Mr. Grant Fagerheim reports

WHITECAP RESOURCES INC. ANNOUNCES INCREASE TO CREDIT FACILITIES AND PROVIDES OPERATIONAL UPDATE

Based on a review of the company's independent 2014 year-end reserves report, Whitecap Resources Inc.'s lenders have agreed to increase its credit facilities by 20 per cent to $1.2-billion from the previous $1.0-billion. The increase is a result of Whitecap's strong drilling results enhanced by the accretive acquisitions completed in 2014, which resulted in significant reserves and production growth which more than offset the recent collapse in commodity prices. The increase in the credit facilities to $1.2-billion, although not required to execute the company's 2015 capital program, provides Whitecap with greater financial flexibility in this low-commodity-price environment. The next annual review by lenders is scheduled for April 30, 2016.

Whitecap's objective, irrespective of commodity prices, is to provide shareholders with per-share growth and sustainable dividends from internally generated cash flow, without the use of a dividend reinvestment plan (DRIP). The company's total payout ratio for 2015 is estimated to be 95 per cent and it anticipates maintaining a strong balance sheet with an estimated 2015 debt-to-cash-flow ratio of 2.0 to 1. The company completed its first quarter drilling program in late February, drilling a total of 32 (29.9 net) wells. Operational results in each of the company's core areas continue to be very strong with production for the month of February averaging 39,000 barrels of oil equivalent per day based on field estimates, 6 per cent above initial projections. The company has elected to keep its annual production guidance of 36,000 boe/d for 2015 unchanged at this time and will review it as the year progresses.

In west-central Saskatchewan, the company drilled and completed 20 (18.4 net) Viking oil wells with results exceeding type curves, and estimated drilling and completion costs averaging $740,000 per well.

The company has received approval for its waterflood application and concurrent good production practice (GPP) for the Nisku light oil pool at Elnora in southwest Alberta, which will provide the company with the option to increase production from the pool earlier than the original forecast of July 1, 2015. The company is anticipating full implementation of waterflood injection and central facilities by early May, 2015.

In its Cardium resource plays, the company drilled a total of nine (8.5 net) wells. As a result of strong production volumes to date, one drill and two completions have been pro-actively deferred to after spring breakup. Preliminary results from the Cardium drilling program are achieving or exceeding type curve expectations. Included in the first quarter program was a down-spacing pilot program to six wells per section in West Pembina. The results from this program indicate no depletion from offsetting producers. Based on these results, the company is investigating a broader implementation of six wells per section as well as further down spacing to eight wells per section where suitable reservoir parameters exist.

In the Deep basin in northwest Alberta, the company drilled and completed three (three net) wells. Initial production rates are at or above type curve expectations, and declines on producing wells continue to outperform expectations resulting in better-than-expected production volumes. In addition, the company has completed construction of a pipeline in Simonette that will mitigate third party downtime and is anticipated to improve operating netbacks for this area by $7.00/boe.

Whitecap continues to remain focused on balance sheet strength, cash flow netbacks and capital efficiencies, and believes it is well positioned to not only weather the current low-commodity-price environment, but continue to add considerable shareholder value when commodity prices improve.

We seek Safe Harbor.