Whittier Announces First Quarter 2006 Financial Results; 567% Increase in Net Income; 153% Increase in Production

Whittier Energy Corporation (NASDAQ: WHIT) today
announced financial and operating results for the first quarter of
2006. Net income was $2.3 million or $0.18 per fully diluted share for
the first quarter ended March 31, 2006, compared to net income of
$0.34 million, or $0.09 per fully diluted share, for the first quarter
of 2005. The Company reported oil and gas revenues of $10.0 million, a
256% increase over oil and gas revenues of $2.8 million in the first
quarter of last year. The increase was primarily attributed to higher
oil and gas production, the acquisition of RIMCO in June 2005 and
higher commodity prices. Whittier's quarterly production increased
153% and realized commodity prices increased 41% in comparison to the
first quarter of 2005.

   Operating and Financial Highlights for the First Quarter of 2006
include:

   --  10 gross (2.64 net) wells drilled with 90% success rate

   --  Record net production of 1.26 billion cubic feet of gas
        equivalent (Bcfe)

   --  Average daily production of 14 million cubic feet of gas
        equivalent (Mmcfe)

   --  Average realized prices of $7.94 per thousand cubic feet of
        gas equivalent (Mcfe) versus $5.64/Mcfe in 1Q 2005

   --  Lease operating costs per unit of $1.04/Mcfe, down 36% from
        $1.64/Mcfe in 1Q 2005

   --  Operating cash flow was $6.8 million, or $0.54 per diluted
        share

   --  Capital expenditures of $7.0 million

   Bryce Rhodes, Whittier Energy President and CEO, commented, "Our
results for the first quarter of 2006 reflect the ongoing success of
our acquisition and drilling activities. We experienced substantial
increases in production and oil and gas revenues for the quarter.
Whittier's financial results, combined with our recently announced
property acquisitions and the success of our 2006 drilling program so
far this year, reflect Whittier's ability to execute our strategy to
grow our business and enhance shareholder value."

   First Quarter 2006 Discussion

   Oil and gas revenues increased 256% to approximately $10.0 million
in the first quarter of 2006 from $2.8 million in the same period in
the prior year. The increase in oil and gas revenues was primarily due
to a 153% increase in production and a 41% increase in realized
commodity prices per Mcfe after hedge settlements. Whittier recognized
pre-tax losses in oil and gas revenues of $918,000 and $567,000 during
the quarters ended March 31, 2006 and 2005, respectively, due to
realized settlements of its price hedge contracts.
   The Company's production increased 153% to 1.26 Bcfe during the
quarter ending March 31, 2006, principally due to the June 2005
acquisition of RIMCO, as well as a successful drilling program during
2005 and the first quarter of 2006.
   Total operating costs and expenses increased by 197% from $2.3
million for the quarter ending March 31, 2005 to $6.8 million for the
quarter ending March 31, 2006, principally due to increased
acquisition, development, and exploration activity from the prior
year.
   Depreciation, depletion and amortization increased by 480% year
over year primarily due to higher relative production and the June
2005 RIMCO acquisition.
   Lease operating expenses increased 61% from $813,000 for the
quarter ending March 31, 2005 to $1.3 million for the quarter ending
March 31, 2006. On a per Mcfe basis, however, lease operating expenses
fell 36% from $1.64 per Mcfe in the first quarter of 2005 to $1.04 per
Mcfe for the first quarter of 2006. This decrease was principally due
to a higher ratio of gas production from our properties.
   Production taxes increased 210%, from $252,000, or $0.51 per Mcfe,
for the quarter ending March 31, 2005, to $781,000, or $0.62 per Mcfe,
for the quarter ending March 31, 2006.
   The Company recognized a non-cash gain of $396,000 due to the
ineffective portion of the fair value adjustment to hedge contracts
for the first quarter of 2006 compared to a non-cash loss of $185,000
for the first quarter of 2005.
   General and administrative expense increased from $389,000 for the
quarter ending March 31, 2005 to $1.3 million for the quarter ending
March 31, 2006, primarily due to staff increases to support the
Company's growing business, as well as $267,000 in non-cash
compensation expense from the issuance of stock options recognized due
to the adoption of FAS 123(R).
   The Company generated net income of approximately $2.3 million or
$0.18 per diluted share in the first quarter 2006 compared to $338,000
or $0.09 per diluted share in the same period of the prior year.
   Total cash flows provided by operating activities were $6.8
million for the three months ended March 31, 2006 as compared to $1.3
million in the first quarter of 2005 and were primarily used to fund
our exploration and development expenditures.

   2006 Outlook

   As of May 1, 2006, production was at a rate of approximately 15.2
Mmcfe per day. The Company has budgeted $27.2 million in capital
expenditures for 2006, of which approximately $7.0 million had been
spent as of March 31, 2006. Capital expenditures, excluding
acquisitions, are expected to be funded from internally generated
funds.

   Conference Call Info

   A conference call will be held at 10:00 a.m. (Eastern) today to
discuss 1Q 2006 results. The conference call will be webcast and can
be accessed by logging onto www.whittierenergy.com in the Investor
section or at http://viavid.net/dce.aspx?sid=00003108. For those
unable to listen to the live presentation, the webcast will be
archived on the Company's website. In addition, a telephone replay
will be available for one week beginning at 1:00 p.m. (Eastern), May
15, 2006, and can be accessed by dialing 888-203-1112 or 719-457-0820
(international callers) and entering pin number 4012383.

