Mr. Grant Fagerheim of Whitecap reports

WHITECAP RESOURCES INC. AND VEREN INC. ANNOUNCE RECEIPT OF FINAL ORDER FOR PLAN OF ARRANGEMENT

The Court of King's Bench of Alberta has granted the final order in connection with the previously announced plan of arrangement under Section 193 of the Business Corporations Act (Alberta), pursuant to which Whitecap Resources Inc. will acquire all of the issued and outstanding common shares of Veren Inc. Under the terms of the business combination, Veren shareholders will receive 1.05 common shares of Whitecap for each Veren common share held. Approval of the Whitecap shareholders and the Veren shareholders in connection with the business combination was obtained on May 6, 2025, at special meetings of Whitecap shareholders and Veren shareholders, respectively.

Subject to the satisfaction or waiver of the conditions to implementing the business combination as set out in the business combination agreement dated March 9, 2025, between Whitecap and Veren, the business combination is anticipated to be completed on May 12, 2025, and Veren's common shares are expected to be delisted from the Toronto Stock Exchange at the close of markets on May 13, 2025.

U.S. investor considerations

Assuming that the business combination closes before markets open on Monday, May 12, 2025, as is currently planned, Veren's common shares will cease trading on the New York Stock Exchange at such time. Whitecap's common shares will not be listed on the NYSE, and Whitecap intends to terminate any reporting obligations it may have with the Securities and Exchange Commission as a result of this transaction. Investors in the United States should consult their own advisers regarding any implications of owning shares of an issuer that is not listed on a U.S. exchange or reporting with the SEC.

We seek Safe Harbor.