Whitecap Resources Inc.

Summary of 2024 Reserves

Reserves as of December 31, 2024

	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	191,107 2,377 100,277	620 - 9,185	339,901 5,092 161,391	338,367 44,901 1,012,874	62,358 4,427 118,664	367,131 15,136 423,836
Total Proved Probable	293,761 100,605	9,805 6,200	506,384 197,985	1,396,141 916,748	185,449 104,520	806,103 397,114
Total Proved plus Probable	394,366	16,005	704,369	2,312,889	289,969	1,203,216

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2024

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved developed producing Proved developed non-producing Proved Undeveloped	7,388 390 7,560	6,455 305 4,969	5,439 253 3,417	4,711 218 2,425	4,186 192 1,756
Total proved Probable	15,337 10,800	11,729 6,024	9,109 3,967	7,354 2,877	6,133 2,217
Total proved plus probable	26,138	17,752	13,076	10,230	8,351

⁽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.