February 27, 2017

Whitecap Resources Inc. Announces Continued Reserves Per Share Growth and Record Low Reserve Addition Costs Across All Categories

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to present the results of our 2016 year end oil and gas independent reserves evaluation prepared by McDaniel & Associates Consultants Ltd. (“McDaniels”).

Whitecap achieved exceptionally low cost organic reserve additions and growth in 2016 after spending only $174 million of field capital (26% reduction compared to the previous year) which represented only 45% of our funds flow. Record low finding and development (“F&D”) costs of $2.34/boe, including changes in future development capital (“FDC”), resulted in a recycle ratio of 11.3 times in 2016. Whitecap was also able to capitalize on the low crude oil price environment by transacting on $486.2 million (net) of strategic acquisitions enhancing our long-term sustainability and free funds flow profile. In aggregate, we invested $660.2 million (including acquisitions and net of divestments) into the development and expansion of our existing core areas growing total proved plus probable ("TPP") reserves by 28% or 13% per debt-adjusted share at a finding, development and acquisition (“FD&A”) cost of $11.51/boe, including changes in FDC, resulting in a recycle ratio of 2.3 times. Whitecap’s net asset value based on the present value of future net revenues discounted at 10% ("NPV10") before tax of our TPP reserves, plus our internally estimated undeveloped land value of $75.9 million net of estimated net debt of $818.6 million at December 31, 2016 was $12.25/share (based on 372.4 million fully diluted shares outstanding as of December 31, 2016), a 14% increase from $10.78/share in 2015.

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