CPO Cobalt Power Group

Whitecap Resources Inc. ("Whitecap") (TSX:WCP) and Compass Petroleum Ltd.
("Compass") (TSX VENTURE:CPO) are pleased to announce that Whitecap has
completed the previously announced acquisition of Compass pursuant to a plan of
arrangement (the "Arrangement") under the provisions of the Business
Corporations Act (Alberta). The closing of the Arrangement provides Whitecap
with an initial entry into the Viking light oil resource play in West Central
Saskatchewan and complements our existing oil weighted assets. Whitecap has
acquired all of the issued and outstanding common shares of Compass for $14.0
million in cash and the issuance of an aggregate of 10.9 million common shares
of Whitecap. Whitecap also assumed the positive working capital of Compass,
estimated at $1.3 million as at November 30, 2011 (after accounting for costs
and severance associated with the Arrangement). Whitecap's current production is
now in excess of 10,400 boe/d (65% oil, 3% NGL's) and has 83.1 million common
shares issued and outstanding. 


Whitecap is also pleased to announce that in connection with closing of the
Arrangement, the borrowing base under Whitecap's syndicated credit facility has
been increased from $190 million to $250 million, a 32% increase. The next
borrowing base re-determination is scheduled on or prior to May 31, 2012. 


Whitecap now has four oil weighted, high netback areas of operations that
include Montney in the Peace River Arch, Cardium in West Central Alberta, Viking
in West Central Saskatchewan and the Roseray and Cantuar in Southwest
Saskatchewan. Our operated and focused production base combined with our strong
balance sheet with a debt to estimated 2012 cash flow of less than 1.1 times
positions us to continue to generate strong organic per share growth in cash
flow, production and reserves in 2012 and beyond.


Prudent debt and cash flow management continue to be an integral component of
our overall business strategy. Whitecap manages the risk associated with
fluctuations in commodity prices and foreign exchange by entering into a variety
of commodity hedges denominated in Canadian dollars. The following summarizes
our commodity hedges outstanding:




2012 Contracts    Term              Volume         Price                    
----------------------------------------------------------------------------
                                                                            
Swap              Jan to Jun 2012   3,181 bbls/d   C$98.77/bbl WTI          
                                                                            
Swap              Jul to Dec 2012   2,200 bbls/d   C$101.90/bbl WTI         
                                                                            
Collar            Jan to Jun 2012   750 bbls/d     C$82.00/bbl WTI floor x  
                                                   C$107.40/bbl WTI ceiling 
                                                                            
Collar            Jul to Dec 2012   600 bbls/d     C$80.00/bbl WTI floor x  
                                                   C$108.00/bbl WTI ceiling 
                                                                            
Swap              Feb to Dec 2012   4,949 GJ/d     C$2.83/GJ AECO           
                                                                            
                                                                            
2013 Contracts    Term              Volume         Price                    
----------------------------------------------------------------------------
                                                                            
Swap              Jan to Jun 2013   500 bbls/d     C$102.52/bbl WTI         
                                                                            
Swap              Jan to Dec 2013   2,500 GJ/d     C$2.77/GJ AECO           



Whitecap's risk management policy allows it to hedge up to 65% of its production
volumes (after royalties). We will continue to monitor the commodity price
environment and layer on additional hedges as appropriate.


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 Whitecap's plans and other aspects of
Whitecap's anticipated future operations. In addition, and without limiting the
generality of the foregoing, this press release contains forward-looking
information regarding Whitecap's anticipated date for a borrowing base review
under its syndicated credit facility, estimated debt to 2012 cash flow of less
than 1.1 times, and the ability to grow cash flow, production and reserves on a
per share basis. 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.


The forward-looking information is based on certain key expectations and
assumptions made by Whitecap's management, including expectations and
assumptions concerning Whitecap's lenders assessment of it reserves and
operations, 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 market oil and natural gas
successfully, Whitecap's ability 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. Whitecap'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 Whitecap will derive there
from. 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 Whitecap's 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 Whitecap 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 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. Given the value ratio based on the current
price of crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be
misleading as an indication of value.

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