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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.

To read the full press release, click here to download the PDF file.

Profitable Per Share Growth Within Funds Flow

Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders.

We are focused on providing sustainable dividends and profitable per share growth enhanced by value added acquisitions.

Whitecap's common shares are traded on the Toronto Stock Exchange under the symbol WCP.

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