WHITECAP RESOURCES INC. PROVIDES UPDATE ON ITS LIGHT OIL OPERATIONAL 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 operational success to date.
A total of 40 oil wells are planned for the second half of 2011, of which 14 wells have been drilled thus far with a 100% success rate and an additional four wells planned prior to the end of the third quarter.
Of the 14 wells drilled, 10 are on production and are performing, on average, better than our forecasted rates. As a result, Whitecap’s base production is approximately 7,000 to 7,100 boe/d with an additional 300 boe/d to be added in the near term. The Company remains on target to meet or exceed our 2011 exit production guidance of 8,200 to 8,300 boe/d.
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