WHITECAP RESOURCES INC. ANNOUNCES CONVERSION OF DEBENTURES AND FILING OF
PRELIMINARY PROSPECTUS

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

This News Release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States except in transactions exempt from such registration.

CALGARY, Dec. 7 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) announces that the holders of its outstanding convertible debentures have elected to convert the entire $10,000,000 principal amount of such debentures into approximately 3.5 million common shares. After giving effect to the conversion, the Company has approximately 34.9 million common shares outstanding. This does not include any common shares to be issued as a result of our previously announced bought deal financing further described below.

Whitecap also announces that it has filed a preliminary short form prospectus in respect of its previously announced $35.1 million bought deal financing plus an over-allotment of $5.25 million (the "Offering") with 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").

For further information: Grant Fagerheim, President & CEO, or Thanh Kang, VP Finance and CFO; Whitecap Resources Inc., 500, 222 - 3 Avenue SW, Calgary, AB, T2P 0B4, Main Phone [phone], Fax [phone]