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. In December 2009, Husky adopted revised oil and gas reserve estimation and disclosure requirements that conformed the definition of proved reserves to the SEC Modernization of Oil and Gas Reporting rules, issued by the SEC
in 2008. An accounting standards update revised the definition of proved oil and gas reserves to require that the average, first-day-of-the-month price during the 12-month period before the end of the year rather than the year-end price, must be
used when estimating whether reserve quantities are economic to produce. This same 12-month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted
future net cash flows. The rules also allow for the use of reliable technologies to estimate proved oil, natural-gas, and natural-gas liquids (NGLs) reserves if those technologies have been demonstrated to result in reliable conclusions about
reserve volumes.

The unaudited supplemental information on oil and gas exploration and production activities for 2011, 2010,
and 2009 has been presented in accordance with the revised reserve estimation and disclosure rules, which were not applied retrospectively. The December 31, 2008 data is presented in accordance with Financial Accounting Standards Board (FASB)
oil and gas disclosure requirements effective at that time.

Husky completed a transition to International Financial Reporting
Standards in 2011 and all 2011 and 2010 financial information has been prepared using IFRS. Periods beginning prior to 2010 have not been restated.

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, 2011, 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)(unaudited)



|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|-------------------------------------------------- |  | ---------------------------- | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|                                                   |  | Year Ended December 31, 2011 |      
|($ millions)                                       |  | Canada                       |       |  | International |  |     | Total | 
|Revenues, net of royalties                         |  |                              | 5,884 |  |               |  | 241 |       |  |  | 6,125 | 
|Production and operating expenses                  |  |                              | 1,647 |  |               |  | 25  |       |  |  | 1,672 | 
|Depreciation, depletion, amortization & impairment |  |                              | 1,976 |  |               |  | 20  |       |  |  | 1,996 | 
|Exploration & evaluation expenses                  |  |                              | 372   |  |               |  | 98  |       |  |  | 470   | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|Earnings before taxes                              |  |                              | 1,889 |  |               |  | 98  |       |  |  | 1,987 | 
|Income taxes                                       |  |                              | 519   |  |               |  | 26  |       |  |  | 545   | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|Results of Operations                              |  |                              | 1,370 |  |               |  | 72  |       |  |  | 1,442 | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 



---

|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|-------------------------------------------------- |  | ---------------------------- | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|                                                   |  | Year Ended December 31, 2010 |      
|($ millions)                                       |  | Canada                       |       |  | International |  |     | Total | 
|Revenues, net of royalties                         |  |                              | 4,514 |  |               |  | 252 |       |  |  | 4,766 | 
|Production expenses                                |  |                              | 1,379 |  |               |  | 24  |       |  |  | 1,403 | 
|Depreciation, depletion, amortization & impairment |  |                              | 1,504 |  |               |  | 17  |       |  |  | 1,521 | 
|Exploration & evaluation expenses                  |  |                              | 249   |  |               |  | 189 |       |  |  | 438   | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|Earnings before taxes                              |  |                              | 1,382 |  |               |  | 22  |       |  |  | 1,404 | 
|Income tax expense                                 |  |                              | 401   |  |               |  | 6   |       |  |  | 407   | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 
|Results of Operations                              |  |                              | 981   |  |               |  | 16  |       |  |  | 997   | 
|                                                   |  |                              |       |  |               |  |     |       |  |  |       | 



