Eagle Rock Exploration Ltd. ("Eagle Rock" or the "Company") (TSX VENTURE:ERX) Is
pleased to announce that it has completed its previously announced bought deal
financing for gross proceeds of $54.5 million (the "Offering"). Pursuant to the
Offering, Eagle Rock, through a syndicate of underwriters co-led by National
Bank Financial Inc. and Peters & Co. Limited, and including FirstEnergy Capital
Corp., Paradigm Capital Inc., Cormark Securities Inc. and GMP Securities L.P.
(the "Underwriters") issued 363,400,000 subscription receipts ("Subscription
Receipts") at a price of $0.15 per Subscription Receipt, which included
47,400,000 Subscription Receipts issued in connection with the full exercise of
the Underwriters' over-allotment option. 


Eagle Rock is also pleased to announce that in conjunction with closing of the
Offering, it has completed the previously announced acquisition (the
"Acquisition") from Bonterra Oil & Gas Ltd. of oil production, petroleum and
natural gas properties and related assets in the Eastend area of Saskatchewan,
providing Eagle Rock with approximately 200 barrels of oil per day of medium
gravity oil production and 18.5 additional net sections of land prospective for
medium oil using multi-stage frac technology in the Lower Shaunavon fairway. The
purchase price to complete the Acquisition consisted of approximately $24
million in cash, with the balance being paid through the issuance of 30,769,200
common shares of Eagle Rock ("Common Shares") at a deemed price of $0.15 per
share. 


With the closing of the Acquisition, the Subscription Receipts have been
exchanged, on a 1 for 1 basis, into an equivalent number of Common Shares.
Holders of Subscription Receipts were not required to take any action or make
any additional payment to receive the Common Shares to which they were entitled.
The remainder of the net proceeds of the Offering has been released to Eagle
Rock.


The Common Shares issued as partial consideration to fund the purchase price of
the Acquisition will be subject to a four-month hold period expiring March 7,
2010.


The Acquisition is consistent with Eagle Rock's strategy of acquiring assets
with high working interests, operatorship, infrastructure and undeveloped land.
Eagle Rock has internally identified over 110 drilling opportunities on the
Acquisition lands. 


Eagle Rock is also pleased to announce that at a special meeting of shareholders
of the Company held on October 30, 2009, special resolutions to (i) consolidate
the issued and outstanding Common Shares of Eagle Rock on a 30 to 1 basis (the
"Consolidation"), and (ii) change the name of the Company to "Wild Stream
Exploration Inc." were approved by shareholders. Management expects to implement
the Consolidation and the change of corporate name on or about November 16,
2009. 


Additionally, Eagle Rock is also pleased to announce the appointment of Mr.
George Fink to the Company's Board of Directors. Mr. Fink is currently the
Chairman & Chief Executive Officer of Bonterra Oil & Gas Ltd. 


The Company anticipates that it will have approximately 25.8 million Common
Shares issued and outstanding following the completion of the Offering,
Acquisition and Consolidation.


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
implementation of the Consolidation and the name change 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 with respect to
the future development of the Acquisition lands, 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 forwardlooking 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 the implementation
of the Consolidation and the name change, 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.