whitecap resources inc. announces conversion of debentures and filing of preliminary prospectus

December 7, 2010

WHITECAP RESOURCES INC. ANNOUNCES CONVERSION OF DEBENTURES AND FILING OF PRELIMINARY PROSPECTUS

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) announces that the holders of its outstanding convertible debentures have elected to convert the entire $10,000,000 principal amount of such debentures into approximately 3.5 million common shares. After giving effect to the conversion, the Company has approximately 34.9 million common shares outstanding.  This does not include any common shares to be issued as a result of our previously announced bought deal financing further described below.

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