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

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



|                     |  |        |       |  |               |  |     |       |  |  |       | 
|-------------------- |  | ------ | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|                     |  | Canada |       |  | International |  |     | Total | 
|                     |  |        |       |  | ($millions)   |  |     |       | 
|2011                 |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Proved               |  |        | 792   |  |               |  |    |       |  |  | 792   | 
|Unproved             |  |        | 82    |  |               |  |    |       |  |  | 82    | 
|Exploration          |  |        | 457   |  |               |  | 266 | (2)   |  |  | 723   | 
|Development          |  |        | 2,389 |  |               |  | 546 | (3)   |  |  | 2,935 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred |  |        | 3,720 |  |               |  | 812 |       |  |  | 4,532 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|2010(1)              |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Proved               |  |        | 327   |  |               |  |    |       |  |  | 327   | 
|Unproved             |  |        | 62    |  |               |  |    |       |  |  | 62    | 
|Exploration          |  |        | 306   |  |               |  | 381 |       |  |  | 687   | 
|Development          |  |        | 1,985 |  |               |  | 63  |       |  |  | 2,048 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred |  |        | 2,680 |  |               |  | 444 |       |  |  | 3,124 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|2009(1)              |  |        |       |  |               |  |     |       |  |  |       | 
|Property acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Proved               |  |        | 220   |  |               |  |    |       |  |  | 220   | 
|Unproved             |  |        | 87    |  |               |  | 2   |       |  |  | 89    | 
|Exploration          |  |        | 323   |  |               |  | 518 |       |  |  | 841   | 
|Development          |  |        | 1,138 |  |               |  | 12  |       |  |  | 1,150 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total costs incurred |  |        | 1,768 |  |               |  | 532 |       |  |  | 2,300 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 



|(1) | In 2011, the Company revised its definition of costs incurred on exploration and development activities to exclude asset retirement and other
environmental reclamation costs. Prior periods have been restated to conform to the current years presentation.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Total international exploration costs of $266 million pertain to the following countries: China - $233 million, Indonesia - $32 million and USA - $1
million. International exploration costs for Greenland - $2 million are included in the Atlantic Region within Canada exploration costs of $457 million.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Total international development costs of $546 million pertain entirely to China.
|--- | --------------------------------------------------------------------------------

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;

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



---

The following table sets forth a summary of oil and gas property costs not being amortized
at December 31, 2011, by the year in which the costs were incurred:



|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|-------------------------- |  | ------------ | ----- |  | ---- |  | ----- | ---- |  |  | ---- |  |  | ------------ | -- |  |  |  | ----- | 
|Withheld Costs (unaudited) |  | Total        |       |  | 2011 |  |       | 2010 |  |  | 2009 |  |  | Prior to2008 |   
|                           |  | ($ millions) |      
|Property acquisitions      |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Canada                     |  |              | 148   |  |      |  | 148   |      |  |  |     |  |  |              |   |  |  |  |      | 
|International              |  |              |      |  |      |  |      |      |  |  |     |  |  |              |   |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|                           |  |              | 148   |  |      |  | 148   |      |  |  |     |  |  |              |   |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Exploration                |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Canada                     |  |              | 305   |  |      |  | 243   |      |  |  | 62   |  |  |              |   |  |  |  |      | 
|International              |  |              | 301   |  |      |  | 235   |      |  |  | 66   |  |  |              |   |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|                           |  |              | 606   |  |      |  | 478   |      |  |  | 128  |  |  |              |   |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Development                |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Canada                     |  |              | 3,090 |  |      |  | 2,053 |      |  |  | 436  |  |  |              | 47 |  |  |  | 554   | 
|International              |  |              | 1,122 |  |      |  | 539   |      |  |  | 8    |  |  |              | 5  |  |  |  | 570   | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|                           |  |              | 4,212 |  |      |  | 2,592 |      |  |  | 444  |  |  |              | 52 |  |  |  | 1,124 | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Capitalized interest       |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|Canada                     |  |              | 56    |  |      |  | 24    |      |  |  | 16   |  |  |              | 16 |  |  |  |      | 
|International              |  |              | 141   |  |      |  | 62    |      |  |  | 79   |  |  |              |   |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|                           |  |              | 197   |  |      |  | 86    |      |  |  | 95   |  |  |              | 16 |  |  |  |      | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 
|                           |  |              | 5,163 |  |      |  | 3,304 |      |  |  | 667  |  |  |              | 68 |  |  |  | 1,124 | 
|                           |  |              |       |  |      |  |       |      |  |  |      |  |  |              |    |  |  |  |       | 

