The following table highlights certain reported amounts for the third quarter of 2009 as compared to the third quarter of 2008 ($ and shares outstanding in millions, except average price amounts):

                                                           Qtr Ended September 30,     
                                                              2009           2008      
 Average daily production volumes (BOE/D)                     43,225         39,617    
 Oil as percentage of total production volumes                64      %      68      % 
 Oil and natural gas revenues                              $  185.1       $  335.3     
 Average realized combined price ($/BOE)                   $  46.55       $  92.00     
 Oil and natural gas development and expl costs incurred   $  42.8        $  186.5     
 Unproved acreage costs incurred                           $  1.8         $  61.3      
 Adjusted EBITDAX                                          $  132.0       $  204.7     
 Net income (loss)                                         $  (5.0    )   $  206.3     
 Net income (loss) excluding certain items                 $  (5.8    )   $  64.2      
 Weighted average diluted shares outstanding                  52.3           53.0      
                                                                                       


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Average daily production volumes for the third quarter of 2009 increased nine percent to 43,225 BOE/D over the 39,617 BOE/D produced in the third quarter of 2008, beating the midpoint of the Company's guidance by 725 BOE/D. Net profits interest reduced wellhead volumes by 1,654 BOE/D in the third quarter of 2009 as compared to 1,535 BOE/D in the third quarter of 2008.

Adjusted EBITDAX was $132.0 million for the third quarter of 2009 as compared to $204.7 million for the third quarter of 2008. Adjusted EBITDAX is a non-GAAP financial measure, which is defined and reconciled to its most directly comparable GAAP measures in the attached financial schedules.

Encore reported a net loss excluding certain items of $5.8 million ($0.11 per diluted share) for the third quarter of 2009 as compared to net income excluding certain items of $64.2 million ($1.12 per diluted share) for the third quarter of 2008, primarily due to lower oil and natural gas prices. Also, had the Company excluded a one-time income tax expense adjustment of $9.4 million ($0.18 per diluted share), the Company would have reported net income excluding certain items of $3.6 million or $0.07 per diluted share for the third quarter of 2009. Encore reported a net loss of $5.0 million ($0.10 per diluted share) for the third quarter of 2009 as compared to net income of $206.3 million ($3.77 per diluted share) for the third quarter of 2008. Net income (loss) excluding certain items is a non-GAAP financial measure, which is defined and reconciled to its most directly comparable GAAP measure in the attached financial schedules.

Jon S. Brumley, Encore's Chief Executive Officer and President, stated, "This was an excellent quarter for Encore. We beat guidance by 725 barrels per day and cut LOE by over $4.00 per barrel over last year. We are focusing on becoming more and more efficient and it now is starting to shine through. We drilled a Sanish well called the Werre Trust 21-3H that IP'd at 1,500 BOE/D. This well was drilled for about $4.1 million. Encore's latest Haynesville completion is the 97 percent working interest Dunn 11-1H in the Greenwood Waskom area. This well IP'd at 10.8 MMcfe/D and is stronger than our first well that IP'd at 7 MMcfe/D. Our hedging program and strong balance sheet allowed us to be opportunistic and close a large acquisition in the third quarter that should increase discretionary cash flow per share by 10 percent in 2010, while maintaining the same debt metrics as today. That is the formula for increasing equity value: more production, more cash flow, and the same debt metrics. Our CO2 project is on schedule, as we continue to meet with the appropriate agencies and contractors. Encore has received the steel bids from the mills for the pipeline and they came in lower than our AFE estimates. This is a great time to be installing a project that reduces America's reliance on foreign crude, creates jobs for hardworking Americans, and reduces CO2 emissions by the equivalent of 200,000 automobiles per year. A great company has generated another great quarter." Mr. Brumley went on to state, "In the fourth quarter, we are looking forward to a 22 stage mega-frac offsetting the Werre Trust 21-3H single-stage Bakken well. This well will allow us to directly compare the single-stage frac to the mega-frac, and then, we can measure the results, compare the costs, and implement the frac design that makes the most money. The Haynesville and the Bakken are showing better results with less capital. That is a smooth combination."

