whitecap announces a light oil cardium focused acquisition, a $40 million bought deal financing and provides increased 2010 and 2011 guidance

WHITECAP ANNOUNCES A LIGHT OIL CARDIUM FOCUSED ACQUISITION, A $40 MILLION BOUGHT DEAL FINANCING AND PROVIDES INCREASED 2010 AND 2011 GUIDANCE.

CALGARY, ALBERTA – July 12, 2010.  Whitecap Resources Inc. ("Whitecap" or the "Company") (TSXV: WCP) is pleased to announce that it has entered into an agreement to acquire a private company ("PrivateCo") for total consideration of approximately $52.0 million (the "Acquisition").  The primary assets to be acquired (the "Acquired Assets") are located in the Pembina region of west central Alberta with production and reserves focused in the Cardium formation.  The Acquisition will be funded in part through a $40.05 million bought deal subscription receipt financing (the "Offering") plus an over-allotment of $4.95 million with a syndicate of underwriters led by GMP Securities L.P. and including National Bank Financial Inc., Cormark Securities Inc., FirstEnergy Capital Corp., Haywood Securities Inc., Macquarie Capital Markets Canada Ltd., Casimir Capital L.P., and Mackie Research Capital Corporation (the "Underwriters").

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