STRONG GROWTH

WITHIN
FUNDS FLOW

CAPITAL =
EFFICIENCY FOCUS

STRONG+
FUNDS FLOW NETBACKS

LOW DECLINE
ASSETS
+
CONTINUING PROFITABLE GROWTH
April 2017
 Whitecap Profile TSX: WCP

Shares outstanding (MM)

Basic 368.9
Fully diluted (1.1% dilutives) 372.6

Market capitalization ($Bn) ~$4.0

Enterprise value ($Bn) ~$4.8
Net debt-to-funds flow* 1.7x
Annual dividend ($/share) $0.28
2017 production guidance (boe/d) 57,000
% oil + NGLs 82%

2017 funds flow netback ($/boe)** $26.15

Oil development drilling inventory 2,895
# Years Inventory 10+
* Q416 annualized.
**2017 commodity prices used are WTI US$55.00/bbl, C$/US$0.76, Edmonton Par Differential (US-$3.50/bbl) and AECO C$2.50/GJ.
2
Excellent Low Cost Reserve Additions and Growth

(MMboe) 2015 2016 % Change

PDP 113.2 149.0 32%

TP 200.0 251.8 26%

TPP 278.9 355.8 28%

NAV/share (BT10) $10.78 $12.25 14%

Increased 2016 reserves per share 4% with reduced capex

13% debt adjusted

Development capital replaced 91% of production

F&D $2.34/boe 11.3x recycle ratio

Total reserve additions replaced 559% of production

FD&A $11.51/boe 2.3x recycle ratio

3
 $1.9 Billion Value Created (September 2009 December 2016)

Net Total Total

Purchase Capital Total Total Present Cash Flow Rate of
Price Spent Cost Cash Flow Value plus NPV Return
Area ($MM)(1) ($MM)(2) ($MM) ($MM) ($MM)(3) ($MM) (%)

NW Alberta/BC 723 322 1,045 348 1,270 1,618 55%

WC Alberta 1,643 636 2,279 1,072 1,619 2,691 18%

WC Saskatchewan 1,165 320 1,485 520 1,354 1,874 26%

SW Saskatchewan 597 23 620 44 1,065 1,108 79%

Total(4) 4,127 1,302 5,429 1,983 5,308 7,291 34%

$1.9 Billion Value Created

34% Total Rate of Return

Footnotes are located at the end of the presentation 4

Operational Focus Drives Economic Returns

Pillars of Sustainability Shareholder Returns

Low Decline Rate
High Funds Flow Netback
Strong Capital Efficiencies
Profitable Long-Term Organic Growth
5-8% per share / year
Return on Capital Employed Focus
Total Shareholder Return > 10% / year

5
Production per Share Growth

100,000 Capital Spending ($MM) 200

2016 $174 178
90,000 2017 $300 180
165
2018 $420
80,000 2019 $470 153 160
143
139
70,000 134
140

Production/MM Shares (boe/d)

130
122
Production (boe/d)

60,000 120

50,000 100
87

40,000 80
61 67,000
30,000 62,000 60
57,000
45,841
20,000 40,953 40
32,458
10,000 19,769 20
14,052
1,433 5,657
- -
2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e
Production (boe/d) Production/MM Shares

CAGR per share

2010 2016 14%
2017e 2019e 10%
6
Funds Flow per Share Growth

US $WTI
1,000 $79 $95 $94 $98 $93 $49 $43 $55 $60 $65 2.50
$2.24
900
$2.06

800 $1.83 2.00

$1.77
$1.68
700 $1.63

Funds Flow per Share ($/share)

$1.46
Funds Flow ($MM)

600 1.50
$1.32

500 $1.13

$844
400 1.00

$663
300
$544
$482 $481
200 $0.41 0.50
$385
$279
100 $188
$10 $86
- -
2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e

Funds Flow ($MM) Funds Flow / FD share

CAGR per share

2010 2016 18%
2017e 2019e 26%
7
2P Reserves per Share Growth

F&D Costs (incl. FDC)

