Husky Energy, through a wholly owned subsidiary, has agreed to acquire all of the issued and outstanding shares of Marathon Canada Limited and the Western Canadian assets of Marathon International Petroleum Canada, Ltd. The total purchase price is $588 million (U.S.). Production from Marathon Canada is approximately 27,000 gross barrels of oil equivalent per day (boe/d). The effective date of the transaction is October 1, 2003. In a separate transaction, Husky has agreed to sell certain of the Marathon Canada oil and gas properties with gross production of approximately 7,500 boe/d to a third party for a sale price of $320 million (U.S.). The assets to be retained by Husky are properties located primarily in northern and southern Alberta and northeastern British Columbia.
