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December 22, 2010
WHITECAP RESOURCES INC. CLOSES $40.4 MILLION BOUGHT DEAL FINANCING

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has completed its previously announced bought deal financing. Whitecap, through a syndicate of underwriters led by GMP Securities L.P. and including Haywood Securities Inc., National Bank Financial Inc., Casimir Capital Ltd., Cormark Securities Inc., FirstEnergy Capital Corp. and Macquarie Capital Markets Canada Ltd. (the "Underwriters") issued a total of 6,900,000 common shares at a price of $5.85 per common share to raise gross proceeds of approximately $40.4 million. The total includes the option of the Underwriters to subscribe for up to an additional 900,000 common shares at the offering price of $5.85 per common share which was fully exercised at closing.

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Profitable Per Share Growth Within Funds Flow

Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders.

We are focused on providing sustainable dividends and profitable per share growth enhanced by value added acquisitions.

Whitecap's common shares are traded on the Toronto Stock Exchange under the symbol WCP.

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