WHITECAP RESOURCES INC. CLOSES $40.4 MILLION BOUGHT DEAL FINANCING

/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./

CALGARY, Dec. 22 /CNW/ - 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.

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.

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]