WHITECAP RESOURCES INC. PROVIDES OPERATIONAL UPDATE, OBTAINS TSX LISTING AND
CONSOLIDATES SHARES

CALGARY, Oct. 18 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") is pleased to provide an update to shareholders on our key operating areas. We are currently producing 2,250 boepd (60% oil & NGLs) with near-term capability of 2,600 boepd and expect to exit 2010 between 3,000 to 3,200 boepd.

The Valhalla North Montney Sexsmith light oil pool has experienced successful results to date. Whitecap now has more than 30 days of production from three of its first four horizontal multi-frac wells. The one month average production for the three wells is 252 gross boepd per well ranging between 138 to 353 gross boepd. One of the wells included in the average is still recovering load water so the averages may increase once the load is fully recovered. We expect the production decline profile to be fairly flat as exemplified by the first horizontal well which is currently producing 275 boepd after three months.

We are currently testing our fourth horizontal well that is key in expanding the pool development to the north and west which to date has been sparsely developed. Over three days of testing the well free flowed an average of 330 gross boepd. The well was still recovering load water from the fracture stimulation at the conclusion of the testing period. We are currently installing artificial lift equipment and expect this well to be on production by early November at rates greater than 300 gross boepd. The fifth and final horizontal well of the 2010 program is currently being drilled. All wells are being fracture stimulated with 7 to 11 fractures per horizontal wellbore.

A detailed analysis of our results to-date in the Montney Sexsmith light oil pool have given us a high degree of confidence that the oil-in-place potential is greater than initially estimated.

At Pembina, we have commenced the drilling of our first horizontal Cardium oil well since closing the private company acquisition in late July. This well is part of a four to five well program for the remainder of 2010. We look forward to reporting back to our shareholders on the results of the 2010 horizontal Cardium drilling program in due course.

At Fosterton in Southwest Saskatchewan, since closing the reverse take-over of Spitfire Energy Ltd. in late June, we have successfully drilled two vertical oil wells that are now tied in and on production. The wells have added solid cashflow and are exhibiting shallow declines. We will be commencing a four well program in the area late in 2010 which includes a high impact well that has the potential to add significant oil-in-place.

TSX Listing and Share Consolidation

Whitecap also announces that it has filed articles of amendment to consolidate its common shares on a 10 to 1 basis. The consolidated common shares will commence trading on the Toronto Stock Exchange at the opening of trading today, October 18, 2010, under the symbol WCP. The common shares will be delisted from the TSX Venture Exchange at that time. The consolidation was approved by the shareholders of Whitecap at the annual and special meeting held on September 14, 2010.

Following the consolidation, Whitecap has a total of 31,447,783 common shares outstanding. In addition, 1,600,000 warrants and 1,961,022 options to purchase an equivalent number of common shares are outstanding.

No fractional post-consolidated common shares will be issued and no cash will be paid in lieu of fractional post-consolidation common shares. Any fractional common shares resulting from the consolidation will be rounded to the nearest whole common share.

Letters of transmittal for the exchange of certificates of pre-consolidated common shares for post-consolidation common shares will be mailed to the registered shareholders. Shareholders that do not have their common shares registered in their name, such as shareholders holding their shares through brokerage accounts, will not need to submit a letter of transmittal.

Note Regarding Forward Looking Statements and Other Advisories

This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements with respect to expected 2010 exit production, drilling and completion plans in our key operating areas and the results therefrom including anticipated production rates and production decline profiles.

The forward-looking information is based on certain key expectations and assumptions made by Whitecap, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future well production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and the ability of the Company to access capital.

Although Whitecap believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes.

Although Whitecap believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Whitecap are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Note: "Boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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]