Whittier Announces Closing of Imperial Acquisition

Whittier Energy Corporation (NASDAQ:WHIT) announced
today that it has completed its acquisition of three oil and gas
fields located in Mississippi and Texas from Imperial Petroleum, Inc.
for approximately $10.6 million, with an effective date of February 1,
2006. The Company acquired 17 operated producing wells, minor
interests in four additional non-operated producing wells, and 4
shut-in operated wells awaiting a workover rig. Current net daily
production is approximately 25 barrels of oil per day (Bopd) and 250
thousand cubic feet of natural gas per day (Mcfd), or 400 thousand
cubic feet of natural gas equivalent (Mcfed). In addition, Whittier
has identified 15 proved undeveloped locations on the properties that
have the potential to add approximately 3 Mmcfe per day of net
production in 2007. The Company has budgeted an additional $3 million
in capital to develop these properties during the remainder of 2006
and has identified $11 million of potential capital expenditures in
2007. The properties are located in large, long-lived producing fields
including the Carthage Field in East Texas and the Bovina Field in
Mississippi. The Company has an average 50% working interest and 36%
net revenue interest in the acquired properties.
   Bryce Rhodes, President and CEO of Whittier commented, "The
Imperial acquisition provides Whittier with some excellent proved
undeveloped locations along with opportunities to increase production
through operational and mechanical changes to the wells and production
facilities." Mr. Rhodes added, "The closing of this and the previously
announced Westhoff Ranch acquisition in June are consistent with our
strategy of growing our business and enhancing shareholder value
through a combination of acquiring, exploiting and exploring oil and
gas properties."

   About Whittier Energy Corporation

   Whittier Energy Corporation is an independent oil and gas
exploration and production company headquartered in Houston, Texas,
with operations in Texas, Louisiana and Mississippi. Whittier Energy
also holds non-operated interests in fields located in the Gulf Coast,
Oklahoma, Wyoming and California. To find out more about Whittier
Energy Corporation (NASDAQ:WHIT), visit www.whittierenergy.com.

   Forward-Looking Statements

   This news release includes projections and other "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These projections or statements reflect Whittier's
current views about future events and performance. No assurances can
be given that these events or performance will occur as projected and
actual results may differ materially from those projected. Important
factors that could cause the actual results to differ materially from
those projected include, without limitation, the possibility that the
acquisition may involve unexpected costs, the volatility in commodity
prices for oil and gas, the presence or recoverability of estimated
reserves, the ability to replace reserves, the availability and costs
of drilling rigs and other oilfield services, drilling and operating
risks, exploration and development risks, and other risks inherent in
Whittier's business that are detailed in its Securities and Exchange
Commission filings. Whittier assumes no obligation and expressly
disclaims any duty to update the information contained in this news
release except as required by law.