------------

Acquisition costs include costs incurred to purchase, lease, or otherwise acquire oil and gas properties.

Exploration costs include the costs of geological and geophysical activity, retaining undeveloped properties and drilling and equipping
exploration wells.

Development costs include the costs of (i) drilling and equipping development wells;
(ii) facilities to extract, treat, gather and store oil and gas; (iii) settle the related asset retirement obligations.

Exploration and development costs include administrative costs and depreciation of support equipment directly associated with these activities.



Page 2



---

The following table sets forth a summary of oil and gas property costs not being amortized
at December 31, 2010, by the year in which the costs were incurred:



|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|-------------------------- |  | ------------ | ----- |  | ---- |  | ----- | ---- |  |  | ----- |  |  | ------------ | ----- |  |  |  | --- | 
|Withheld Costs (unaudited) |  | Total        |       |  | 2010 |  |       | 2009 |  |  | 2008  |  |  | Prior to2008 |      
|                           |  | ($ millions) |      
|Property acquisitions      |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Canada                     |  |              | 67    |  |      |  |      |      |  |  |      |  |  |              |      |  |  |  | 67  | 
|International              |  |              | 30    |  |      |  |      |      |  |  |      |  |  |              |      |  |  |  | 30  | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|                           |  |              | 97    |  |      |  |      |      |  |  |      |  |  |              |      |  |  |  | 97  | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Exploration                |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Canada                     |  |              | 2,546 |  |      |  | 563   |      |  |  | 1,189 |  |  |              | 794   |  |  |  |    | 
|International              |  |              | 479   |  |      |  | 437   |      |  |  | 42    |  |  |              |      |  |  |  |    | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|                           |  |              | 3,025 |  |      |  | 1,000 |      |  |  | 1,231 |  |  |              | 794   |  |  |  |    | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Development                |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Canada                     |  |              | 968   |  |      |  | 436   |      |  |  | 47    |  |  |              | 485   |  |  |  |    | 
|International              |  |              | 32    |  |      |  | 9     |      |  |  | 5     |  |  |              | 5     |  |  |  | 13  | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|                           |  |              | 1,000 |  |      |  | 445   |      |  |  | 52    |  |  |              | 490   |  |  |  | 13  | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Capitalized interest       |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|Canada                     |  |              | 120   |  |      |  |      |      |  |  | 16    |  |  |              | 6     |  |  |  | 98  | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 
|                           |  |              | 4,242 |  |      |  | 1,445 |      |  |  | 1,299 |  |  |              | 1,290 |  |  |  | 208 | 
|                           |  |              |       |  |      |  |       |      |  |  |       |  |  |              |       |  |  |  |     | 

Capitalized Costs Relating to Oil and Gas Producing Activities (unaudited)



|                         |  |              |        |  |               |  |       |       |  |  |        | 
|------------------------ |  | ------------ | ------ |  | ------------- |  | ----- | ----- |  |  | ------ | 
|                         |  | Canada       |        |  | International |  |       | Total | 
|                         |  | ($ millions) |       
|2010                     |  |              |        |  |               |  |       |       |  |  |        | 
|Proved properties(1)     |  |              | 25,217 |  |               |  | 1,252 |       |  |  | 26,469 | 
|Unproved properties      |  |              | 3,406  |  |               |  | 836   |       |  |  | 4,242  | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|                         |  |              | 28,623 |  |               |  | 2,088 |       |  |  | 30,711 | 
|Accumulated DD&A         |  |              | 13,439 |  |               |  | 750   |       |  |  | 14,189 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|Net Capitalized Costs(2) |  |              | 15,184 |  |               |  | 1,338 |       |  |  | 16,522 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|                         |  |              |       
|2009                     |  |              |        |  |               |  |       |       |  |  |        | 
|Proved properties(1)     |  |              | 22,663 |  |               |  | 863   |       |  |  | 23,526 | 
|Unproved properties      |  |              | 3,125  |  |               |  | 827   |       |  |  | 3,952  | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|                         |  |              | 25,788 |  |               |  | 1,690 |       |  |  | 27,478 | 
|Accumulated DD&A         |  |              | 12,129 |  |               |  | 559   |       |  |  | 12,688 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|Net Capitalized Costs(2) |  |              | 13,659 |  |               |  | 1,131 |       |  |  | 14,790 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|                         |  |              |       
|2008                     |  |              |        |  |               |  |       |       |  |  |        | 
|Proved properties(1)     |  |              | 21,515 |  |               |  | 580   |       |  |  | 22,095 | 
|Unproved properties      |  |              | 2,703  |  |               |  | 485   |       |  |  | 3,188  | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|                         |  |              | 24,218 |  |               |  | 1,065 |       |  |  | 25,283 | 
|Accumulated DD&A         |  |              | 10,946 |  |               |  | 486   |       |  |  | 11,432 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 
|Net Capitalized Costs(2) |  |              | 13,272 |  |               |  | 579   |       |  |  | 13,851 | 
|                         |  |              |        |  |               |  |       |       |  |  |        | 



