whitecap resources inc. announces closing of previously announced working interest consolidation of its valhalla and garrington light oil core areas

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce the successful completion of its previously announced acquisition of certain strategic light oil assets located predominantly in its core Valhalla and Garrington operated areas of Alberta for total consideration of $173.6 million (the “Acquisition”) as previously detailed in our June 27, 2013 press release. The Acquisition adds 2,900 boe/d (56 percent oil and NGLs) of high netback, low base decline production (16 percent current decline rate) in areas where Whitecap already operates 96 percent of the production.

We continue to focus on maximizing total shareholder return and the Acquisition solidifies Whitecap as a premier intermediate oil-weighted, dividend paying company focused on per share growth in cash flow, production and reserves. Whitecap has demonstrated the sustainability of its dividend-growth strategy in the first half of 2013 and will continue to do so for the balance of the year and into 2014 and 2015. We anticipate average production of 20,000 – 21,000 boe/d in the second half of 2013 which will generate cash flow of $145 - $150 million based on a cash flow netback of $39.50/boe. After development capital spending of $75 million and dividend payments of $50.2 million, this will leave Whitecap with $24.8 million of excess free cash flow in the second half of 2013. Our total payout ratio for the second half of 2013 is estimated to be 83 percent and 97 percent for the full year.

The Acquisition was partially funded through a bought deal public financing (the "Offering") which closed on July 18, 2013, through a syndicate of underwriters co-led by GMP Securities L.P. and National Bank Financial Inc. and including Dundee Securities Ltd., FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., TD Securities Inc., CIBC World Markets Inc., Raymond James Ltd., Scotia Capital Inc., Peters & Co. Limited and RBC Capital Markets. Pursuant to the Offering, Whitecap issued 17,172,000 Subscription Receipts of Whitecap at a price of $9.90 per Subscription Receipt to raise gross proceeds of approximately $170 million. In accordance with their terms, each Subscription Receipt was exchanged for one Common Share on July 31, 2013 upon the closing of the Acquisition and the proceeds from the sale of the Subscription Receipts were released from escrow. Holders of Subscription Receipts issued under the Offering are now holders of Common Shares and as a result, will be entitled to the $0.05 per share dividend payable to shareholders of record as of July 31, 2013, which Whitecap previously announced would be payable on August 15, 2013. Holders of Subscription Receipts are not required to take any action in order to receive the Common Shares and dividends to which they are entitled.

Whitecap Resources Inc. is a dividend paying, oil-weighted company focused on providing sustainable monthly dividends to its shareholders and per share growth through a combination of accretive oil-based acquisitions and organic growth on existing and acquired assets. For further information about Whitecap please visit our website at www.wcap.ca.

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