Despite the Company's higher reported production volumes, the Company's oil and natural gas revenues fell to $185.1 million in the third quarter of 2009 as compared to $335.3 million in the third quarter of 2008, reflecting the current lower commodity price environment. The Company's average oil differential also tightened from $10.46 per Bbl in the third quarter of 2008 to $7.79 per Bbl in the third quarter of 2009. As a percentage of NYMEX, the Company's differential of negative 11 percent compares favorably to its previously released guidance of negative 15 percent. The Company's average wellhead oil price, which represents the net price the Company receives for its oil production, fell to $60.45 per Bbl in the third quarter of 2009 from $108.21 per Bbl in the third quarter of 2008.

The Company's realized natural gas price declined from $9.57 per Mcf in the third quarter of 2008 to $3.71 per Mcf in the third quarter of 2009, also primarily due to the decline in the commodities market. The third quarter 2009 average NYMEX price was $3.40 per Mcf versus $10.27 per Mcf in the third quarter of 2008. The Company realized a positive $0.31 per Mcf differential in the third quarter of 2009 compared to a negative $0.70 differential in the third quarter of 2008. As a percentage of NYMEX, the third quarter of 2009 positive differential of nine percent compares favorably to previously released guidance of a negative 24 percent on a dry gas basis due to favorable NGL pricing compared to natural gas on an energy equivalent basis.

Lease operating expenses were $38.1 million for the third quarter of 2009 ($9.59 per BOE), below the low end of previously released guidance, versus $49.0 million for the third quarter of 2008 ($13.43 per BOE). The Company continues to focus on cost reductions resulting in realized cost savings in many of its areas of operations.

General and administrative ("G&A") expenses for the second quarter of 2009 were $13.3 million ($3.34 per BOE) versus $15.3 million ($4.20 per BOE) for the third quarter of 2008.

Exploration expense for the third quarter of 2009 was $16.7 million ($4.19 per BOE) as compared to $13.4 million ($3.67 per BOE) for the third quarter of 2008.During the third quarter of 2009, the Company expensed three gross (1.6 net) exploratory dry holes totaling $9.8 million and expensed three gross (1.3 net) exploratory dry holes totaling $7.2 million in the third quarter of 2008.

Other operating expense increased from $4.1 million for the third quarter of 2008 to $8.2 million for the third quarter of 2009. This primarily resulted from an increase in transportation expense and additional allowance for doubtful accounts in the third quarter of 2009 as compared to the third quarter of 2008.

In the third quarter of 2009, Encore recorded an income tax provision of $11.2 million, although the Company recorded pre-tax income of $9.4 million. The recording of the large tax provision in relation to pre-tax income occurred primarily due to $5.2 million of tax expense related to the loss of the Section 199 "Production activities deduction" in 2008 and the first half of 2009 and $4.2 million of additional tax expense related to a revaluation of deferred taxes due to an increase in the estimated future state income tax rate as a result of a change in state tax apportionment due to the Company's latest acquisition. The effects of these adjustments are not expected to impact the Company's current tax expense for 2009. The Company's incremental tax rate for the third quarter of 2009 and expected incremental rate in the future is 37.3 percent.

Operations Update

Encore completed 25 gross wells (9.4 net) during the third quarter of 2009, 22 of which (7.7 net) were successful. In the third quarter of 2009, Encore continued to successfully implement its stated goal of containing capital costs within internally generated cash flows. The Company accomplished this through a combination of planned reductions in the number of capital projects that were implemented and aggressive cost reductions. The Company plans to continue to invest in projects within internally generated cash flows as it strengthens its balance sheet through the remainder of the year.

