CALGARY, May 9, 2013 /CNW/ - Whitecap Resources Inc. ("Whitecap", "we",
"our" or the "Company") (TSX: WCP) is pleased to announce that based on
the annual borrowing base review, our lenders have agreed to increase
our credit facility 16 percent to $520 million from the previous $450
million. The increase does not include our recent Dodsland Viking light
oil acquisition announced on April 29, 2013 and reflects the high
quality nature of our assets and their ability to generate considerable
cash flow. Whitecap has significant financial flexibility for ongoing
operations and dividend payments with an estimated 2013 debt to cash
flow ratio of 1.3 times and large un-drawn credit facilities.
Whitecap Resources Inc. is a dividend paying, oil-weighted company
focused on providing sustainable monthly dividends to its shareholders
and per share growth through a combination of accretive oil-based
acquisitions and organic growth on existing and acquired assets. For
further information about Whitecap please visit our website at www.wcap.ca.
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 our anticipated future
operations, management focus, strategies, financial, operating and
production 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
information relating to our assets and their ability to generate cash
flow, Whitecap's financial flexibility for ongoing operations, dividend
payments, and our estimated 2013 debt to cash flow ratio.
The forward-looking information is based on certain key expectations and
assumptions made by our management, including expectations and
assumptions concerning prevailing commodity prices, exchange rates,
interest rates, applicable royalty rates and tax laws; future
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 efficiently integrate assets and employees
acquired through acquisitions, ability to market oil and natural gas
successfully; our ability to access capital; and completion of the
non-core asset dispositions on the timing contemplated.
Although we believe 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. Our 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 we
will derive therefrom. 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 our future operations and such information may
not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not
exhaustive. Additional information on these and other factors that
could affect our operations or financial results 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 we disclaim 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.
SOURCE: Whitecap Resources Inc.
For further information:
Grant Fagerheim, President and CEO
Thanh Kang, VP Finance and CFO
Whitecap Resources Inc.
500, 222 - 3 Avenue SW
Calgary, AB T2P 0B4
Main Phone (403) 266-0767
Fax (403) 266-6975