May 16, 2019

Whitecap Resources Inc. Receives TSX Approval For Renewed Normal Course Issuer Bid And Confirms Monthly Dividend For May Of $0.0285 Per Share

CALGARY, ALBERTA - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted the notice of Whitecap's intention to commence a normal course issuer bid (the "NCIB"). Whitecap previously purchased an aggregate of 4,842,083 common shares at a weighted average price per share of $6.23 under a normal course issuer bid that runs between May 18, 2018 to May 17, 2019.

The NCIB allows Whitecap to purchase up to 20,657,914 common shares (representing 5% of its 413,158,293 outstanding common shares as of May 7, 2019) over a period of twelve months commencing on May 21, 2019. The NCIB will expire no later than May 20, 2020. Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the rules of the TSX governing NCIB's. The total number of common shares Whitecap is permitted to purchase is subject to a daily purchase limit of 600,321 common shares, representing 25% of the average daily trading volume of 2,401,285 common shares on the TSX calculated for the six-month period ended April 30, 2019, however, Whitecap may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Whitecap.

Whitecap believes that at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Whitecap's per share metrics and thereby increase the underlying value of its common shares to its shareholders. Whitecap will use the NCIB as another tool to enhance total long-term shareholder returns and will be used in conjunction with management’s disciplined free funds flow capital allocation strategy.

In addition, Whitecap is pleased to announce that a cash dividend of Cdn. $0.0285 per common share in respect of May operations will be paid on June 17, 2019 to shareholders of record on May 31, 2019. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

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