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



|                      |  |              |         |   |               |  |       |       |  |  |         |  
|--------------------- |  | ------------ | ------- | - | ------------- |  | ----- | ----- |  |  | ------- | -
|                      |  | Canada       |         |   | International |  |       | Total | 
|                      |  | ($ millions) |        
|2011                  |  |              |         |   |               |  |       |       |  |  |         |  
|Proved properties(1)  |  |              | 32,101  |   |               |  | 1,539 |       |  |  | 33,640  |  
|Unproved properties   |  |              | 421     |   |               |  | 325   |       |  |  | 746     |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|                      |  |              | 32,522  |   |               |  | 1,864 |       |  |  | 34,386  |  
|Accumulated DD&A      |  |              | (15,586 | ) |               |  | (312  | )     |  |  | (15,898 | )
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|Net Capitalized Costs |  |              | 16,936  |   |               |  | 1,552 |       |  |  | 18,488  |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|2010                  |  |              |         |   |               |  |       |       |  |  |         |  
|Proved properties(1)  |  |              | 28,247  |   |               |  | 896   |       |  |  | 29,143  |  
|Unproved properties   |  |              | 252     |   |               |  | 220   |       |  |  | 472     |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|                      |  |              | 28,499  |   |               |  | 1,116 |       |  |  | 29,615  |  
|Accumulated DD&A      |  |              | (13,628 | ) |               |  | (287  | )     |  |  | (13,915 | )
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|Net Capitalized Costs |  |              | 14,871  |   |               |  | 829   |       |  |  | 15,700  |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|2009                  |  |              |         |   |               |  |       |       |  |  |         |  
|Proved properties(1)  |  |              | 24,306  |   |               |  | 335   |       |  |  | 24,641  |  
|Unproved properties   |  |              | 1,408   |   |               |  | 535   |       |  |  | 1,943   |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|                      |  |              | 25,714  |   |               |  | 870   |       |  |  | 26,584  |  
|Accumulated DD&A      |  |              | (12,153 | ) |               |  | (281  | )     |  |  | (12,434 | )
|                      |  |              |         |   |               |  |       |       |  |  |         |  
|Net Capitalized Costs |  |              | 13,561  |   |               |  | 589   |       |  |  | 14,150  |  
|                      |  |              |         |   |               |  |       |       |  |  |         |  



|(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) |      
|2011 |  |              | 1,369 |  |               |  | 20 |       |  |  | 1,389 | 
|2010 |  |              | 836   |  |               |  | 15 |       |  |  | 851   | 
|2009 |  |              | 482   |  |               |  | 15 |       |  |  | 497   | 



---

Oil and Gas Reserve Information

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 and Indonesia.



