* Proved reserves climb 8 pct to 1.08 bln boe
* Proved and probable reserves up 4 pct to 2.4 bln boe
* Replacement ratio 174 pct
CALGARY, Alberta, March 9 (Reuters) - Husky Energy Inc HSE.TO, the No. 3 Canadian oil producer and refiner, said on Wednesday that drilling and acquisition operations exceeded expectations last year, lifting proved reserves by 8 percent.
Husky, controlled by Hong Kong billionaire Li Ka-shing, said it replaced 174 percent of the proved reserves that it produced in 2010, lifting the total to 1.08 billion barrels of oil equivalent.
The company had targeted a 140 percent replacement ratio.
The results represent a reserve life index of 10.3 years, based on current production rates, a 15 percent increase from 2009, it said.
Husky pegged proved plus probable reserves at 2.4 billion boe, a 4 percent increase.
The replacement ratio for proved reserves includes the acquisition of West-Central Alberta properties, which added 33 million boe, and other purchases that added 3 million.
Husky shares fell 23 Canadian cents to C$28.85 on the Toronto Stock Exchange on Wednesday.
$1=$0.97 Canadian Reporting by Jeffrey Jones; editing by Rob Wilson