whitecap provides operational update and maintains balance sheet strength in lower oil price environment

WHITECAP PROVIDES OPERATIONAL UPDATE AND MAINTAINS BALANCE SHEET STRENGTH IN LOWER OIL PRICE ENVIRONMENT

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap", “we”, “us”, “our” or the "Company") (TSX: WCP) is pleased to provide an operations update along with a revised outlook for 2012 based on a reduced capital program for the balance of the year. It is Whitecap’s plan to remain conservative in its spending in the near term until a more stable commodity price environment is experienced.

OPERATIONAL UPDATE

With the integration of both Compass Petroleum Ltd. (“Compass”) and Midway Energy Ltd. (“Midway”) now complete, we continue to focus on operational and capital efficiencies in our portfolio of high netback oil assets. We are pleased to report that our drilling and completion results to date have met or exceeded our type curve expectations in all of our operated areas and our capital investments are providing sound economic returns. Our extensive drilling inventory in our light oil resource plays is validated and allows us flexibility to accelerate our drilling program with a more stable oil price outlook.

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