|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|---------------------------------------------- |  | -------------- | --- | - | ------------- |  | ----- | -------------- |  |  | ---------- | - |  | -------------- | --- | - | ---------- |  | --- | ------------ |  |  | ----- | - |  |  | ---- | -
|                                               |  | 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 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 |   |               |  | 1,587 |                |  |  | 11         |   |  |                | 147 |   |            |  | 593 |              |  |  | 1,734 |   |  |  | 882  |  
|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|Revisions                                      |  |                | (1  | ) |               |  | 35    |                |  |  | (1         | ) |  |                | (10 | ) |            |  | (2  | )            |  |  | 24    |   |  |  | 2    |  
|Purchases                                      |  |                | 37  |   |               |  | 342   |                |  |  |           |   |  |                |    |   |            |  | 37  |              |  |  | 342   |   |  |  | 94   |  
|Sales                                          |  |                | (2  | ) |               |  | (2    | )              |  |  | (1         | ) |  |                | (29 | ) |            |  | (3  | )            |  |  | (31   | ) |  |  | (8   | )
|Improved recovery                              |  |                | 13  |   |               |  | 1     |                |  |  |           |   |  |                |    |   |            |  | 13  |              |  |  | 1     |   |  |  | 13   |  
|Discoveries and extensions                     |  |                | 87  |   |               |  | 75    |                |  |  |           |   |  |                |    |   |            |  | 87  |              |  |  | 75    |   |  |  | 99   |  
|Production                                     |  |                | (65 | ) |               |  | (213  | )              |  |  | (2         | ) |  |                |    |   |            |  | (67 | )            |  |  | (213  | ) |  |  | (102 | )
|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2011                               |  |                | 651 |   |               |  | 1,824 |                |  |  | 7          |   |  |                | 108 |   |            |  | 658 |              |  |  | 1,932 |   |  |  | 980  |  
|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|Net proved developed reserves(1) (2) (3) (4)   |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|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 |   |               |  | 1,327 |                |  |  | 6          |   |  |                |    |   |            |  | 341 |              |  |  | 1,327 |   |  |  | 562  |  
|End of year 2011                               |  |                | 370 |   |               |  | 1,567 |                |  |  | 3          |   |  |                |    |   |            |  | 373 |              |  |  | 1,567 |   |  |  | 635  |  
|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|Net proved undeveloped reserves(1) (2) (3) (4) |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  
|End of year 2008                               |  |                | 107 |   |               |  | 388   |                |  |  |           |   |  |                |    |   |            |  | 107 |              |  |  | 388   |   |  |  | 172  |  
|End of year 2009                               |  |                | 198 |   |               |  | 248   |                |  |  |           |   |  |                |    |   |            |  | 198 |              |  |  | 248   |   |  |  | 239  |  
|End of year 2010                               |  |                | 247 |   |               |  | 260   |                |  |  | 5          |   |  |                | 147 |   |            |  | 252 |              |  |  | 407   |   |  |  | 320  |  
|End of year 2011                               |  |                | 281 |   |               |  | 257   |                |  |  | 4          |   |  |                | 108 |   |            |  | 285 |              |  |  | 365   |   |  |  | 345  |  
|                                               |  |                |     |   |               |  |       |                |  |  |            |   |  |                |     |   |            |  |     |              |  |  |       |   |  |  |      |  



|(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.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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



|                                    |  |      |     |   |      |  |     |      |  |  |     |  
|----------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|Net proved oil and gas reserves     |  | 2011 |     |   | 2010 |  |     | 2009 | 
|Excluding acquisition & divestiture |  |      | 112 | % |      |  | 138 | %    |  |  | 118 | %
|Including acquisition & divestiture |  |      | 196 | % |      |  | 167 | %    |  |  | 130 | %



|(a) | Reserve replacement ratio calculated as net reserve additions during the period divided by total production during the period. Net reserve additions
include: revisions, purchases, sales, improved recovery and discoveries and extensions.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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 2011 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, 2011 was based on the NYMEX 2011 average natural gas cash market price of U.S. $4.15/mmbtu (2010 average  U.S. $4.45/mmbtu; 2009 average  U.S.
$3.87/mmbtu) and on crude oil prices computed with reference to the 2011 average WTI spot price of U.S. $95.95/bbl (2010 average  U.S. $79.43/bbl; 2009 average  U.S. $61.18/bbl).



