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Topics News & Markets

Whitecap Resources boosts oil and gas reserves 182 per cent

By The Canadian Press | February 13, 2012

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CALGARY - Junior energy explorer Whitecap Resources Inc. (TSX:WCP) has expanded its 2011 year-end oil and gas reserves by 182 per cent to 38.6 million barrels of oil equivalent output.

The Calgary company said Monday that about 72 per cent of the proved and probably reserve estimate is oil and three per cent is natural gas liquids.

"The increases reflect our accretive oil acquisitions in 2011 and our ability to efficiently execute our capital program on both our existing and acquired oil assets," Whitecap said in a statement.

The new reserve estimates exclude last week's Viking Dodsland acquisition of Compass Petroleum Ltd., Whitecap said in a release before stock markets opened Monday.

That acquisition will boost output at the company's low-risk light oil operations.

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