WHITECAP PROVIDES UPDATE ON FIRST QUARTER LIGHT OIL DRILLING SUCCESS
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap", “we”, “us”, “our” or the "Company") (TSX: WCP) is pleased to provide shareholders with an update on its successful first quarter drilling program.
Whitecap drilled eleven (8.4 net) oil wells in the first quarter of 2011; six (4.2 net) horizontal Cardium oil wells at Pembina in West Central Alberta, three (2.5 net) horizontal oil wells at Valhalla North in the Peace River Arch area of Alberta, and two (1.7 net) Roseray wells at Fosterton in Southwest Saskatchewan.
We are pleased to report that prior to spring break-up we were able to get seven of the eleven wells drilled and on production to achieve our target exit production rate of 3,800 boe/d including our first quarter capital program. The remaining four oil wells that were drilled in the first quarter will come on-stream as soon as conditions allow us back in the field, currently anticipated to be between May 15 and June 30, 2011.
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