Notes:

|(1) | Capitalized costs related to proved properties include the asset retirement obligations. The asset retirement obligations for the years presented were as follows:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



|     |  |              |     |  |               |  |    |       |  |  |     | 
|---- |  | ------------ | --- |  | ------------- |  | -- | ----- |  |  | --- | 
|     |  | Canada       |     |  | International |  |    | Total | 
|     |  | ($ millions) |    
|2010 |  |              | 844 |  |               |  | 11 |       |  |  | 855 | 
|2009 |  |              | 557 |  |               |  | 11 |       |  |  | 568 | 
|2008 |  |              | 488 |  |               |  | 6  |       |  |  | 494 | 



|(2) | The net capitalized costs for Canadian oil and gas exploration, development and producing activities under U.S. GAAP for 2010 were $14,848 million (2009 - $13,292
million; 2008 - $12,921 million). The net capitalized costs for International property oil & gas exploration, development and producing activities under U.S. GAAP for 2010 were $1,337 million (2009 - $1,130 million; 2008 - $578 million).
Please refer to the Companys Form 40-F for an explanation of the differences between Canadian and U.S. GAAP for oil and gas activities.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 3



---

Oil and Gas Reserve Information (unaudited)

In Canada, Huskys proved crude oil, natural gas liquids and natural gas reserves are located in the provinces of Alberta,
Saskatchewan, British Columbia, and offshore the East Coast. Huskys international proved reserves are located in China, Indonesia and Libya.



