Whittier to Acquire Producing Properties for $31.9 Million; 18,900 Mcfe in Proved Reserves; Net Production of 3,800 Mcfe/d

Whittier Energy Corporation (NASDAQ:WHIT) announced
today that it has entered into two separate agreements to purchase oil
and gas properties with approximately 18,900 thousand cubic feet of
gas equivalents ("Mcfe") of total proved reserves and an additional
6,800 Mcfe of potential resources for a total cash purchase price of
$31.9 million. Net current production from the properties is
approximately 3,800 Mcfe per day. According to the terms of these
agreements, Whittier will acquire working interests in five operated
fields located in Texas, Louisiana, and Mississippi, as well as some
minor non-operated property interests. The acquisition agreements are
subject to specific terms and conditions for closing, including
completion of due diligence and obtaining regulatory approvals.

   Westhoff Ranch

   The Company has signed an agreement to purchase an operated
interest in Westhoff Ranch, a 2,300 acre property located in Jackson
County, Texas, for $19.9 million in cash with an effective date of
February 1, 2006. There are 18 active wells producing from the Frio
formation at depths ranging from 5,000 feet to 7,000 feet. Current net
production is 171 barrels of oil per day ("Bopd") and 2.1 Mmcfd, or
3.1 Mmcfed net. Upon completion of the acquisition, which is expected
to occur on or before June 1, 2006, the Company will have a 75%
working interest (59.5% average revenue interest) in the property and
will act as operator. Typical of many South Texas producing
properties, the Westhoff Ranch Field produces at high rates and has
multiple behind pipe and infill drilling opportunities. Whittier has
identified four locations to drill in 2006 and over 40 behind-pipe
opportunities that it expects to exploit over the next 12-36 months.
Approximately $2 million of additional capital spending has been
budgeted to develop this property in 2006 and approximately $4 million
of capital investment has been identified for 2007.

   Imperial Petroleum, Inc.

   Whittier has also signed an agreement to purchase interests in
four fields located in Louisiana, Texas and Mississippi from Imperial
Petroleum, Inc. for $12 million in cash with an effective date of
February 1, 2006. The Company is acquiring 12 operated producing
wells, minor interests in 10 additional non-operated producing wells,
and 18 shut-in operated wells awaiting a workover rig. Current net
daily production is approximately 29 Bopd and 490 Mcfd, or 664 Mcfed.
Whittier has identified an additional estimated 140 Mcfed of shut-in
net production capacity, which the Company expects to bring back
online as soon as possible after closing, which is expected to occur
on or before June 30, 2006. In addition, Whittier has identified 18
proved undeveloped locations on the properties that have the potential
to add approximately 3.5 Mmcfed of additional net production in 2007.
The Company has budgeted an additional $8 million in capital to
develop these properties in 2006 and has identified $12 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 will have
an average 50% working interest and 36% net revenue interest in the
acquired properties.
   Bryce Rhodes, President and CEO of Whittier commented, "In keeping
with our acquisition strategy, these properties have significant
future growth opportunities for Whittier. They fit well within our
core areas and are complementary in terms of reserve life and risk.
The acquisitions also increase our percentage of total operated assets
and offer exploitation opportunities and potential exploration upside.
We have aggressive development plans for each of these properties in
2006 and anticipate increasing our 2006 capital budget by $10 million
to a total of approximately $37.2 million, which we anticipate will be
financed out of cash flow from operations."
   Each of these acquisitions is subject to meeting final purchase
and sale agreement terms and conditions for closing, and the agreement
with Imperial Petroleum, Inc. is subject to the approval of its
shareholders. The Company intends to finance the acquisitions using
its existing bank credit facility.

   About Whittier Energy

   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 owns
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 our website at
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, timing for proposed
acquisitions and divestitures, the ability to obtain stockholder or
other approvals required for the acquisitions, the possibility that
the acquisitions 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.