400,000 955 1,000
Recycle 915
TP TPP Ratio 848
350,000 2016 $2.42 $2.34 11.3x
2015 $8.86 $6.97 5.2x
746
300,000 750
643
250,000

(Mboe / MM Shares fd)

496
(Mboe)

200,000 500
355,807

150,000
301 278,854
251
219,256
100,000 250

132,452
50,000
87,450

5,083 38,579
- 13,676 -
2009 2010 2011 2012 2013 2014 2015 2016

Reserves 2P (Mboe) Mboe / MM FD share

CAGR per share

2009 2016 21%

8
Internally Funded Growth + Dividend Model No DRIP

120%

102% 101%
100% 93%

80% 76% 74%

Total Payout Ratio

69% 66% 49%

60%
46%
55%
40%

20% 44%
33% 35%
30%
19%

0%
2013 2014 2015 2016 2017e
Cash Dividends Capital Expenditures

9
Efficiency and Cost Focus

Capital Efficiency Operational Efficiency

20.00 12.00
13% Reduction 2012
87% Reduction
18.00 2013
2014
10.00
16.00
2015
2016
14.00
8.00

12.00
$/boe

$/boe

10.00 6.00

8.00

4.00
6.00
62% Reduction
28% Reduction
4.00
2.00

2.00

- -
2P F&D (Including FDC) Opex Transportation G&A

10
 Financial Prudence and Risk Management

Mitigate price volatility and protect economic returns on capital deployed

Predictability for WCP funds flow Capital reinvestment and Dividend payments

Oil Hedges Gas Hedges

C$64.63 C$63.33 C$60.91 C$3.11 C$3.12

20,000 70.00 35,000 3.50

17,500 30,000 3.25

65.00
15,000 3.00
25,000
60.00
12,500 2.75
20,000

$/Mcf AECO
C$/bbl WTI

McfJ/d
bbls/d

10,000 55.00 2.50

15,000
7,500 2.25
50.00
10,000
5,000 2.00
45.00
2,500 5,000 1.75

- 40.00 - 1.50
% Hedged 47% 40% 16% % Hedged 50% 45%
1H 2017 2H 2017 2018 1H 2017 2H 2017

Swaps
Collars
Average Floor Price Hedged
Refer to notes located at the end of the presentation
11
 Exceptional Growth in 2017

2016 2017 Outlook % Change

Average production (boe/d) 45,841 57,000 24%

per million shares 134 153 14%

Funds flow ($MM) $385 $544 41%

per share $1.13 $1.46 29%

Development capital ($MM) $174 $300 72%

Wells (gross #) 104 187 80%

Total dividends $117 $103 (12%)

$ per share (average) $0.35 $0.28 (20%)

Total payout ratio 75% 74% (1%)

Net debt to funds flow 2.1x 1.2x (43%)

Q4 annualized 1.7x 1.2x (29%)

* 2017 commodity prices used are WTI US$55.00/bbl, C$/US$0.76, Edmonton Par Differential (US-$3.50/bbl) and AECO C$2.50/GJ.
12
2017 Development Capital

Capital by Category Capital by Play Type

4% 2%
5% 8%
Production 22% Cardium
13%
Viking
Waterflood 21%
SW Sask
Facilities
Deep Basin

78% 32% Boundary Lake

HS&E 14%

Elnora

2016 2017

Development Capital ($MM) $174 $300

Wells (gross #) 104 187

13
Sustainable Asset Base: Capital + Dividend < Funds Flow
Organic Growth Within Funds Flow
$200 $186

$180 $170

$160

$140
$76
$120
$120 $110
($MM)

$100
$75
$80
$68
$60
$12 $51
$60
$94
$40 $28
$66 $63 $54
$20 $42
$23
$0 $6
Cardium Viking SW Sask Deep Basin Elnora Boundary Lake

Capex FCF Op Income

Annual Prod. Growth 2017 Capex/Op Inc

Cardium 8% 35%
Viking 23% 55%
SW Sask 6% 38%
Deep Basin 27% 84%
Elnora (2%) 10%
Boundary Lake 9% 45%
14
2017 Sensitivities