|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|-------------------------------------------- |  | --------------- | --- | - | ------------- |  | ----- | --------------- |  |  | ---------- | - |  | --------------- | --- |  | ---------- |  | --- | ------------ |  |  | ----- | - |  |  | ---- | -
|                                             |  | Canada          |     |   | International |  |       | Total           | 
|Reserves                                     |  | CrudeOil & 
NGL |     |   | NaturalGas    |  |       | CrudeOil & 
NGL |  |  | NaturalGas |   |  | CrudeOil & 
NGL |     |  | NaturalGas |  |     | TotalCompany | 
|                                             |  | (mmbbls)        |     |   | (bcf)         |  |       | (mmbbls)        |  |  | (bcf)      |   |  | (mmbbls)        |     |  | (bcf)      |  |     | (mmboe)      | 
|Net proved reserves(1)(2)(3)(4)              |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2007                             |  |                 | 544 |   |               |  | 1,854 |                 |  |  | 8          |   |  |                 |    |  |            |  | 552 |              |  |  | 1,854 |   |  |  | 861  |  
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|Revisions                                    |  |                 | (54 | ) |               |  | 2     |                 |  |  | 1          |   |  |                 |    |  |            |  | (53 | )            |  |  | 2     |   |  |  | (53  | )
|Purchases                                    |  |                 | 8   |   |               |  | 89    |                 |  |  |           |   |  |                 |    |  |            |  | 8   |              |  |  | 89    |   |  |  | 22   |  
|Sales                                        |  |                 | (1  | ) |               |  | (16   | )               |  |  |           |   |  |                 |    |  |            |  | (1  | )            |  |  | (16   | ) |  |  | (3   | )
|Improved recovery                            |  |                 | 10  |   |               |  | 28    |                 |  |  |           |   |  |                 |    |  |            |  | 10  |              |  |  | 28    |   |  |  | 15   |  
|Discoveries and extensions                   |  |                 | 30  |   |               |  | 125   |                 |  |  |           |   |  |                 |    |  |            |  | 30  |              |  |  | 125   |   |  |  | 51   |  
|Production                                   |  |                 | (73 | ) |               |  | (170  | )               |  |  | (3         | ) |  |                 |    |  |            |  | (76 | )            |  |  | (170  | ) |  |  | (104 | )
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2008                             |  |                 | 464 |   |               |  | 1,912 |                 |  |  | 6          |   |  |                 |    |  |            |  | 470 |              |  |  | 1,912 |   |  |  | 789  |  
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|Revisions(5)                                 |  |                 | 60  |   |               |  | (315  | )               |  |  | 5          |   |  |                 |    |  |            |  | 65  |              |  |  | (315  | ) |  |  | 12   |  
|Purchases                                    |  |                 | 10  |   |               |  | 16    |                 |  |  |           |   |  |                 |    |  |            |  | 10  |              |  |  | 16    |   |  |  | 12   |  
|Sales                                        |  |                 |    |   |               |  |      |                 |  |  |           |   |  |                 |    |  |            |  |    |              |  |  |      |   |  |  |     |  
|Improved recovery                            |  |                 | 6   |   |               |  |      |                 |  |  |           |   |  |                 |    |  |            |  | 6   |              |  |  |      |   |  |  | 6    |  
|Discoveries and extensions                   |  |                 | 81  |   |               |  | 67    |                 |  |  |           |   |  |                 |    |  |            |  | 81  |              |  |  | 67    |   |  |  | 93   |  
|Production                                   |  |                 | (63 | ) |               |  | (167  | )               |  |  | (3         | ) |  |                 |    |  |            |  | (66 | )            |  |  | (167  | ) |  |  | (94  | )
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2009                             |  |                 | 558 |   |               |  | 1,513 |                 |  |  | 8          |   |  |                 |    |  |            |  | 566 |              |  |  | 1,513 |   |  |  | 818  |  
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|Revisions                                    |  |                 | (6  | ) |               |  | (41   | )               |  |  | 1          |   |  |                 |    |  |            |  | (5  | )            |  |  | (41   | ) |  |  | (12  | )
|Purchases                                    |  |                 | 2   |   |               |  | 161   |                 |  |  |           |   |  |                 |    |  |            |  | 2   |              |  |  | 161   |   |  |  | 28   |  
|Sales                                        |  |                 |    |   |               |  | (1    | )               |  |  |           |   |  |                 |    |  |            |  |    |              |  |  | (1    | ) |  |  |     |  
|Improved recovery                            |  |                 | 4   |   |               |  | 1     |                 |  |  |           |   |  |                 |    |  |            |  | 4   |              |  |  | 1     |   |  |  | 4    |  
|Discoveries and extensions                   |  |                 | 87  |   |               |  | 129   |                 |  |  | 5          |   |  |                 | 147 |  |            |  | 92  |              |  |  | 277   |   |  |  | 139  |  
|Production                                   |  |                 | (63 | ) |               |  | (175  | )               |  |  | (3         | ) |  |                 |    |  |            |  | (66 | )            |  |  | (175  | ) |  |  | (95  | )
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2010                             |  |                 | 582 |   |               |  | 1587  |                 |  |  | 11         |   |  |                 | 147 |  |            |  | 593 |              |  |  | 1734  |   |  |  | 882  |  
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|Net proved developed reserves(1) (2) (3) (4) |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2007                             |  |                 | 407 |   |               |  | 1,494 |                 |  |  | 8          |   |  |                 |    |  |            |  | 415 |              |  |  | 1,494 |   |  |  | 664  |  
|End of year 2008                             |  |                 | 357 |   |               |  | 1,524 |                 |  |  | 6          |   |  |                 |    |  |            |  | 363 |              |  |  | 1,524 |   |  |  | 617  |  
|End of year 2009                             |  |                 | 360 |   |               |  | 1,265 |                 |  |  | 8          |   |  |                 |    |  |            |  | 368 |              |  |  | 1,265 |   |  |  | 579  |  
|End of year 2010                             |  |                 | 335 |   |               |  | 1327  |                 |  |  | 6          |   |  |                 |    |  |            |  | 341 |              |  |  | 1327  |   |  |  | 562  |  
|                                             |  |                 |     |   |               |  |       |                 |  |  |            |   |  |                 |     |  |            |  |     |              |  |  |       |   |  |  |      |  



