Exploration & Production

Whitecap Increases Reserves In Viking and Cardium

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Whitecap Resources Inc. has announced the results of its 2013 year-end oil and gas reserves evaluation, a 51% increase over year-end 2012 reserves.

The increases reflect exceptional organic growth through the drill-bit and the completion of several accretive oil acquisitions in 2013. Whitecap is also pleased to provide our shareholders with an operational update.

The following highlights and reserves information do not include the recent light oil Viking acquisition of a private company which closed on January 6, 2014 . The financial and operational information below is based on estimates and are unaudited.

Highlights

Reserves

• Increased proved plus probable reserves by 51% to 132.5 MMboe (71% oil and NGLs) and proved reserves by 55% to 94.6 MMboe (72% oil and NGLs).
• On a per share, fully diluted basis, increased proved plus probable reserves by 16% and proved reserves by 19%.
• Achieved finding and development costs of $16.96 per proved plus probable boe, including changes in future development costs, which results in a recycle ratio of 2.5 times.Achieved finding, development and acquisition costs of $18.17 per proved plus probable boe, including FDC, which results in a recycle ratio of 2.4 times.
• Increased the net present value discounted at 10% of proved plus probable reserves by 29% to $13.33 per fully diluted share and NPV10 of proved reserves by 34% to $10.54 per fully diluted share.
• Total proved reserves comprise 71% of total proved plus probable reserves on a reserve basis and 79% on a NPV10 basis.
• Organic proved plus probable reserve additions replaced 284% of production in the year and proved reserve additions replaced 241% of production, excluding reserves added through acquisitions.
• Including reserves added through acquisitions, proved plus probable reserve additions replaced 724% of production in the year and proved reserve additions replaced 568% of production.
• Increased our reserve life index for proved plus probable reserves by 17% to 16.4 years and proved reserves by 19% to 11.7 years.

Operations

Achieved record 2013 annual production of 19,769 boe/d (69% oil and NGLs), an increase of 7% per fully diluted share compared to 2012.Invested $190 million in 2013 on development capital expenditures which includes the drilling of 100 (73.3 net) wells with a 100% success rate.

2013 Year-End Reserves

Whitecap's year-end 2013 reserves were evaluated by independent reserves evaluator McDaniel & Associates Consultants Ltd. The evaluation of all of Whitecap's 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, 2014.

Subsequent to the year end, Whitecap closed a light oil Viking acquisition of a PrivateCo. The PrivateCo reserves at December 31, 2013 , internally estimated by a member of Whitecap's management who is a qualified reserves evaluator in accordance with National Instrument 51-101 as at December 31, 2013 and based on McDaniels' January 1, 2014 forecast prices were 8.8 MMboe of proved reserves, 14.0 MMboe of proved plus probable reserves and had a net present value discounted at 10% for proved plus probable reserves of $388.7 million .