|                                                         |  |            |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |       |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|-------------------------------------------------------- |  | ---------- | ------ |  | ----------------- |  | ------ | --------- |  |  | ------ |  |  | ---- | ----- |  | ---- |  | ----- | ---- |  |  | ---- |  |  | ---- | ------ |  |  |  | ------ |  |  |  | ------ | 
|                                                         |  | Canada (1) |        |  | International
(1) |  |        | Total (1) | 
|Standardized Measure (unaudited)($ millions)             |  | 2011       |        |  | 2010              |  |        | 2009      |  |  | 2011   |  |  | 2010 |       |  | 2009 |  |       | 2011 |  |  | 2010 |  |  | 2009 |       
|Future cash inflows                                      |  |            | 50,824 |  |                   |  | 40,840 |           |  |  | 34,528 |  |  |      | 1,510 |  |      |  | 1,582 |      |  |  | 593  |  |  |      | 52,334 |  |  |  | 42,422 |  |  |  | 35,121 | 
|Future production costs                                  |  |            | 18,342 |  |                   |  | 14,682 |           |  |  | 12,749 |  |  |      | 503   |  |      |  | 576   |      |  |  | 119  |  |  |      | 18,845 |  |  |  | 15,258 |  |  |  | 12,868 | 
|Future development costs                                 |  |            | 7,932  |  |                   |  | 7,605  |           |  |  | 6,487  |  |  |      | 161   |  |      |  | 182   |      |  |  | 21   |  |  |      | 8,093  |  |  |  | 7,787  |  |  |  | 6,508  | 
|Future income taxes                                      |  |            | 6,286  |  |                   |  | 4,752  |           |  |  | 3,989  |  |  |      | 282   |  |      |  | 255   |      |  |  | 144  |  |  |      | 6,568  |  |  |  | 5,007  |  |  |  | 4,133  | 
|                                                         |  |            |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |       |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|Future net cash flows                                    |  |            | 18,264 |  |                   |  | 13,801 |           |  |  | 11,303 |  |  |      | 564   |  |      |  | 570   |      |  |  | 309  |  |  |      | 18,828 |  |  |  | 14,371 |  |  |  | 11,612 | 
|Annual 10% discount factor                               |  |            | 8,217  |  |                   |  | 6,010  |           |  |  | 4,781  |  |  |      | 199   |  |      |  | 216   |      |  |  | 39   |  |  |      | 8,416  |  |  |  | 6,226  |  |  |  | 4,820  | 
|                                                         |  |            |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |       |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 
|Standardized measure of discounted future net cash flows |  |            | 10,047 |  |                   |  | 7,791  |           |  |  | 6,522  |  |  |      | 365   |  |      |  | 354   |      |  |  | 270  |  |  |      | 10,412 |  |  |  | 8,145  |  |  |  | 6,792  | 
|                                                         |  |            |        |  |                   |  |        |           |  |  |        |  |  |      |       |  |      |  |       |      |  |  |      |  |  |      |        |  |  |  |        |  |  |  |        | 



|(1) | The schedules above are calculated using year average prices and year-end costs, statutory income tax rates and existing proved oil and gas reserves
for 2009, 2010 and 2011. 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.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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