Notes:

|(1) | Net reserves are the Companys lesser royalty, overriding royalty and working interest share of the gross remaining reserves, after deduction of any crown,
freehold and overriding royalties. Such royalties are subject to change by legislation or regulation and can also vary depending on production rates, selling prices and timing of initial production.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Reserves are the estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of
development projects to known accumulations.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be
economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: (i) through existing wells with existing equipment and operating
methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction
is by means not involving a well. Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for
recompletion.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Included in revisions is a reduction of 38 net mmboe of proved reserves as a result of the revised SEC guidelines for the method of determining prices on which the
economics of the reserves are based.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 4



---

|(6) | The Companys reserve replacement ratio(a)for the last three years was as follows:
|--- | ----------------------------------------------------------------------------------



|                                    |  |      |     |   |      |  |     |      |  |  |    |  
|----------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | -- | -
|Net proved oil and gas reserves     |  | 2010 |     |   | 2009 |  |     | 2008 | 
|Excluding acquisition & divestiture |  |      | 138 | % |      |  | 118 | %    |  |  | 13 | %
|Including acquisition & divestiture |  |      | 167 | % |      |  | 130 | %    |  |  | 31 | %
|                                    |  |      |     |   |      |  |     |      |  |  |    |  



Note:

|(a) | Reserve replacement ratio calculated as reserves added during the period divided by total production during the period.
|--- | -----------------------------------------------------------------------------------------------------------------------

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (unaudited)

The following information has been developed utilizing procedures prescribed by FASB Accounting Standards Codification 932,
Extractive Activities  Oil and Gas and based on crude oil and natural gas reserve and production volumes estimated by our reserves evaluation staff. It may be useful for certain comparison purposes, but should not be solely relied
upon in evaluating Husky or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net
cash flows be viewed as representative of the current value of Huskys reserves.

The future cash flows presented below
are based on 2010 average sales prices and cost rates, and statutory income tax rates in existence as of the date of the projections. It is expected that material revisions to some estimates of crude oil and natural gas reserves may occur in the
future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a
wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.

The computation of the standardized measure of discounted future net cash flows relating to proved oil and gas reserves at
December 31, 2010 was based on the NYMEX 2010 average natural gas cash market price of U.S. $4.39/mmbtu (2009 average  U.S. $3.87/mmbtu; 2008 year-end  U.S. $5.41/mmbtu) and on crude oil prices computed with reference to the 2010
average WTI spot price of U.S. $79.46/bbl (2009 average  U.S. $61.18/bbl; 2008 year-end  U.S. $44.60/bbl).