Oil (US$WTI) $45.00 $50.00 $55.00 $60.00 $65.00

FX (C$/US$) $0.72 $0.74 $0.76 $0.78 $0.80
Oil (Cdn$/WTI) $62.50 $67.57 $72.37 $76.92 $81.25
AECO (C$/GJ) $2.50 $2.50 $2.50 $2.50 $2.50

Funds flow netback ($/boe) $22.19 $24.16 $26.15 $28.39 $29.25

Average production (boe/d) 57,000 57,000 57,000 57,000 57,000
Funds flow ($MM) $462 $503 $544 $591 $609
Per share $1.24 $1.35 $1.46 $1.58 $1.63

Development capital ($MM) ($300) ($300) ($300) ($300) ($300)

Dividend ($MM) ($103) ($103) ($103) ($103) ($103)
Free funds flow ($MM) $59 $100 $141 $188 $206

Total payout ratio (%) 87% 80% 74% 68% 66%

Debt to funds flow 1.6x 1.4x 1.2x 1.1x 1.0x

15
Free Funds Flow Optionality

Focused debt management

target debt to cash flow of 1.2 to 1.5x

Enhance per share growth metrics

tuck-in acquisitions in core operating areas
advance organic drilling in core areas

Dividend increase
prudent increases supported by strengthening cash flows
maintain dividend payout at less than 25% of cash flow

16
Core Areas of Operations

Light Oil Drilling Inventory 2,895

BRITISH COLUMBIA

ALBERTA

SASKATCHEWAN
Current Drilling Wells Boundary
Prodn Inventory 2016 2017 Lake

Cardium 14,000 721 18 28

Deep
Viking 10,000 980 57 113 Basin
SW Sask 13,400 647 13 24
Deep Basin 7,800 353 9 13
Boundary Lake 5,000 112 6 7 Cardium
Elnora 3,800 5 1 2

Elnora
Viking

Southwest
Sask

Refer to notes located at the end of the presentation

17
 Cardium Resource Play repeatable low risk growth

Industry leading capital efficiencies Edmonton

Continuing capital efficiency improvement: West Pembina East Pembina

ERH drilling
Advancing frac designs and efficiencies
Optimizing recovery downspacing & waterflood
advancement

Large growth inventory, 20+ years

Robust well economics Willesden Green

Light sweet oil (39 API), strong funds flow netbacks

7 low decline legacy waterfloods with growth potential Ferrier Red Deer

Cardium drilling program ALBERTA

Garrington
2016: 18 wells (5 ERH)
2017: 28 wells (12 ERH) West
Hz Development
Central AB
Areas
Edmonton

Cardium gross DOIIP 1.6Bn bbls (1.2 net) Hz Wells

Core Focus Areas

Recovered to date 9.7% (153.0 MMbbls) Calgary

Waterflood Areas
Possible oil RF = 18 - 20%
Cardium
Sand Trends
Calgary

Refer to notes located at the end of the presentation 18

Exceptional Type Curve Economics
West Pembina Cardium West Pembina Cardium
Type Well Economics Standard 1.0 ERH 1.5

