WHITECAP RESOURCES INC. ANNOUNCES RESULTS OF SHAREHOLDERS' MEETING

CALGARY, AB, May 18, 2022 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) is pleased to announce that all matters presented for approval at the annual and special meeting of shareholders held today have been fully authorized and approved. A total of 235,006,578 common shares representing 37.52% of Whitecap's issued and outstanding common shares were voted in connection with the meeting.

At the meeting, by ordinary resolution, the number of directors to be elected at the meeting was fixed at ten. The results of the ballot were as follows:

Votes For (Percentage)

218,813,900 (94.66%)

At the meeting, all of the nominees proposed as directors were duly elected as directors of Whitecap with a majority of votes cast by the shareholders present or represented at the meeting as follows:

Name of Nominee	Votes For (Percentage)
Mary-Jo E. Case	218,370,235 (94.47%)
Grant B. Fagerheim	227,768,217 (98.53%)
Gregory S. Fletcher	227,343,581 (98.35%)
Daryl H. Gilbert	200,553,758 (86.76%)
Chandra A. Henry	228,821,927 (98.99%)
Glenn A. McNamara	186,735,010 (80.77%)
Stephen C. Nikiforuk	225,427,533 (97.52%)
Kenneth S. Stickland	215,829,915 (93.37%)
Bradley J. Wall	227,047,838 (98.22%)
Grant A. Zawalsky	217,232,328 (93.97%)

PricewaterhouseCoopers LLP was appointed as auditors of Whitecap to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

Votes For (Percentage)

233,739,536 (99.47%)

At the meeting, an ordinary resolution to approve certain amendments to Whitecap's award incentive plan and to approve common shares issuable pursuant to unallocated awards thereunder was approved. The results of the ballot were as follows:

Votes For (Percentage)

204,197,465 (88.34%)

In addition, a non-binding advisory resolution concerning Whitecap's approach to executive compensation was approved. The results of the ballot were as follows:

Votes For (Percentage)

219,650,418 (95.02%)

About Whitecap

Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders. Our business is focused on profitable production growth combined with sustainable dividends to shareholders. Our objective is to fully fund our capital expenditures and dividend payments within funds flow. For further information about Whitecap, please visit our website at www.wcap.ca.

SOURCE Whitecap Resources Inc.

Grant Fagerheim, President & CEO or Thanh Kang, Senior Vice President & CFO, Whitecap Resources Inc., 3800, 525 - 8th Avenue SW, Calgary, AB T2P 1G1, Phone: [phone], www.wcap.ca, [email protected]