Whitemud Resources Announces Withdrawal of Proposed $15 million Convertible
Debenture Financing by Werklund Capital

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CALGARY, Nov. 15 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the "Company") (WMK - TSXV) announces that Werklund Capital Corporation has withdrawn its proposal to provide $15 million in secured convertible debenture financing.

The Company is currently reviewing alternatives.  The Company's forbearance agreement with its bank includes provisions that enable the bank to immediately take any and all proceedings to recover its debts in the event that Werklund Capital Corporation should no longer intend to proceed with the proposed financing.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statement

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections and guidance or other statements that are not statements of fact, and guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements regarding the expectations of reviewing alternatives. The statements are subject to risks.  The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

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For further information:

Burl Aycock, CEO, Whitemud Resources, Telephone: [phone] or
Kelly Babichuk, President and COO, Whitemud Resources, Telephone: [phone]