Drill, Complete, Equip, Tie-in ($MM) $2.15 $2.45

Production, IP30 (boe/d) 317 476

Production, IP365 (boe/d) 159 239

P+PA Reserves (Mboe) 222 328

Year 1 Oil + NGLs (%) 92% 92%

NPV BT10 ($MM) $5.65 $8.53

Profit to investment ratio 2.63 3.48

Rate of return (%) >400% >500%

Payout (years) 0.48 0.32

Reserve cost ($/boe) $9.67 $7.46

Production efficiency ($/boe/d IP365) $13,486 $10,245

Initial operating netback ($/boe) $55.60 $54.20

Recycle ratio 5.8 7.3

Refer to notes located at the end of the presentation 19

 Saskatchewan Viking Oil top decile resource play
Top tier inventory for sustainable growth
10 years high quality inventory, 36 API light oil SASKATCHEWAN Viking Resource
Long-term growth, increasing ERH drilling Type Well Economics Standard 1.0 ERH 1.5x
Industry leading capital efficiencies
High netback, short payout West Drill, Complete, Equip, Tie-in ($MM) $0.62 $0.79
Exceptional economic rates of return Central SK
Production, IP30 (boe/d) 146 221
Drilling program Kerrobert
Lucky Hills
2016: 57 wells (24 ERH) Production, IP365 (boe/d) 58 85
2017: 113 wells (59 ERH)
P+PA Reserves (Mboe) 60 94
Gross DOIIP 1.7Bn bbls (1.5 net)
Recovered to date 3.8% (62.3 MMbbls) Year 1 Oil + NGLs (%) 84% 84%
Possible oil RF = 8 - 12%
NPV BT10 ($MM) $1.53 $2.45
Kerrobert WCP Lands Gas
Conventional Oil Halo Oil
Profit to investment ratio 2.47 3.11
Kerrobert
Viking Hz Wells
Rate of return (%) >500% >500%

Payout (years) 0.31 0.26

Eagle Lake Reserve cost ($/boe) $10.40 $8.37

Production efficiency ($/boe/d IP365) $10,606 $9,346

Whiteside Initial operating netback ($/boe) $50.22 $50.26

Lucky Hills
Recycle ratio 4.8 6.0

Kindersley

Refer to notes located at the end of the presentation 20

 Southwest Saskatchewan stable production, multi-zone
Overview
Sustainable oil growth region with 13,000 boe/d (98% oil)
Stable production base historical decline 2.3% per year
Increases WCP production impacted by waterflood / EOR from 54 - 63%
Large asset base with 23 oil properties
18 operated (mainly waterflood), 2 non-op waterflood properties
3 ASP flood projects (1 non-op), majority of the capital already spent

Drilling program
2016: 13 wells SASKATCHEWAN

2017: 24 wells

Gross DOIIP 2.6Bn bbls (1.5 net)

Southwest SK
Recovered to date 23.2% (599.7 MMbbls)
Fosterton
Possible oil RF = 35 - 38%
Gull Lake

21
Strong Repeatable Economics

Key Characteristics
Conventional Unconventional
Multi-zone potential for growth (6 zones) Type Well Economics Plays Plays
92% production under enhanced oil recovery (EOR)
ASP is 22% of current production, 18% of 2P reserves Drill, Complete, Equip, Tie-in ($MM) $1.05 $1.17

ASP polymer net capital: $333.5MM spent Production, IP30 (boe/d) 100 127
$64MM remaining
Production, IP365 (boe/d) 68 73
Excellent LMR (liability management ratio) of 4.37
P+PA Reserves (Mboe) 110 120

Year 1 Oil + NGLs (%) 100% 100%

NPV BT10 ($MM) $2.37 $2.32

2.3% Historical Decline

Profit to investment ratio 2.26 1.98

Last 5
Rate of return (%) 158% 138%
Individual
Drilling Payout (years) 0.90 0.95
Years

Reserve cost ($/boe) $9.55 $9.75

Production efficiency ($/boe/d IP365) $15,371 $15,981

Stable Production Initial operating netback ($/boe) $45.17 $45.23

Driven by enhanced recovery floods
Recycle ratio 4.7 4.6

Months 22
 Deep Basin Light Oil Dunvegan and Cardium Oil
Strong play characteristics, large growth potential
Karr Dunvegan Wapiti Cardium
39 to 42 API oil Type Well Economics Standard 1.0 Standard 1.0 ERH 2.0
Large OOIP of 6 to 15.5 MMboe/section
Drill, Complete, Equip, Tie-in ($MM) $3.22 $2.59 $3.84
No formation water
Low declines and strong stabilized rates Production, IP30 (boe/d) 404 260 487

Production, IP365 (boe/d) 272 225 424

ALBERTA P+PA Reserves (Mboe) 332 511 997
Drilling program
Year 1 Oil + NGLs (%) 73% 75% 75%
2016: 9 Hz wells (6 ERH) Deep
Grande Prairie

Basin
2017: 13 Hz wells (3 ERH) Edmonton
NPV BT10 ($MM) $6.17 $5.62 $11.29

Profit to investment ratio 1.91 2.17 2.94

Calgary

Rate of return (%) 240% 171% 327%

Gross DOIIP 949 MMbbls (615 net)
Recovered to date 0.5% (4.6 MMbbls) Payout (years) 0.62 0.81 0.59

