TSXV: ERX
CALGARY, Feb. 19 /CNW/ - Eagle Rock Exploration Ltd. ("Eagle Rock" or the
"Company", TSXV: ERX) announced today that Mr. Rob Bell, currently Eagle
Rock's Vice President, Engineering, will be designated the Company's Chief
Operating Officer effective February 20, 2009. Mr. Bell was Vice President,
Engineering, and Chief Operating Officer for Dragonheart Resources Ltd. prior
to Dragonheart's acquisition by Eagle Rock in December 2007. Mr. Bell has over
30 years of industry experience, including production, exploitation,
reservoir, facilities, projects, joint interest and strategic planning.
In other management changes, John L. J. Duhault and Ron Chapman have
resigned as Eagle Rock's Vice President, Exploration, and Vice President,
Operations, respectively, effective February 6, 2009. Both Messrs. Duhault and
Chapman were instrumental in the growth of Eagle Rock and their contributions
to its development are greatly appreciated.
Eagle Rock also announces that effective February 18, 2009, its aggregate
credit facilities were reduced from $19.5 million to $18.5 million following
Eagle Rock's monetization of its 2009 collar ($US100 floor and $US200 ceiling
for 100 bbls/day) for $2.2 million, which settled on February 4, 2009. Eagle
Rock's credit facilities, which are through a Canadian chartered bank, consist
of a revolver facility with a $14.5 million limit at an interest rate of bank
prime plus 1%, and a development facility with a $4.0 million limit at an
interest rate of bank prime plus 1.5%. The credit facilities are subject to
review by March 31, 2009. Eagle Rock has drawn $17.3 million on the credit
facilities.
"We are pleased to be in a position to reduce debt in these times of low
energy prices", stated Eagle Rock CEO Jim Silye.
About Eagle Rock
Eagle Rock Exploration Ltd. is a publicly traded energy company involved
in the exploration and development of low to medium risk oil and gas
properties in Western Canada.
Eagle Rock Exploration Ltd. trades on the TSX Venture Exchange under the
symbol ERX.
For more information please visit us at www.eaglerockexploration.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Forward-looking Information
This press release includes forward-looking statements and assumptions
respecting Eagle Rock's strategies, future operations, expected financial
results, financial sources, commodity prices, costs of production and quantum
of oil and natural gas reserves and discusses certain issues, risks and
uncertainties that can be expected to impact on any of such matters. By their
nature, forward-looking statements are subject to numerous risks and
uncertainties that can significantly affect future results. Actual future
results may differ materially from those assumed or described in such
forward-looking statements as a result of the impact of issues, risks and
uncertainties whether described herein or not, which Eagle Rock may not be
able to control. The reader is therefore cautioned not to place undue reliance
on such forward-looking statements. The forward-looking statements contained
in this news release are made as of the date hereof and Eagle Rock undertakes
no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws. The forward-looking statements
contained in this news release are expressly qualified by this cautionary
statement.
