Mr. Grant Fagerheim reports

WHITECAP RESOURCES INC. ANNOUNCES 66% INCREASE TO 2014 YEAR END RESERVES AND PROVIDES 2015 REVISED GUIDANCE

Whitecap Resources Inc. had record production in the fourth quarter of 2014 of 37,600 barrels of oil equivalent per day (74 per cent oil and natural gas liquids) and a 2014 exit rate of 37,000 barrels of oil equivalent per day. Average production volumes in the fourth quarter were 850 boe per day higher than the company's initial forecast of 36,750 boe per day, providing a strong and stable base production platform heading into 2015. The company is also pleased to present the results of the company's year-end 2014 oil and gas reserves evaluation. Since inception, the company has focused on organic capital execution enhanced by an accretive and targeted acquisition strategy. This has resulted in consistent proved plus probable reserves per share growth for the company's shareholders at an average three-year finding, development and acquisition cost of $19.57 per boe (including future development costs) and an average recycle ratio of 2.2 times.

The financial and operational information herein is based on estimates and is unaudited.

Reserve highlights for 2014:

• Increased proved plus probable reserves by 66 per cent to 219.3 million boe (75 per cent oil and natural gas liquids) and proved reserves by 64 per cent to 155.0 million boe (76 per cent oil and NGLs); on a fully diluted per share basis, increased 2P reserves by 14 per cent and 1P reserves by 13 per cent;
• Achieved finding and development costs of $13.79 per 2P boe, including changes in future development costs, which result in a recycle ratio of 3.3 times;
• Achieved finding, development and acquisition costs of $19.56 per 2P boe, including FDC, which results in a recycle ratio of 2.3 times;
• Increased the net present value discounted at 10 per cent of 2P reserves by 10 per cent to $14.60 per fully diluted share and NPV10 of proved reserves by 3 per cent to $10.87 per fully diluted share;
• Proved developed producing reserves representing 60 per cent of 1P reserves and 42 per cent of 2P reserves; 1P reserves comprise 71 per cent of 2P reserves on a reserve basis and 74 per cent on an NPV10 basis;
• The company's organic drilling and optimization program resulted in 2P reserve additions replacing 235 per cent of production in the year and 1P reserve additions replacing 173 per cent of production, excluding reserves added through acquisitions; including reserves added through acquisitions, 2P reserve additions replaced 833 per cent of production in the year, and 1P reserve additions replaced 610 per cent of production.

Year-end 2014 reserves

Whitecap's year-end 2014 reserves were evaluated by independent reserves evaluator McDaniel & Associates Consultants Ltd. The evaluation of all of its oil and gas properties was done in accordance with the definitions, standards and procedures contained in the Canadian oil and gas evaluation handbook and National Instrument 51-101 (standards of disclosure for oil and gas activities). Additional reserve information as required under NI 51-101 will be included in the company's annual information form, which will be filed on SEDAR on or before March 31, 2015.

                          SUMMARY OF RESERVES
                          (forecast pricing
                         as at Dec. 31, 2014)
                                                                        
                                        Company share reserves 
Description                   Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (Mboe)

Proved producing              63,220     136,689    6,932      92,933      
Proved non-producing          578        4,127      75         1,341       
Proved undeveloped            42,706     82,795     4,258      60,763      
Total proved                  106,504    223,611    11,265     155,037     
Probable                      42,742     98,779     5,014      64,219      
Total proved plus probable    149,247    322,389    16,278     219,256     

            SUMMARY OF BEFORE-TAX NET PRESENT VALUES
             (forecast pricing as at Dec. 31, 2014)
                                                                
                                Before-tax net-present-value ($MM)
                                          discount rate                     
Description                        0%      5%    10%    15%    20%  

Proved producing              $3,643  $2,543 $1,954 $1,593 $1,352
Proved non-producing              41      27     20     15     13   
Undeveloped                    2,029   1,263    836    576    406  
Total proved                   5,714   3,833  2,810  2,185  1,771
Probable                       3,502   1,635    965    657    489  
Total proved plus probable     9,216   5,469  3,775  2,842  2,260
Per fully diluted share       $35.65  $21.16 $14.60 $11.00  $8.74

Future development costs

The attached future development costs table sets forth future development costs deducted in the estimation of the future net revenue attributable to the reserve categories noted herein (using forecast prices and costs).

