Whitecap Resources Inc. Announces Closing of Previously Announced Offerings

/NOT FOR DISTRIBUTION IN THE UNITED STATES ./

CALGARY , May 16, 2013 /CNW/ – – Whitecap Resources Inc. (“Whitecap“) is pleased to announce that it has closed its previously announced public offering of 10,393,000 common shares, including 1,114,000 common shares issued pursuant to the full exercise of the over-allotment option, with a syndicate of underwriters led by GMP Securities L.P. and National Bank Financial Inc. and including Dundee Securities Ltd., FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., TD Securities Inc., Raymond James Ltd., Scotia Capital Inc., BMO Capital Markets, CIBC World Markets Inc. and Peters & Co. Limited for gross proceeds of approximately $100 million . The proceeds of the offering will be used to partially fund the acquisition previously announced on April 29, 2013 , of assets in the Dodsland area of West Central Saskatchewan.

Whitecap has also closed its previously announced private placement offering of “flow-through” shares at a price of $10.67 per share for gross proceeds of approximately $20 million .

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 use of proceeds of the offerings and the completion of the acquisition This forward-looking information is based on certain key expectations and assumptions made by Whitecap’s management, including expectations and assumptions concerning the satisfaction of certain conditions to closing the acquisition.

Although the Company 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. The acquisition may not be completed on the anticipated time frame or at all 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 the Company 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.

This press release is not an offer of the securities for sale in the United States.  The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

SOURCE: Whitecap Resources Inc.