NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
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VIOLATION OF U.S. SECURITIES LAW.


Eagle Rock Exploration Ltd. ("Eagle Rock" or the "Company") (TSX VENTURE:ERX) is
pleased to announce Eagle Rock has entered into agreements to acquire certain
properties located in southwest Saskatchewan (the "Acquisitions").


The total aggregate consideration for the Acquisitions is approximately $34
million comprised of $29.5 million of cash in addition to the issuance 30.8
million common share of Eagle Rock ("Common Shares") at a deemed price of $0.15
per Common Share. All of the properties are operated with high working interests
ranging from 93% to 100%. Through the Acquisitions, Eagle Rock is acquiring long
reserve life, high netback, medium and light oil assets focused in southwest
Saskatchewan.


The Acquisitions consist of approximately 235 barrels per day ("Bbls/d") of
medium and light gravity oil production and 27.5 net sections of land in the
Eastend and Dodsland areas of southwest Saskatchewan.


The primary component of the Acquisitions is a significant acquisition from
Bonterra Oil & Gas Ltd. ("Bonterra Asset Acquisition") that is anticipated to
close on November 6, 2009.


Highlights of the Bonterra Asset Acquisition(1)



Current Production: 200 Bbls/d (100% medium gravity oil)

Proved plus probable reserves: 1.3 Mmbbls
Proved plus probable RLI: 17.4 years
Land: 12,000 net acres
Total development drilling locations: 110 gross, 102 net
Lower Shaunavon drilling locations: 60 gross, 55 net
Operating net back(2): $35.00 per boe

Notes:
(1) Reserves evaluated by an independent third party as at
    December 31, 2008, in accordance with National Instrument 51-101 and
    mechanically updated to September 30, 2009 in each case.
(2) Based on US$70.00/Bbl WTI and US$/CDN$ exchange rate of 0.92
    and calculated by subtracting royalties and operating costs
    from revenues.



The balance of the properties acquired through the Acquisitions will see Eagle
Rock acquire 35 Bbls/d of light oil production and nine net sections of land in
the Dodsland area of southwest Saskatchewan.


TRANSACTION METRICS

The Acquisitions and Financing are accretive to Eagle Rock on a per share basis
on all key metrics. Net of the internally estimated land value of $10 million
based on management understanding of recent land sale prices in the areas, the
transaction metrics are as follows:




Production                            $100,000 per producing boe
Proved plus probable reserves         $15.50 per boe
Proven plus probable recycle ratio    2.6 times



FirstEnergy Capital Corp. and Peters & Co. Limited are acting as co-financial
advisors with National Bank Financial Inc. acting as strategic advisor to Eagle
Rock in respect to the Acquisitions.


EQUITY FINANCING

To fund the purchase of the Acquisitions, Eagle Rock has entered into an
agreement with a syndicate of underwriters, co-led by National Bank Financial
Inc. and Peters & Co. Limited, and including FirstEnergy Capital Corp., Paradigm
Capital Inc., GMP Securities L.P. and Cormark Securities Inc. (collectively, the
"Underwriters"), pursuant to which the Underwriters have agreed to purchase for
resale to the public, on a bought deal basis, 316,000,000 subscription receipts
of Eagle Rock ("Subscription Receipts") at price of $0.15 per Subscription
Receipt for gross proceeds of $47.4 million (the "Financing"). In addition, the
Underwriters have been granted an over-allotment option, exercisable for a
period of 30 days following closing of the Financing, to purchase a further
47,400,000 Subscription Receipts, at a price of $0.15 per Subscription Receipt
for additional gross proceeds of $7.1 million.


Sixty percent (60%) of the proceeds of the Financing (the "Escrowed Funds")
shall be held in escrow by Olympia Trust Company as escrow agent, and forty
percent (40%) shall be immediately released to Eagle Rock on closing of the
Financing. Upon closing of the Bonterra Asset Acquisition, each holder of a
Subscription Receipt shall receive one (1) Common Share without any further
action or payment of any additional funds, and the Escrowed Funds shall be
released to Eagle Rock. If the Bonterra Asset Acquisition is not completed by
November 30, 2009, holders of Subscription Receipts shall receive their pro rata
portion of the Escrowed Funds and 0.4 of a Common Share for each Subscription
Receipt.


The net proceeds may also be used to fund Eagle Rock's ongoing exploration and
development activities and for general corporate purposes. Closing of the
Financing is subject to customary conditions and regulatory approvals, including
the approval of the TSX Venture Exchange (the "TSXV"). Closing is expected to
occur on or about November 6, 2009 and, in any event, will occur following the
record date for the Company's previously announced rights offering (the "Rights
Offering"). Subscribers under the Financing will not be entitled to rights under
the Rights Offering.


STRATEGIC RATIONALE

The Acquisitions increase Eagle Rock' inventory on two resource oil
opportunities in its core focus area of southwest Saskatchewan. On closing of
the Acquisitions, Eagle Rock will have production of approximately 700 Boe/d,
(95% oil) and proven plus probable reserves of approximately 4.1 Mmboe (96%
oil). In addition, management estimates that it will have a net resource oil
drilling inventory of in excess of 100 locations and 75 net oil wells in its
conventional oil drilling inventory.


Upon completion of the Financing and the Acquisitions, Eagle Rock will have
approximately $10 million of working capital. With a strong balance sheet, Eagle
Rock will be able to undertake an estimated $30-40 million capital program over
the next 18 months. Post closing of this Financing Eagle Rock will have an
undrawn banking facility of $16 million.


GENERAL

Eagle Rock trades on the TSXV under the symbol "ERX". Eagle Rock currently has
380 million Common Shares outstanding as well as 230 million Common Share
purchase warrants. Eagle Rock anticipates that it will have approximately 726.8
million Common Shares outstanding as well as 230 million Common Share purchase
warrants following the completion of the Acquisitions and the Financing, but
excluding the over-allotment option and the previously announced Rights
Offering.


WARNING

The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the anticipated dates for the
closing of the disclosed transactions and the anticipated accretive impact of
the transactions on Eagle Rock.


The forward-looking statements contained in this document are based on certain
key expectations and assumptions made by Eagle Rock, including: (i) with respect
to the anticipated closing dates of the transactions, expectations and
assumptions concerning timing of receipt of required shareholder, court and
regulatory approvals and third party consents and the satisfaction of other
conditions to the completion of the transactions and (ii) with respect to the
anticipated accretive impact of the transaction on Eagle Rock, expectations and
assumptions concerning the success of future drilling and development
activities, the performance of existing wells, the performance of new wells and
prevailing commodity prices.


Although Eagle Rock believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Eagle Rock can give no
assurance that they will prove to be correct.


Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the failure to obtain
necessary regulatory approvals or satisfy the conditions to closing the
transactions, risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; delays or changes
in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to production, costs and expenses, and health, safety
and environmental risks), commodity price and exchange rate fluctuations and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. Certain of these
risks are set out in more detail in Eagle Rock's Annual Information Form which
has been filed on SEDAR and can be accessed at www.sedar.com.


The forward-looking statements contained in this document are made as of the
date hereof and Eagle Rock undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


MEANING OF BOE

When used in this press release, boe means a barrel of oil equivalent on the
basis of 1 boe to thousand cubic feet of natural gas. Boepd means a barrel of
oil equivalent per day.


Boe's may be misleading, particularly if used in isolation. A boe conversion
ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.