whitecap resources inc. consolidates its interest in the valhalla light oil property, announces a $35 million bought deal financing and provides increased 2011 guidance

December 1, 2010

WHITECAP RESOURCES INC. CONSOLIDATES ITS INTEREST IN THE VALHALLA LIGHT OIL PROPERTY, ANNOUNCES A $35 MILLION BOUGHT DEAL FINANCING AND PROVIDES INCREASED 2011 GUIDANCE

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce it has entered into an agreement to purchase certain strategic light oil weighted assets that are currently producing approximately 300 boe/d (62% light oil and NGL’s) for total consideration of $25.0 million (the “Acquisition”). The Acquisition will be funded through a $35.1 million bought deal financing plus an over-allotment of $5.25 million (the “Offering”) with a syndicate of underwriters led by GMP Securities L.P. and including Haywood Securities Inc., National Bank Financial Inc., Casimir Capital Ltd., Cormark Securities Inc., FirstEnergy Capital Corp. and Macquarie Capital Markets Canada Ltd. (the "Underwriters").

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