|                                                         |  |              |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |     |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|-------------------------------------------------------- |  | ------------ | ------ |  | ----------------- |  | ------ | --------- |  |  | ------ |  |  | ---- | ----- |  | ---- |  | --- | ---- |  |  | ---- |  |  | ---- | ------ |  |  |  | ------ |  |  |  | ------ | 
|                                                         |  | Canada (1)   |        |  | International
(1) |  |        | Total (1) | 
|Standardized Measure (unaudited)                         |  | 2010         |        |  | 2009              |  |        | 2008      |  |  | 2010   |  |  | 2009 |       |  | 2008 |  |     | 2010 |  |  | 2009 |  |  | 2008 |       
|                                                         |  | ($ millions) |       
|Future cash inflows                                      |  |              | 40,840 |  |                   |  | 34,528 |           |  |  | 29,640 |  |  |      | 1,582 |  |      |  | 593 |      |  |  | 278  |  |  |      | 42,422 |  |  |  | 35,121 |  |  |  | 29,918 | 
|                                                         |  |              |        |  |                   |  |        |           | 
|Future production costs                                  |  |              | 14,682 |  |                   |  | 12,749 |           |  |  | 11,596 |  |  |      | 576   |  |      |  | 119 |      |  |  | 99   |  |  |      | 15,258 |  |  |  | 12,868 |  |  |  | 11,695 | 
|Future development costs                                 |  |              | 7,605  |  |                   |  | 6,487  |           |  |  | 4,006  |  |  |      | 182   |  |      |  | 21  |      |  |  | 14   |  |  |      | 7,787  |  |  |  | 6,508  |  |  |  | 4,020  | 
|Future income taxes                                      |  |              | 4,752  |  |                   |  | 3,989  |           |  |  | 3,667  |  |  |      | 255   |  |      |  | 144 |      |  |  | 48   |  |  |      | 5,007  |  |  |  | 4,133  |  |  |  | 3,715  | 
|                                                         |  |              |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |     |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|Future net cash flows                                    |  |              | 13,801 |  |                   |  | 11,303 |           |  |  | 10,371 |  |  |      | 570   |  |      |  | 309 |      |  |  | 117  |  |  |      | 14,371 |  |  |  | 11,612 |  |  |  | 10,488 | 
|Annual 10% discount factor                               |  |              | 6,010  |  |                   |  | 4,781  |           |  |  | 4,121  |  |  |      | 216   |  |      |  | 39  |      |  |  | 8    |  |  |      | 6,226  |  |  |  | 4,820  |  |  |  | 4,129  | 
|                                                         |  |              |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |     |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|Standardized measure of discounted future net cash flows |  |              | 7,791  |  |                   |  | 6,522  |           |  |  | 6,250  |  |  |      | 354   |  |      |  | 270 |      |  |  | 109  |  |  |      | 8,145  |  |  |  | 6,792  |  |  |  | 6,359  | 
|                                                         |  |              |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |     |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 



Note:

|(1) | The schedules above are calculated using year-end prices, costs, statutory income tax rates for 2008 and for 2009 and 2010, year average prices and year-end costs,
statutory income tax rates and existing proved oil and gas reserves. The value of exploration properties and probable reserves, future exploration costs, future change in oil and gas prices and in production and development costs are excluded.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 5



---

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas
Reserves (unaudited)