The following table summarizes Encore's costs incurred related to oil and natural gas properties for the periods indicated:

                                Qtr Ended Sept 30,      
                                2009         2008       
                                (in thousands)          
 Acquisitions:                                          
 Proved properties              $  366,930   $  8,725   
 Unproved properties               1,828        61,275  
 Asset retirement obligations      3,432        30      
 Total acquisitions                372,190      70,030  
                                                        
 Development:                                           
 Drilling and exploitation         22,670       116,376 
 Asset retirement obligations      79           125     
 Total development                 22,749       116,501 
                                                        
 Exploration:                                           
 Drilling                          19,488       68,734  
 Geological and seismic            282          1,069   
 Delay rentals                     276          157     
 Total exploration                 20,046       69,960  
                                                        
 Total costs incurred           $  414,985   $  256,491 
                                                        


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Bell Creek CO2

In the third quarter, Encore began surveying and centerline staking along the planned pipeline route to feed both the pipeline final system design efforts as well as the NEPA permitting process requirements.In the third quarter, the Company had two workover rigs running in the field to begin reactivating water injection wells along with returning a water source well to production.

Bakken / Three Forks-Sanish

In the third quarter, Encore completed its first Three Forks - Sanish well in the Bear Creek Field. Previously, the Company had drilled four other successful Middle Bakken wells in Bear Creek. The Werre Trust 21-3H was drilled as a 3700' horizontal 640 acre well and open-hole frac'd with 812,000 gallons of slickwater and 300,000 lbs of sand at a total cost of only $4.1 million, which was $600,000 below the Company's AFE'd amount. This well's initial production rate was 1,500 BOE/D, but equally important is Encore's plans to offset the Werre Trust 21-3H well with another well utilizing a 22 stage frac. This offset well will allow the Company's technical staff to further evaluate the economics of the multi-stage fracs versus single-stage fracs with a follow-on re-frac in order to maximize the future returns of wells drilled in the large Bakken / Three Forks-Sanish acreage position held by the Company. Encore plans to add an additional rig at the end of the fourth quarter of 2009 to increase production growth in this large, oily resource play.

Encore also re-frac'd a total of seven wells in the third quarter. The average seven day uplift from these re-fracs was 184 BOE/D. Encore has re-frac'd a total of nine wells in 2009 and added an average of 80,000 gross BOE in reserves per re-frac at an average cost of only $330,000 per re-frac. These re-frac projects offer an F&D cost of approximately $5.00 per net barrel of reserves. Two important re-fracs were the Cherry Creek State 44-36H re-frac that had 191 BOE/D of increased production and the McCoy 44-36H re-frac that had 263 BOE/D of increased production, both in the Cherry Creek area. These re-fracs are important because Encore has approximately 77,000 net acres at Cherry Creek.

Haynesville / East Texas

In the third quarter of 2009, the Company saw increased activity in its Haynesville assets in northwest Louisiana.One operated and three non-operated horizontal wells were completed in the Haynesville during the quarter.The Dunn 11-1H was completed in September by Encore in the Greenwood-Waskom Field at a rate of 10.8 MMcf/D at a flowing casing pressure of 6,500 psig.This well was much larger than the previous well drilled in the area. Additionally, three non-operated wells were completed in the Caspiana area at an average rate of 9.2 MMcf/D and average flowing casing pressure of 7,700 psig, despite the private company operator restricting the initial production rate due to low natural gas prices. Encore's average net revenue interest in these three non-operated wells is 22 percent.

Currently, Encore has one operated and three non-operated rigs drilling in the Haynesville.This high level of activity is expected to continue through the end of the year and well into 2010.The Company expects one operated and five non-operated Haynesville horizontal wells to be completed and released to sales in the fourth quarter of 2009.

The Company continues to be successful at the Stockman Field in East Texas. In the third quarter, the Wheeler 10 was completed in the Travis Peak Formation at a rate of 4.0 MMcfe/D. The well sets up three additional direct offset locations.The Texas Railroad Commission recently approved the Stockman Field to be down-spaced to 40 acres adding an additional 20 low risk infill locations to the Company's drilling inventory. These wells have great economics with EURs of 1 Bcf and drilling and completion costs of less than $1.5 million per well.

West Texas

The Company is currently drilling a Montoya horizontal well in the Waha Field of the Delaware Basin.The well is expected to reach total depth late in the fourth quarter of 2009 and should be completed and released to sales in the first quarter of 2010.In the fourth quarter of 2009, the Company will take advantage of lower drilling and completion costs by resuming the Devonian drilling program in the Pegasus Field of the Midland Basin.Encore plans to spud the TR Wilson 46-1H in the Pegasus Field in November 2009. In the last 12 months, the Company has seen its drilling and completion costs reduced by approximately $2 million, down to $6.7 million per well, in the Pegasus Field. This reduction in capital costs will allow Encore to exploit its 170 Bcf of potential in this field.