Possible oil RF = 10 - 15% Reserve cost ($/boe) $9.71 $5.07 $3.85

Production efficiency ($/boe/d IP365) $11,854 $11,500 $9,055

Initial operating netback ($/boe) $42.69 $35.86 $34.75

Recycle ratio 4.4 7.1 9.0

Refer to notes located at the end of the presentation 23

 Boundary Lake large low decline resource with growth potential
Boundary Lake WI Production
Long-term, low decline asset
Operated, 35 API light oil, 91% oil + NGLs
Avg 90% WI in 3 operated units
5% decline

Legacy oil pool under a pattern waterflood

No development capital from 1998 to 2014
Consistent decline of 5% over the past 30 years
Upside evaluation to date 110 (98.4 net) locations 30+ yrs of history
1974 2017

Drilling program: 2016 6 wells

2017 7 wells
Unit #2

Gross DOIIP 880 MMbbls (845 net) BRITISH Triassic E

Recovered to date = 27.3% (239.9 MMbbls) COLUMBIA

Boundary
Possible oil RF = 36 - 40% Lake

Unit #1

Refer to notes located at the end of the presentation 24

The Whitecap Growth Plan

Long-Term Value Growth Orientation

Executing on rolling 3 year business plan
Return on capital discipline
Provide superior shareholder returns

Organic Per Share Growth Within Funds Flow

Capital + Dividend < Funds Flow
Sustainable dividend, NO DRIP

Maintaining Financial Flexibility

Balance sheet strength
Unutilized debt capacity
25
Research Coverage
AltaCorp Capital
Barclays Capital Canada
BMO Capital Markets
Canaccord Genuity
CIBC World Markets
Clarus Securities
Cormark Securities
Desjardins Capital Markets
GMP|FirstEnergy Capital
Haywood Securities
Laurentian Bank Securities
Macquarie Securities Group
National Bank Financial
Peters & Co.
Raymond James
RBC Capital Markets
Scotiabank Global
TD Securities
26
 TSX:WCP

www.wcap.ca

April 1, 2017

27
 Footnotes
Slides 2, 9, 12, 14: - 2017 commodity prices used are WTI US$55.00/bbl, C$/US$0.76, Edmonton Par Differential (US-$3.50) and AECO C$2.50/GJ.

Slide 3: - Reserves are McDaniels reserves evaluation report effective December 31, 2016.

Slides 3, 8, 10: - Refer to Whitecaps 2017 press release dated February 27, 2017 for F&D and FD&A performance and additional disclosures.

Slide 4: (1) The purchase price includes the announced purchase price of corporate acquisitions including any working capital surplus or deficit, rather
than the amounts allocated to property, plant, and equipment for accounting purposes.
(2) As of December 31, 2016.
(3) Total proved plus probable NPV BT10 at December 31, 2016.
(4) The table represents 99.96% of Whitecaps properties based on total proved plus probable reserves.

Slide 7: - 2017 commodity prices used are WTI US$55.00/bbl, C$/US$0.76, Edmonton Par Differential (US-$4.00) and AECO C$3.00/GJ.
- 2018 commodity prices used are WTI US$60.00/bbl, C$/US$0.78, Edmonton Par Differential (US-$4.00) and AECO C$3.00/GJ.
- 2019 commodity prices used are WTI US$65.00/bbl, C$/US$0.80, Edmonton Par Differential (US-$4.00) and AECO C$3.00/GJ.

Slide 11: - Based on 1H 2017 WTI US$55.00, C$/US$0.76, 2H 2017 WTI US$55.00, C$/US$0.76 and 2018 WTI US$55.00, C$/US$0.76.
- The 1H 2017 average crude oil price includes 18,450 bbls/d swaps at C$65.70 net of 3,000 bbls/d sold puts at US$60.00.
- The 2H 2017 average crude oil price includes 14,450 bbls/d swaps at C$64.93 and 1,000 bbls/d collars at C$60.00 floor and C$82.83 ceiling net of
3,000 bbls/d sold puts at US$60.00.
- The 2018 average crude oil price includes 7,000 bbls/d swaps at C$63.73 net of 3,000 bbls/d sold puts at US$60.00.

