Eagle Rock Exploration announces drilling results

    CALGARY, Feb. 21 /CNW/ - Eagle Rock Exploration Ltd. ("ERX" or "Eagle
Rock") (TSXV:ERX) announces the completion of its drilling program in southern
Alberta and south-west Saskatchewan. The 5 well (5 net) drilling program
resulted in 4 oil wells (4 net), all of which are now on production.

    Beverley, Saskatchewan (T15-R17-W3)
    -   Drilled 1 oil well (1 net) which confirms a new oil pool
    -   Completed farm-in on 680 acres adjacent to new pool
    -   Opportunity for multiple follow up wells on 100% and farm-in lands

    Coutts/Red Coulee, Alberta (T1-R17-W4)
    -   Drilled 4 wells (4 net), with 3 oil wells put on production in
        February, 2008 and 1 well abandoned.
    -   Stabilized production rates of 30-50 bbl/d oil per well
    -   Multiple development wells inventoried with infrastructure in place

    The 3 new Red Coulee wells have increased ERX's current average daily
production to approximately 625 boe/d (96% oil), a 25% increase over its
forth-quarter 2007 average daily production of 500 bbls/d (100% oil). ERX's
forth-quarter 2007 production was negatively impacted by cold weather,
operational problems at the Red Coulee battery, production curtailments during
drilling in the Red Coulee area and delays in obtaining regulatory approvals
to tie-in its Red Coulee wells.
    ERX ranked second in terms of operating netbacks according to Haywood's
Emerging Junior Oil & Gas Index for Q3 2007 with a net back in excess of

    About Eagle Rock

    Eagle Rock 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's common shares trade on the TSX Venture Exchange
under the symbol "ERX".

    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 ERX'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 ERX 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 ERX 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. In addition, the term BOE or BOE's may
be misleading, particularly if used in isolation. A BOE (barrel of oil
equivalent) conversion ratio of 6 Mcf per one (1) BOE is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

For further information:

For further information: please visit us at www.eaglerockexploration.com
or contact: Jim Silye, President and Chief Executive Officer, Tel: (403)
269-4040, Fax: (403) 261-1978, E-mail: jimsilye@eagler.ca

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890