LONDON, Oct.

The Board of Directors of Husky Energy Inc. (TSX: HSE) is pleased to declare a quarterly dividend of $0.50 (Canadian) per share on its common shares for the three-month period ended September 30, 2008.

Husky Energy Inc. (TSX: HSE) reported net earnings of $1.27 billion or $1.50 per share (diluted) in the third quarter of 2008, an increase of 65 percent from $769 million or $0.91 per share (diluted) in the same quarter of 2007.

Husky Energy Inc. (TSX: HSE) announced today that the Board of Directors has approved a 25 percent increase in the Company's quarterly dividend to $0.50 from $0.40 (Canadian) per share on its common shares for the three-month period ended June 30, 2008.

Husky Energy Inc. (TSX: HSE) reported net earnings of $1.36 billion or $1.61 per share (diluted) in the second quarter of 2008, an increase of 89 percent from $721 million or $0.85 per share (diluted) in the same quarter of 2007.