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2015 REVISED GUIDANCE In light of the continuing decline in commodity prices and the corresponding lower than projected cash flows, Whitecap's Board of Directors and Management have elected to prudently reduce our capital program by an additional 18% to $200 million effective immediately. Our previous guidance on December 16, 2014 assumed a WTI price of US$65/bbl and an AECO natural gas price of $3.25/GJ. With current crude oil prices below WTI US$50/bbl and AECO natural gas prices at approximately $2.70/GJ we felt it necessary to initiate a further capital reduction to align with the prevailing commodity price environment. Our priority as we navigate through this challenging low price environment is to focus on balance sheet strength with a debt to cash flow ratio of approximately two times and continue to maintain the financial flexibility to accelerate our capital spending in a higher price environment. Despite the recent collapse in oil and natural gas prices our dividend remains unchanged at the current $0.0625 per month ($0.75 per annum). Whitecap funds its dividend payments through cash flow from operations and does not have a dividend reinvestment program. We will continue to closely monitor the commodity price outlook in addition to the cost of services to ensure we protect our project economics in our major play areas and will remain diligent on the three key components of our growth and income model: decline rate, capital efficiencies and cash flow netback. 1.Decline rate: With the lower capital spending our currently low decline rate of 23% decreases further to a projected 20% as we move into 2016. 2.Capital efficiencies: To date in 2015 we have experienced service cost reductions of between 8-12% on our first quarter capital program. Reducing and deferring our 2015 capital spending further allows us to get better clarity on what service sector cost reductions can be realized should low commodity prices persist. This will allow us to further optimize our program for the current environment and will positively impact both our capital efficiencies and well economics. 3.Cash flow netback: We cannot accurately predict when commodity prices may stabilize or recover, and therefore feel that producing and monetizing a significant portion of our production today should be deferred to a time when commodity prices and cash flow netbacks are higher. 2015 revised guidance as follows: 2015 New 2015 Previous % Change Average production (boe/d) 36,000 37,500 (4%) Per MM shares (fully diluted) 140 144 (3%) % Oil + NGLs 76% 76% - Funds from operations ($MM) 404 461 (12%) Cash flow netback ($/boe) 30.75 33.70 (9%) Development capital spending ($MM) 200 245 (18%) Total payout ratio 97% 95% (2%) Net debt to funds from operations 2.1x 1.7x 24% WTI (US$/bbl) 52.50 65.00 (19%) Edmonton Par differential (US$/bbl) (7.00) (7.00) - CAD/USD exchange rate 0.80 0.85 (6%) AECO gas price (C$/GJ) 2.50 3.25 (23%) We are taking a conservative and cautious approach to 2015 as a result of continued low commodity prices. With our revised 2015 capital budget of $200 million we are able to maintain a strong balance sheet with debt to cash flow of approximately two times, production growth of 11% (1% per share) and a total payout ratio including capital and dividends of 97%. We are committed to providing our shareholders with sustainable growth and consistent dividends through this challenging environment with additional focus on long-term economic returns.