   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 and Louisiana. 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

   Certain statements included in this news release are intended as
"forward-looking statements" under the Private Securities Litigation
Reform Act of 1995. The Company cautions that actual future results
may vary materially from those expressed or implied in any
forward-looking statements. More information about the risks and
uncertainties relating to these forward-looking statements are found
in the Company's SEC filings, which are available free of charge on
the SEC's web site at http://www.sec.gov.

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                      WHITTIER ENERGY CORPORATION

                        SELECT OPERATING DATA
----------------------------------------------------------------------
                                                       Three Months
                                                      Ended March 31,
                                                        2006     2005
                                                     -----------------

Production (Mmcfe)                                     1,256      497
   Gas (Mcf)                                         793,581  225,226
   Oil (Bbls)                                         77,005   45,286
Avg. Daily Production (Mmcfe)                           14.0      5.5

Avg. Realized Prices Before Hedging
   Oil  (Bbl)                                         $58.21   $46.03
   Gas (mcf)                                           $8.06    $5.70
       Avg. per Mcfe                                   $8.67    $6.78

Avg. Realized Prices After Effects of Hedging
   Oil  (Bbl)                                         $48.47   $33.65
   Gas (mcf)                                           $7.85    $5.67
       Avg. per Mcfe                                   $7.94    $5.64

Expenses/Mcfe
    LOE                                                $1.04    $1.64
   Production Taxes                                    $0.62    $0.51
   DD&A                                                $3.01    $1.31
   G & A                                               $1.06    $0.78
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                       CONDENSED BALANCE SHEETS
                           ($ in thousands)

                                        Three Months     Twelve Months
                                           Ended             Ended
                                         March 31,        December 31,
                                           2006              2005
                                   -----------------------------------
Condensed Balance Sheet:
Current assets                                $16,331         $19,245
Net oil and gas properties                     98,229          95,096
Other assets                                    2,166           2,210
                                   -----------------------------------
Total assets                                 $116,726        $116,551
                                   ===================================

Current liabilities                           $11,660         $15,770
Revolving credit facility                      14,000          14,000
Deferred income tax liability                  24,535          23,290
Other liabilities                               2,014           2,797
Stockholders' equity                           64,517          60,694
                                   -----------------------------------
Total liabilities and stockholders'
 equity                                      $116,726        $116,551
                                   ===================================
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                      WHITTIER ENERGY CORPORATION
                 CONSOLIDATED STATEMENTS OF OPERATION
          ($ in thousands, except EPS and shares outstanding)
                              (unaudited)

                                          Three Months Ended March 31,
                                                2006            2005
                                     ---------------------------------

Oil and gas revenues                           $9,964          $2,801

Costs and expenses:
    Lease operating expenses                    1,311             813
    Production taxes                              781             252
    Depreciation, depletion, and
     amortization                               3,783             651
    Ineffective portion of hedge
     contracts                                   (396)            185
General and administrative expenses             1,326             389
                                     ---------------------------------
Total costs and expenses                        6,805           2,290
                                     ---------------------------------
Income from operations                          3,159             511
Other income (expense):
Interest and dividend income                       17               0
Interest expense                                    0            (104)
   Gain from sales of marketable
    securities                                      0              56
   Partnership income                             167              57
                                     ---------------------------------
Other income                                      184               9
                                     ---------------------------------
Income before income taxes                      3,343             520
Provision for income taxes                      1,090             182
                                     ---------------------------------
Net income                                     $2,253            $338
                                     =================================
Basic earnings per share:
Net income per share                            $0.18           $0.09
                                     =================================
Weighted average number of shares
  outstanding (basic)                      12,515,265       3,841,134
                                     =================================
Diluted earnings per share:
Net income per share                            $0.18           $0.09
                                     =================================
Weighted average number of shares
  outstanding (dilutive)                   12,692,290       4,172,945
                                     =================================
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                  OPERATING CASH FLOW RECONCILIATION

Operating cash flow represents net income, as determined under
generally accepted accounting principles ("GAAP"), with certain
non-cash items added back. Although a non-GAAP measure, operating cash
flow is widely accepted as a financial indicator of an oil and gas
company's ability to generate cash that can be used to internally fund
exploration and development activities and to service debt. This
measure may also be used in the valuation, comparison, rating and
investment recommendations for companies in the oil and gas
exploration and production industry. Operating cash flow is not a
measure of financial performance under GAAP and should not be
considered as an alternative to cash flows from operating, investing,
or financing activities or as an indicator of cash flows or measure of
liquidity.

                      WHITTIER ENERGY CORPORATION
                          OPERATING CASH FLOW
                           ($ in thousands)

                                                    Three Months Ended
                                                         March 31,
Cash flows from operating activities                    2006    2005
                                                   -------------------
Net income                                             $2,253    $338
Adjustments to reconcile net income to operating
                cash flow
        Depreciation, depletion and amortization        3,783     651
        Deferred income tax provision                   1,090     182
        Partnership income                               (167)    (57)
        Non-cash compensation expense under 123(R)        267       0
       Ineffective portion of hedge loss (gain)          (396)    185
       Gain on sale of marketable securities                0     (56)
                                                   -------------------
                  Cash flow from operations            $6,830  $1,243
                                                   ===================
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