|                                                                                 |  |              |        |   |                   |  |        |           |  |  |         |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |         |  
|-------------------------------------------------------------------------------- |  | ------------ | ------ | - | ----------------- |  | ------ | --------- |  |  | ------- | - |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | - |  | ---- | ------ | - |  |  | ------ | - |  |  | ------- | -
|                                                                                 |  | Canada (1)   |        |   | International
(1) |  |        | Total (1) | 
|                                                                                 |  | 2010         |        |   | 2009              |  |        | 2008      |  |  | 2010    |   |  | 2009 |      |   | 2008 |  |      | 2010 |  |  | 2009 |   |  | 2008 |       
|                                                                                 |  | ($ millions) |       
|Present value at January 1                                                       |  |              | 6,522  |   |                   |  | 6,250  |           |  |  | 14,378  |   |  |      | 270  |   |      |  | 109  |      |  |  | 455  |   |  |      | 6,792  |   |  |  | 6,359  |   |  |  | 14,833  |  
|Sales and transfers, net of production costs                                     |  |              | (3,129 | ) |                   |  | (2,913 | )         |  |  | (6,167  | ) |  |      | (227 | ) |      |  | (215 | )    |  |  | (294 | ) |  |      | (3,356 | ) |  |  | (3,128 | ) |  |  | (6,461  | )
|Net change in sales and transfer prices, net of development and production costs |  |              | 2,982  |   |                   |  | 1,918  |           |  |  | (10,514 | ) |  |      | 99   |   |      |  | 187  |      |  |  | (338 | ) |  |      | 3,081  |   |  |  | 2,105  |   |  |  | (10,852 | )
|Development cost incurred that reduced future development costs                  |  |              | 2,697  |   |                   |  | 1,518  |           |  |  | 2,450   |   |  |      | 6    |   |      |  | 5    |      |  |  | 5    |   |  |      | 2,703  |   |  |  | 1,523  |   |  |  | 2,455   |  
|Changes in estimated future development costs                                    |  |              | (2,639 | ) |                   |  | (2,985 | )         |  |  | (1,582  | ) |  |      | (1   | ) |      |  | (10  | )    |  |  | (6   | ) |  |      | (2,640 | ) |  |  | (2,995 | ) |  |  | (1,588  | )
|Extensions, discoveries and improved recovery, net of related costs              |  |              | 1,235  |   |                   |  | 1,881  |           |  |  | 1,572   |   |  |      | 169  |   |      |  | 23   |      |  |  | 18   |   |  |      | 1,404  |   |  |  | 1,904  |   |  |  | 1,590   |  
|Revisions of quantity estimates                                                  |  |              | (68    | ) |                   |  | 313    |           |  |  | 107     |   |  |      | 43   |   |      |  | 241  |      |  |  | 12   |   |  |      | (25    | ) |  |  | 554    |   |  |  | 119     |  
|Accretion of discount                                                            |  |              | 911    |   |                   |  | 863    |           |  |  | 2,032   |   |  |      | 39   |   |      |  | 16   |      |  |  | 66   |   |  |      | 950    |   |  |  | 879    |   |  |  | 2,098   |  
|Sale of reserves in place                                                        |  |              | (4     | ) |                   |  |       |           |  |  | (104    | ) |  |      | 0    |   |      |  |     |      |  |  |     |   |  |      | (4     | ) |  |  |       |   |  |  | (104    | )
|Purchase of reserves in place                                                    |  |              | 247    |   |                   |  | 268    |           |  |  | 368     |   |  |      | 0    |   |      |  |     |      |  |  |     |   |  |      | 247    |   |  |  | 268    |   |  |  | 368     |  
|Changes in timing of future net cash flows and other                             |  |              | (579   | ) |                   |  | (388   | )         |  |  | 155     |   |  |      |     |   |      |  | (6   | )    |  |  | 27   |   |  |      | (579   | ) |  |  | (394   | ) |  |  | 182     |  
|Net change in income taxes                                                       |  |              | (384   | ) |                   |  | (203   | )         |  |  | 3,555   |   |  |      | (44  | ) |      |  | (80  | )    |  |  | 164  |   |  |      | (428   | ) |  |  | (283   | ) |  |  | 3,719   |  
|                                                                                 |  |              |        |   |                   |  |        |           |  |  |         |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |         |  
|Net increase (decrease)                                                          |  |              | 1,269  |   |                   |  | 272    |           |  |  | (8,128  | ) |  |      | 84   |   |      |  | 161  |      |  |  | (346 | ) |  |      | 1,353  |   |  |  | 433    |   |  |  | (8,474  | )
|                                                                                 |  |              |        |   |                   |  |        |           |  |  |         |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |         |  
|Present value at December 31                                                     |  |              | 7,791  |   |                   |  | 6,522  |           |  |  | 6,250   |   |  |      | 354  |   |      |  | 270  |      |  |  | 109  |   |  |      | 8,145  |   |  |  | 6,792  |   |  |  | 6,359   |  
|                                                                                 |  |              |        |   |                   |  |        |           |  |  |         |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |         |  



Note:

|(1) | The schedules above are calculated using year-end prices, costs, statutory income tax rates for 2008 and for 2009 and 2010, year-end average prices and year-end costs,
statutory income tax rates and existing proved oil and gas reserves. The value of exploration properties and probable reserves, future exploration costs, future changes in oil and gas prices and in production and development costs are excluded.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 6