Liquidity Update

At September 30, 2009, the Company's long-term debt was $1.2 billion, including $150 million of 6.25% senior subordinated notes due April 15, 2014, $300 million of 6.0% senior subordinated notes due July 15, 2015, $225 million of 9.5% senior subordinated notes due May 1, 2016, $150 million of 7.25% senior subordinated notes due December 1, 2017, and $180 million and $260 million of outstanding borrowings under Encore's and Encore Energy Partners LP's ("ENP") revolving credit facilities, respectively.

The Company believes its liquidity is sufficient to meet current cash requirements. In addition, as part of the normal borrowing base redetermination process in the fall of 2009, the Company expects the borrowing base on Encore's revolving credit facility to increase as a result of the additional reserve volumes purchased with the Mid-Continent and East Texas acquisitions.

Fourth Quarter 2009 Outlook

The Company expects the following in the fourth quarter of 2009:

 Average daily wellhead production volumes            46,500 to 48,500 BOE/D     
 Average daily net profits production volumes         1,800 to 2,100 BOE/D       
 Average daily reported production volumes            44,500 to 46,500 BOE/D     
 Oil and natural gas related development capital      $55 to $65 million         
 CO2 related capital                                  $12 to $15 million         
 Unproved capital for leasehold acreage               $13 to $15 million         
 Lease operating expense                              $9.75 to $10.75 per BOE    
 G&A expenses                                         $2.75 to $3.25 per BOE     
 Depletion, depreciation, and amortization            $18.00 to $18.50 per BOE   
 Production, ad valorem, and severance taxes          10.5% of wellhead revenues 
 Oil differential                                     -12% of NYMEX              
 Natural gas differential                             2% of NYMEX                
 Income tax expense                                   37% effective rate         
 Income tax expense - current                         $2 to $4 million           
                                                                                 


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Outlook for 2010

Encore is reviewing its capital opportunities for 2010. Because of the Company's large acreage position in the Bakken, the Bakken's improving results, and the Company's ability to reduce drill and complete costs to $4 million per well, Encore may shift more capital than originally anticipated to this oily play. The Company expects to provide an update in December on its capital budget and expected 2010 growth rates. Because of the current oil to natural gas price ratio, Encore plans to shift as much capital to the Bakken as reasonable and is looking forward to comparing the 22 stage frac to the Werre Trust 21-3H.

Conference Call Details

Title: Encore Acquisition Company and Encore Energy Partners LP Conference Call

Date and Time: Wednesday, October 28, 2009 at 9:30 a.m. Central Time

Webcast: Listen to the live broadcast via http://www.encoreacq.com

Telephone: Dial 877-356-9552 ten minutes prior to the scheduled time and request the conference call by supplying the title specified above or ID 36635055.

A replay of the conference call will be archived and available via Encore's website at the above web address or by dialing 800-642-1687 and entering conference ID 36635055. The replay will be available through November 12, 2009. International callers can dial 973-935-8270 for the live broadcast or 706-645-9291 for the replay.

About the Company

Encore Acquisition Company is engaged in the acquisition and development of oil and natural gas reserves from onshore fields in the United States. Since 1998, Encore has acquired producing properties with proven reserves and leasehold acreage and grown the production and proven reserves by drilling, exploring, reengineering or expanding existing waterflood projects, and applying tertiary recovery techniques.

Cautionary Statement

This press release includes forward-looking statements, which give Encore's current expectations or forecasts of future events based on currently available information. Forward-looking statements are statements that are not historical facts, such as expectations regarding drilling plans, changes in Encore's borrowing base, the status of wells and expectations regarding completion, expected net profits interests, expected production volumes and decline rates, expected expenses (including, without limitation, expected reductions), expected taxes, expected capital expenditures, expected differentials, and projected debt balances. The assumptions of management and the future performance of Encore are subject to a wide range of business risks and uncertainties and there is no assurance that these statements and projections will be met.