I have some prod servers which are running with openssl version as
1.0.1f-1ubuntu2.16 . Since on 1 March 2016 a new ssl version will be released which will cover a majority of HIGH severity bugs, How do i upgrade my prod servers to this latest openssl release ?
Most reputable distributions take security fixes and retrospectively apply them to the current version of (in this case) openSSL that they distribute.
This allows them to keep up-to-date with security patches while lessening the risk of new bugs appearing from the use of relatively untested software.
You'll notice that openSSL will update quite often. If you install
apt-listchanges it will show you the changelog during these updates so that you can confirm that the HIGH severity bugs have been patched.
But if you're insisting on the latest version, then you'll probably have to compile it yourself.