whitecap resources inc. exceeds 2011 exit production rate guidance of 8,300 boe/d and provides operational update

WHITECAP RESOURCES INC. EXCEEDS 2011 EXIT PRODUCTION RATE GUIDANCE OF 8,300 BOE/D AND PROVIDES OPERATIONAL UPDATE

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap", “we”, “us”, “our” or the "Company") (TSX: WCP) is pleased to provide shareholders with an update to its production volumes and continuing operational success.

PRODUCTION HIGHLIGHTS

- Current production is approximately 8,500 boe/d with approximately 700 boe/d to come onstream in the near term excluding production volumes from the recently announced Compass Petroleum Ltd. (“Compass”) transaction dated December 15, 2011 which is expected to close in mid-February 2012.

- As a result of our successful 2011 drilling program we have exceeded our 2011 exit rate production guidance of 8,200 - 8,300 boe/d. This represents an increase of greater than 159% on an absolute basis and a 51% increase per share, fully diluted over our 2010 exit rate production of 3,200 boe/d.

- Our fourth quarter 2011 average production is estimated to be approximately 7,800 boe/d, a 287% increase on an absolute basis and a 78% increase per share, fully diluted over fourth quarter 2010 average production of 2,014 boe/d.

- Our 2011 average annual production is estimated to be approximately 5,600 boe/d, a 291% increase on an absolute basis and a 41% increase per share, fully diluted over our 2010 average annual production of 1,433 boe/d.

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