TSXV: ERX

CALGARY, April 9 /CNW/ - Eagle Rock Exploration Ltd. ("Eagle Rock", "ERX" or the "Corporation") announces the results of its independent reserve evaluation prepared by GLJ Petroleum Consultants Ltd. in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas activities (NI51-101) for the year ended December 31, 2008.

Highlights
  -  Proved + probable (P+P) reserves increased 38% to 2.531 million bbls
     of oil equivalent ("Boe") at December 31, 2008 from 1.837 million
     Boe at the end of 2007. Crude oil and liquids comprises of 88% of
     proved + probable reserves reflecting Eagle Rock's oil focus.
  -  Total proved reserves increased 23% to 1.477 million Boe at
     December 31, 2008 from 1.200 million Boe at the end of 2007. Crude
     oil and liquids comprises 85% of total proved reserves again
     demonstrating Eagle Rock's oil focus.
  -  The Red Coulee, AB property showed the most significant increases:
     -  P+P reserves increased by 72% to 1.305 million boe from 0.727
        million boe
     -  Total Proved reserves increased by 51% to 0.671 million boe from
        0.443 million boe
  -  December 31, 2008 P+P reserves included reserves from newly acquired
     properties at Beverley, Saskatchewan and Conrad, Alberta with a net
     present value at 10% (PV10) of $5.774 million. These properties were
     the major assets of three private companies acquired December 15,
     2009. The costs to acquire these reserves were $17.08/boe (P+P) and
     $19.21 per total proven boe.
  -  Proved + probable reserves life index ("RLI") is 14.2 years and
     proved RLI is 10.3 years based on 2008 production of 178,240 boe.
Reserves Report
GLJ Petroleum Consultants (GLJ) prepared a reserve report dated March 20,
2009, with an effective date of December 31, 2008, (GLJ Report). This report
evaluated the oil, natural gas and natural gas liquids reserves of Eagle Rock
in accordance with the definitions, standards and procedures contained in NI
51-101 and the Canadian Oil and Gas Evaluation Handbook. In addition to the
information contained in this press release, more detailed information will be
provided in the Annual Information Form to be filed on SEDAR (www.sedar.com)
on or about April 24, 2009.
-  The tables below disclose in the aggregate, the Corporation's gross
   proved and proved + probable reserves and Net Present Value (NPV) as
   estimated in the GLJ Report. These estimates were calculated using
   forecast prices and costs.
-  "Forecast prices and costs" means future prices and costs used by GLJ
   in the GLJ Report that are generally accepted as representing a
   reasonable outlook of the future, or fixed or currently determinable
   future prices or costs to which the Corporation is bound.
-  "Gross" reserves are ERX's working interest (operating or
   non-operating) share before deduction of royalties and without
   including any royalty interests of ERX.
-  The net present value ("NPV") of future net revenue attributable to
   ERX's reserves is stated without provision for interest costs and
   general and administrative costs, but after providing for estimated
   royalties, production costs, development costs, other income, future
   capital expenditures, and well abandonment costs for only those wells
   assigned reserves by GLJ. It should not be assumed that the
   undiscounted or discounted net present value of future net revenue
   attributable to ERX's reserves estimated by GLJ represent the fair
   market value of those reserves. The estimates of reserves and future
   net revenue for individual properties may not reflect the same
   confidence level as estimates of reserve and future net revenue for
   all properties, due to effects of aggregations.