CALGARY, Jan. 17 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce successful completion of the acquisition of a partner's interest in our core light oil Valhalla property as previously detailed in our December 1, 2010 press release. This acquisition adds approximately 290 boe/d (62% light oil and NGL's) for total consideration of $25.0 million.
Whitecap is also pleased to advise that in late December the Company achieved an exit production rate of 3,200 boe/d (60% oil and NGL's), highlighting a year of growth that started 2010 at 940 boe/d.
Whitecap has an enviable suite of oil weighted, long reserve life assets with significant un-booked upside potential and a strong balance sheet. We look forward to another year of strong per share growth in production, reserves, net asset value and cash flow in 2011.
Note: "Boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. 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.
SOURCE Whitecap Resources Inc.
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 (403) 266-0767, Fax (403) 266-6975