Whitecap Resources Inc.

Summary of 2022 Reserves

Reserves as of December 31, 2022

	Company Share Reserves
Description	Light & Medium Oil (Mbbl)	Tight Crude Oil (Mbbl)	Conventional Natural Gas (MMcf)	Shale Gas (MMcf)	Natural Gas Liquids (Mbbl)	Total (Mboe)
Proved developed producing Proved developed non-producing Proved undeveloped	220,371 2,941 106,514	324 727 9,393	377,396 6,172 190,648	266,241 47,926 944,099	49,224 4,101 104,466	377,192 16,786 409,498
Total Proved Probable	329,827 119,065	10,444 8,851	574,216 242,773	1,258,266 877,640	157,791 100,163	803,475 414,815
Total Proved plus Probable	448,892	19,295	816,989	2,135,906	257,954	1,218,291

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2022

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved developed producing Proved developed non-producing Proved Undeveloped	9,551 491 9,962	7,916 407 6,728	6,563 353 4,813	5,638 315 3,584	4,984 286 2,747
Total proved Probable	20,004 14,061	15,051 7,967	11,729 5,240	9,537 3,754	8,016 2,845
Total proved plus probable	34,065	23,018	16,969	13,291	10,861

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned.

Profitably Converting PDP Reserves to Cashflow

RECYCLE RATIO is a key measure of profitability in the oil and gas industry. The ratio is calculated by dividing the profit per barrel of oil by the cost of finding and developing the barrel of oil. Whitecap focuses on PDP recycle ratio as this reflects whether we are generating sufficient cashflow to replace the barrels we are producing, and therefore can grow economically through internally generated cashflow.