Whitecap Resources Inc.

Summary of 2023 Reserves

Reserves as of December 31, 2023

	Company Share Reserves
Description	Light & Medium Oil (Mbbl)	Tight Crude Oil (Mbbl)	Conventional Natural Gas (MMcf)	Shale Gas (MMcf)	Natural Gas Liquids (Mbbl)	Total (Mboe)
Proved developed producing Proved developed non-producing Proved undeveloped	201,566 2,313 102,255	737 0 8,664	318,561 7,271 162,792	319,542 30,901 997,087	51,755 7,553 111,426	360,409 16,228 415,658
Total Proved Probable	306,134 108,069	9,401 8,000	488,624 196,423	1,347,530 869,388	170,734 84,194	792,294 377,897
Total Proved plus Probable	414,203	17,400	685,046	2,216,918	254,927	1,170,191

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2023

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved developed producing Proved developed non-producing Proved Undeveloped	8,052 487 9,144	6,765 386 6,000	5,593 324 4,168	4,779 283 3,007	4,201 252 2,223
Total proved Probable	17,683 11,773	13,151 6,611	10,085 4,334	8,068 3,112	6,676 2,373
Total proved plus probable	29,456	19,762	14,419	11,180	9,049

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned.

Profitably Converting PDP Reserves to Cashflow

RECYCLE RATIO is a key measure of profitability in the oil and gas industry. The ratio is calculated by dividing the profit per barrel of oil by the cost of finding and developing the barrel of oil. Whitecap focuses on PDP recycle ratio as this reflects whether we are generating sufficient cashflow to replace the barrels we are producing, and therefore can grow economically through internally generated cashflow.