                            FUTURE DEVELOPMENT COSTS

Year                 Proved reserves ($000s) Proved plus probable reserves ($000s)

2015                               $251,737                              $258,469                              
2016                                334,009                               360,115                              
2017                                339,356                               389,168                              
2018                                177,916                               184,640                              
2019                                 46,366                                46,366                               
Remaining                            11,812                                14,142                               
Total (undiscounted)              1,161,196                             1,252,900                            

Revised guidance 2015

In light of the continuing decline in commodity prices and the corresponding lower-than-projected cash flows, Whitecap's board of directors and management have elected to prudently reduce the company's capital program by an additional 18 per cent to $200-million, effective immediately. The company's previous guidance on Dec. 16, 2014, assumed a WTI price of $65 (U.S.) per barrel and an AECO natural gas price of $3.25 per gigajoule. With current crude oil prices below WTI $50 (U.S.) per bbl and AECO natural gas prices at approximately $2.70 per gigajoule, the company felt it necessary to initiate a further capital reduction to align with the prevailing commodity price environment. The priority, as the company navigates through this challenging low price environment, is to focus on balance sheet strength with a debt to cash flow ratio of approximately two times and continue to maintain the financial flexibility to accelerate the company's capital spending in a higher price environment. Despite the recent collapse in oil and natural gas prices, the company's dividend remains unchanged at the current 6.25 cents per month (75 cents per annum). Whitecap finances its dividend payments through cash flow from operations and does not have a dividend reinvestment program. The company will continue to closely monitor the commodity price outlook in addition to the cost of services to ensure the company protects its project economics in its major play areas and will remain diligent on the three key components of the company's growth and income model: decline rate, capital efficiencies and cash flow netback.

Decline rate

With the lower capital spending, the company's currently low decline rate of 23 per cent decreases further to a projected 20 per cent as the company moves into 2016.

Capital efficiencies

To date in 2015, the company has experienced service cost reductions of between 8 to 12 per cent on the company's first quarter capital program. Reducing and deferring the company's 2015 capital spending further allow the company to get better clarity on what service-sector cost reductions can be realized, should low commodity prices persist. This will allow the company to further optimize the company's program for the current environment and will positively impact both the company's capital efficiencies and well economics.

Cash flow netback

The company cannot accurately predict when commodity prices may stabilize or recover and therefore feel that producing and monetizing a significant portion of the company's production today should be deferred to a time when commodity prices and cash flow netbacks are higher.

The revised guidance for 2015 is as set out in the attached revised guidance for 2015 table.

                     REVISED GUIDANCE FOR 2015
                                               2015           2015 
                                               (new)     (previous)

Average production (boe/d)                   36,000         37,500
Per MM shares (fully diluted)                   140            144
Oil plus NGLs                                    76%            76%
Funds from operations ($MM)                    $404           $461
Cash flow netback ($/boe)                     30.75          33.70
Development capital spending ($MM)              200            245
Total payout ratio                               97%            95%
Net debt to funds from operations              2.1x           1.7x
WTI (U.S.$/bbl)                               52.50          65.00
Edmonton Par differential (U.S.$/bbl)         (7.00)         (7.00)
Cdn$/U.S.$ exchange rate                       0.80           0.85
AECO gas price (Cdn$/GJ)                       2.50           3.25

The company is taking a conservative and cautious approach to 2015 as a result of continued low commodity prices. With the company's revised 2015 capital budget of $200-million, the company is able to maintain a strong balance sheet with debt to cash flow of approximately two times, production growth of 11 per cent (1 per cent per share) and a total payout ratio, including capital and dividends, of 97 per cent. The company is committed to providing the company's shareholders with sustainable growth and consistent dividends through this challenging environment with additional focus on long-term economic returns.

We seek Safe Harbor.