whitecap resources inc. increases viking light oil exposure through the acquisition of invicta energy corp. and announces increased 2013 guidance

WHITECAP RESOURCES INC. INCREASES VIKING LIGHT OIL EXPOSURE THROUGH THE ACQUISITION OF INVICTA ENERGY CORP. AND ANNOUNCES INCREASED 2013 GUIDANCE

CALGARY, ALBERTA – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) and Invicta Energy Corp. (“Invicta”) (TSXV: VCA) are pleased to announce that they have entered into an arrangement agreement (the “Arrangement Agreement”) providing for the acquisition by Whitecap of all the issued and outstanding common shares of Invicta (the “Transaction”). Invicta is a light oil-weighted public energy company with its operations immediately offsetting Whitecap’s lands and Viking production in the Lucky Hills area of west central Saskatchewan. Under the terms of the Transaction, Invicta shareholders will receive, at their election, for each Invicta share held, either: (i) 0.05891 of a Whitecap common share; or (ii) $0.51911 in cash, subject to an aggregate cash maximum of $10.7 million. Whitecap will also assume the net debt of Invicta, estimated at $17.4 million, after accounting for costs, severance and option proceeds associated with the Transaction, as at March 31, 2013.

The $0.51911 per share Transaction value represents a 30 percent premium to the closing market price of the Invicta common shares on March 15, 2013 and a 37 percent premium to the volume weighted average trading price of the Invicta common shares for the 10 trading days ending March 15, 2013. The total Transaction value is approximately $60.2 million, including the assumption of net debt.

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