Slides 18, 20-21, 23-24: - Refer to the Oil and Gas Advisory section of this presentation for additional information on DOIIP.
- Reserves are based on McDaniels reserve evaluation report effective December 31, 2016.
- Possible oil RF calculated as (proven + probable + possible reserves + current production) / DOIIP (all as of January 1, 2017 effective date).

Slides 19-20, 22-23: - New well economics are effective January 1, 2017 and netback price assumptions based on McDaniels January 1, 2017 escalated price forecast.

28
Forward-Looking Statements
Special Note Regarding Forward-Looking Statements and Forward-Looking Information
This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended
to identify forward-looking information or statements. More particularly and without limitation, this presentation includes forward-looking information and statements about
our strategy, plans and focus, future dividends and dividend policy, forecast annual growth rates, the source of funding of dividend payments, planned capital expenditures
and the source of funding of our capital program, projected payout ratios and dividend yields, expected future production and product mix, anticipated tax horizon, the
quantity and estimated value of reserves, waterflood expansion plans and the results to be obtained therefrom, forecast operating and financial results including funds flow,
free funds flow, and operating and cash netbacks, future decline rates, drilling inventories and drilling plans, hedging plans and the benefits to be obtained from our
hedging program, anticipated debt levels and our debt to funds flow ratio, forecasted commodity prices and differentials, forecasted exchange rates, anticipated production
costs and capital efficiencies and the benefits to be obtained from recent acquisitions.

This presentation contains certain information relating to economics for drilling opportunities in the areas that Whitecap has an interest. Such information includes, but is
not limited to, anticipated production rates, anticipated reserves, anticipated capital costs, anticipated finding and development costs, anticipated ultimate reserves
recoverable and recycle ratios. Certain of the drilling opportunities identified have no associated reserves or resources which can presently be classified as recoverable. As
such the information presented with respect to such drilling opportunities do not represent estimates of future production or estimates of reserves or future net revenue
associated with the drilling opportunities. No resources may ultimately be recovered from the drilling opportunities identified herein which have no associated reserves. In
addition, references in this presentation to initial production (IP) rates and production type curves and other short-term production rates are useful in confirming the
presence of hydrocarbons, however such rates are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not
to place reliance on such rates in calculating the aggregate production for Whitecap.

Additionally, readers are advised that historical results, growth and acquisitions described in this presentation may not be reflective of future results, growth and
acquisitions with respect to Whitecap.

The forward-looking statements and information are based on certain key expectations and assumptions made by Whitecap and its management, including expectations
and assumptions concerning general economic conditions in Canada, the United States and elsewhere, and oil and gas industry conditions, including applicable royalty
rates and environmental and tax laws and regulations. Although Whitecap believes that the expectations and assumptions on which such forward-looking statements and
information are based are reasonable as of the date hereof, undue reliance should not be placed on the forward-looking statements and information because Whitecap can
give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to the risks associated with the oil and gas industry in
general.

Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this presentation are made as of the
date hereof and Whitecap undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.

29
Oil and Gas Advisory
"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. In
addition, given that 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 on a 6:1 basis may be misleading as an indication of value.

The estimated values of the future net reserves of the reserves disclosed in this presentation do not represent the market value of such reserves. The estimates of reserves
and future net reserve for individual properties may not reflect the same confidence level as estimates of reserves and future net reserve for all properties due to the effects
of aggregation.

