Whittier Energy Announces 2007 Capital Expenditure Budget

  
    
  
  
    
      Whittier Energy Corporation (NASDAQ:WHIT) announced today a $39 million 
      capital expenditure budget for 2007.
    
    
      The Board of Directors of Whittier Energy Corporation has approved a 
      capital expenditure budget for 2007 of $39 million. This represents an 
      increase of approximately 19% over the $32.7 million dollar capital 
      expenditure budget for 2006.
    
    
      Whittier anticipates that the 2007 capital expenditure budget will allow 
      the Company to participate in approximately 38 new wells, 16 of which 
      the Company expects to operate. Whittier plans to spend approximately 
      19% of the 2007 capital expenditure budget in the Permian Basin and 
      approximately 13% on the Company’s South Texas 
      properties with the balance, approximately 68%, in the onshore Gulf 
      Coast region where Whittier has extensive acreage positions. The Company 
      expects to spend approximately $15.6 million, or 40% of the total 
      budget, on proved undeveloped locations, 7%, or approximately $2.7 
      million, on land and seismic acquisition and the remaining 53%, or $20.7 
      million, on developing non-proved locations.
    
    
      In addition, the Company recently completed meetings with the banks 
      participating in its asset-based credit facility and estimated its 
      proven reserves to be approximately 50 Billion cubic feet equivalent as 
      of September 30, 2006.
    
    
      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 region, 
      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 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.