|                                                                                 |  |            |        |   |                   |  |        |           |  |  |        |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |        |  
|-------------------------------------------------------------------------------- |  | ---------- | ------ | - | ----------------- |  | ------ | --------- |  |  | ------ | - |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | - |  | ---- | ------ | - |  |  | ------ | - |  |  | ------ | -
|                                                                                 |  | Canada (1) |        |   | International
(1) |  |        | Total (1) | 
|($ millions)                                                                     |  | 2011       |        |   | 2010              |  |        | 2009      |  |  | 2011   |   |  | 2010 |      |   | 2009 |  |      | 2011 |  |  | 2010 |   |  | 2009 |       
|Present value at January 1                                                       |  |            | 7,791  |   |                   |  | 6,522  |           |  |  | 6,250  |   |  |      | 354  |   |      |  | 270  |      |  |  | 109  |   |  |      | 8,145  |   |  |  | 6,792  |   |  |  | 6,359  |  
|Sales and transfers, net of production costs                                     |  |            | (4,239 | ) |                   |  | (3,129 | )         |  |  | (2,913 | ) |  |      | (216 | ) |      |  | (227 | )    |  |  | (215 | ) |  |      | (4,455 | ) |  |  | (3,356 | ) |  |  | (3,128 | )
|Net change in sales and transfer prices, net of development and production costs |  |            | 3,281  |   |                   |  | 2,982  |           |  |  | 1,918  |   |  |      | 266  |   |      |  | 99   |      |  |  | 187  |   |  |      | 3,547  |   |  |  | 3,081  |   |  |  | 2,105  |  
|Development cost incurred that reduced future development costs                  |  |            | 2,500  |   |                   |  | 2,697  |           |  |  | 1,518  |   |  |      | 7    |   |      |  | 6    |      |  |  | 5    |   |  |      | 2,507  |   |  |  | 2,703  |   |  |  | 1,523  |  
|Changes in estimated future development costs                                    |  |            | (1,921 | ) |                   |  | (2,639 | )         |  |  | (2,985 | ) |  |      | 26   |   |      |  | (1   | )    |  |  | (10  | ) |  |      | (1,895 | ) |  |  | (2,640 | ) |  |  | (2,995 | )
|Extensions, discoveries and improved recovery, net of related costs              |  |            | 1,601  |   |                   |  | 1,235  |           |  |  | 1,881  |   |  |      | 10   |   |      |  | 169  |      |  |  | 23   |   |  |      | 1,611  |   |  |  | 1,404  |   |  |  | 1,904  |  
|Revisions of quantity estimates                                                  |  |            | 156    |   |                   |  | (68    | )         |  |  | 313    |   |  |      | (47  | ) |      |  | 43   |      |  |  | 241  |   |  |      | 109    |   |  |  | (25    | ) |  |  | 554    |  
|Accretion of discount                                                            |  |            | 908    |   |                   |  | 911    |           |  |  | 863    |   |  |      | 55   |   |      |  | 39   |      |  |  | 16   |   |  |      | 963    |   |  |  | 950    |   |  |  | 879    |  
|Sale of reserves in place                                                        |  |            | (28    | ) |                   |  | (4     | )         |  |  |       |   |  |      | (59  | ) |      |  |     |      |  |  |     |   |  |      | (87    | ) |  |  | (4     | ) |  |  |       |  
|Purchase of reserves in place                                                    |  |            | 1,096  |   |                   |  | 247    |           |  |  | 268    |   |  |      |     |   |      |  |     |      |  |  |     |   |  |      | 1,096  |   |  |  | 247    |   |  |  | 268    |  
|Changes in timing of future net cash flows and other                             |  |            | (358   | ) |                   |  | (579   | )         |  |  | (388   | ) |  |      | (20  | ) |      |  |     |      |  |  | (6   | ) |  |      | (378   | ) |  |  | (579   | ) |  |  | (394   | )
|Net change in income taxes                                                       |  |            | (740   | ) |                   |  | (384   | )         |  |  | (203   | ) |  |      | (11  | ) |      |  | (44  | )    |  |  | (80  | ) |  |      | (751   | ) |  |  | (428   | ) |  |  | (283   | )
|                                                                                 |  |            |        |   |                   |  |        |           |  |  |        |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |        |  
|Net increase (decrease)                                                          |  |            | 2,256  |   |                   |  | 1,269  |           |  |  | 272    |   |  |      | 11   |   |      |  | 84   |      |  |  | 161  |   |  |      | 2,267  |   |  |  | 1,353  |   |  |  | 433    |  
|                                                                                 |  |            |        |   |                   |  |        |           |  |  |        |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |        |  
|Present value at December 31                                                     |  |            | 10,047 |   |                   |  | 7,791  |           |  |  | 6,522  |   |  |      | 365  |   |      |  | 354  |      |  |  | 270  |   |  |      | 10,412 |   |  |  | 8,145  |   |  |  | 6,792  |  
|                                                                                 |  |            |        |   |                   |  |        |           |  |  |        |   |  |      |      |   |      |  |      |      |  |  |      |   |  |      |        |   |  |  |        |   |  |  |        |  



|(1) | The schedules above are calculated using year-end average prices and year-end costs, statutory income tax rates and existing proved oil and gas
reserves for 2009, 2010, and 2011. 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.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------