whitecap resources inc. increases credit facilities

WHITECAP RESOURCES INC. INCREASES CREDIT FACILITIES

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap", “we”, “us”, “our” or the "Company") (TSX: WCP) is pleased to announce a significant increase to our syndicated credit facilities as a result of strong reserve additions.

Credit Facilities

As a result of our continued operational success and the related production and reserve increases we are pleased to announce that our banking syndicate, led by National Bank Financial and including, the Bank of Nova Scotia, ATB Financial and Canadian Imperial Bank of Commerce has, based on their interim review, increased our borrowing base from the previous $145 million to $190 million, a 31% increase. The 2011 year-end borrowing base review is scheduled for May 31, 2012. The increase continues to provide Whitecap with significant financial flexibility for the remainder of 2011 and into 2012.

 

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