Husky Energy to acquire remainder of Avid Oil & Gas Ltd.

April 30, 2001

Husky Energy Inc. has agreed to acquire the shares of Avid Oil & Gas Ltd. that it doesn't already own for about $93.8 million (Can.). The offer is a 23% premium over Avid's 30-day Class A share average closing price. Husky acquired a 38% interest in Avid in the August 2000 takeover of Renaissance Energy.

By the OGJ Online Staff

CALGARY, Apr. 30 -- Husky Energy Inc. has agreed to acquire the shares of Avid Oil & Gas Ltd. that it doesn't already own for about $93.8 million (Can.).

The offer is a 23% premium over Avid's 30-day Class A share average closing price.

Husky acquired a 38% interest in Avid in the August 2000 takeover of Renaissance Energy.

Avid currently has production of 5,800 boe/d, 11.6 million boe of proven reserves, and about 100,000 net acres of undeveloped acreage. Its operations are located in the Provost region, West Central, and Peace River Arch areas of Alberta.

The Husky-Avid deal is subject to due diligence and regulatory approvals.