This presentation contains references to estimates of oil classified as Discovered Oil Initially In Place (DOIIP) which are not, and should not be confused with, oil reserves.
DOIIP is defined in the Canadian Oil and Gas Evaluation Handbook as the quantity of oil that is estimated to be in place within a known accumulation prior to production.
DOIIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves and contingent resources and the
remainder as at evaluation date is by definition classified as unrecoverable. The accuracy of resource estimates is, in part, a function of the quality and quantity of available
data and of engineering and geological interpretation and judgment. The size of the resource estimate could be positively impacted, potentially in a material amount, if
additional delineation wells determine that the aerial extent, reservoir quality and/or the thickness of the reservoir is larger than what is currently estimated based on the
interpretation of seismic and well control. The size of the resource estimate could be negatively impacted, potentially in a material amount, if additional delineation wells
determine that the aerial extent, reservoir quality and/or the thickness of the reservoir are less than what is currently estimated based on the interpretation of the seismic
and well control.

Contingent resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include
factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated
discovered recoverable quantities associated with a project in the early evaluation stage. All contingent resources represented in this document are considered Economic
Contingent Resources based on the McDaniel & Associates Consultants Ltd. January 1 Price Forecast and an economic hurdle rate of the before tax net present value at a
discount rate of 10% being greater than 0 (i.e. ROR >= 10%). The primary contingency which prevents the classification of Whitecap's contingent resources as reserves is
capital budgeting restraints that allow the resources to be developed within a reasonable time frame. This time frame can be defined as 3 4 years. As additional drilling
and/or development takes place, it is expected that some or all of the contingent resources will be booked as reserves.

The best estimate of the contingent resources is determined on the basis that it is equally likely that the actual remaining quantities recovered will be greater or less than
the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will be equal or exceed the
best estimate. The remainder of the DOIIP beyond what has been cumulatively produced, classified as proved plus probable plus possible reserves, or classified as
contingent resource is currently considered to be the unrecoverable portion.

Estimates of DOIIP and contingent resources described herein are estimates only; the actual resources may be higher or lower than those calculated in the independent
evaluation. There is no certainty that it will be economically viable to produce any portion of the resources. The estimates of COOIP and Economic Contingent Resources
have been prepared internally by a qualified reserves evaluator in accordance with NI 51-101 and the COGEH handbook and are effective as of January 1, 2013. The
estimates of Reserves presented herein have been prepared by McDaniel & Associates Consultants Ltd., Whitecaps independent qualified reserves evaluator.

30
Non-GAAP Financial Measures
NON-GAAP MEASURES
This presentation includes non-GAAP measures as further described herein. These non-GAAP measures do not have a standardized meaning prescribed by
International Financial Reporting Standards (IFRS or, alternatively, GAAP) and therefore may not be comparable with the calculation of similar measures by
other companies.

Cash dividends per share represents cash dividends declared per share by Whitecap.

Cash interest is determined by deducting unrealized interest hedging gains from or adding unrealized interest hedging losses to interest and finance expense.

Development capital represents expenditures on PP&E excluding corporate and other assets.

Enterprise value is calculated as market capitalization plus net debt.

Free funds flow is determined by deducting development capital and dividend payments from funds flow.

Funds flow represents cash flow from operating activities adjusted for changes in non-cash working capital. Management considers funds flow per share to be a
key measure as it demonstrates Whitecaps ability to generate the cash necessary to pay dividends, repay debt and make capital investments. Management
believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow provides a useful measure of Whitecaps ability to
generate cash that is not subject to short-term movements in non-cash operating working capital.

Funds flow netbacks are determined by deducting general and administrative expense, cash interest, transactions costs and settlement of decommissioning
liabilities from operating netbacks.

Market capitalization is calculated by applying the period end closing share trading price to the number of shares outstanding.

Net asset value is based on present value of future net revenues discounted at 10% ("NPV10") before tax on TPP reserves, plus our internally estimated
undeveloped land value, net of estimated net debt at year end divided by the fully diluted shares outstanding at year end.

Net debt is calculated as bank debt plus working capital deficiency adjusted for the current portion of risk management contracts. Net debt is used by
management to analyze the financial position and leverage of Whitecap.

Net debt to funds flow is calculated as net debt divided by funds flow.

Operating netbacks are determined by deducting realized hedging losses or adding realized hedging gains and deducting royalties, production expenses,
transportation expenses from oil and gas revenue. Operating netbacks are per boe measures used in operational and capital allocation decisions.

Total Payout Ratio is calculated as development capital plus cash dividends declared divided by funds flow.

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