An anonymous director reports

WHITECAP RESOURCES INC. CLOSES DISPOSITIONS AND ANNOUNCES FOURTH QUARTER AND YEAR END 2022 RESULTS CONFERENCE CALL / WEBCAST

Whitecap Resources Inc. has closed all three previously announced dispositions of certain non-strategic assets for aggregate consideration of $419-million, including $394-million of cash, prior to closing adjustments, and producing assets that consolidate the working interest in one of its core assets.

Proceeds from the dispositions have been used to reduce net debt to $1.5-billion, which accelerates achieving the company's net debt target of $1.3-billion to mid-2023, based on current strip prices. Whitecap's plan is to return 75 per cent of free funds flow to its shareholders, which includes its targeted 73-cent-per-share annual base dividend, once this $1.3-billion net debt milestone is achieved. The remaining 25 per cent of free funds flow will be used to continue to reduce debt and strengthen Whitecap's balance sheet.

The company has successfully monetized these non-strategic assets at strong disposition metrics and looks forward to demonstrating strong operational performance on its core assets in 2023. Whitecap expects to grow 2023 annual production to 160,000 to 162,000 boe/d (barrels of oil equivalent per day) from its 2022 annual production of 144,000 boe/d (13-per-cent production per share growth) on capital expenditures of $900-million to $950-million.

Whitecap will be releasing its fourth quarter and year-end 2022 results after market close on Wednesday, Feb. 22, 2023, and has scheduled a conference call and webcast to begin promptly at 9 a.m. MT (11 a.m. ET) on Thursday, Feb. 23, 2023.

The conference call dial-in numbers are 1-888-390-0605, 587-880-2175 or 416-764-8609.

A live audio webcast of the conference call will be accessible on Whitecap's website by selecting investors, then presentations and events. Shortly after the live webcast, an archived version will be available.

We seek Safe Harbor.