OREANDA-NEWS. Husky Energy's reserves growth outpaced its production in 2013 as a result of the addition of reserves in its Oil Sands business, the full-scale development of the Ansell liquids-rich gas resource play and increased heavy oil recovery from thermal developments in Western Canada.

Husky has increased its 2014 production guidance to the range of 330,000 to 355,000 boe/day and remains on track to achieve its production growth rate target of five to eight percent from 2012 through 2017.

The Company has realized an average proved reserves replacement ratio over the past three years of 172 percent, excluding economic factors. Including economic factors, the average proved three-year reserves replacement ratio is 154 percent, ahead of the five-year average target of 140 percent per year. The reserves replacement ratio in 2013 was 166 percent, excluding economic factors (164 percent including economic factors such as the low gas price environment during the year.)

Reserves growth reflects a broad portfolio of assets, which provide for organic growth without dependency on acquisitions and a flexible timeline for optimal development.

At the end of the year in 2013, the Company had total proved reserves before royalties of 1.3 billion barrels of oil equivalent (boe), probable reserves of 1.9 billion boe and best estimate contingent resources of 13.2 billion boe. The Company's Oil Sands portfolio was responsible for 11.6 billion boe of the best estimate contingent resources total.