Eagle Rock Exploration Announces Rights Offering

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES
NEWS WIRE SERVICES.


Eagle Rock Exploration Ltd. ("Eagle Rock" or the "Corporation") (TSX
VENTURE:ERX) announced today that it is proceeding with its previously announced
rights offering to shareholders of Eagle Rock (the "Rights Offering"). Pursuant
to the Rights Offering, each holder of common shares (the "Common Shares") will
receive one right (a "Right") for each Common Share held. For every four Rights
held a holder thereof will be entitled to purchase one Common Share at a price
of $0.045. Details of the Rights Offering are described in the Rights Offering
Circular to be mailed to shareholders in connection with the Rights Offering
(the "Rights Offering Circular"). Pursuant to the Rights Offering, a maximum of
approximately 13,635,798 Common Shares may be issued which represents
approximately 3.6% of the currently issued and outstanding Common Shares.
Subscribers pursuant to Eagle Rock's unit and common share private placements,
which closed on October 6, 2009, October 9, 2009 and October 10, 2009 (the
"Private Placements") have agreed not to exercise, sell, trade or otherwise
convey any interest in any of the Rights issued to them in relation to the
securities purchased pursuant to the Private Placements. Further, subscribers
under the recently announced short form prospectus offering (the "Prospectus
Offering") of Eagle Rock will not be entitled to rights under the Rights
Offering, as closing of the Prospectus Offering is expected to occur on or about
November 6, 2009 and, in any event, will occur following the record date for the
Rights Offering.


The record date for the Rights Offering has been set at the close of business on
November 2, 2009. The Rights will expire at 4:00 p.m. (Calgary time) on November
30, 2009. Eagle Rock has received conditional approval for listing of the Rights
and the Common Shares to be issued upon exercise of the Rights on the TSX
Venture Exchange (the "TSXV"). Completion of the Rights Offering is subject to
receiving all necessary regulatory and TSXV approvals. For full details of the
Rights Offering please see the Rights Offering Circular which is available on
SEDAR at www.sedar.com.


It all of the Rights are exercised, Eagle Rock will receive gross proceeds of
$613,610 and net proceeds of approximately $563,610 after deducting expenses of
the Rights Offering estimated at $50,000. The completion of the Rights Offering
is not conditional upon Eagle Rock receiving any minimum amount of subscriptions
from shareholders. The proceeds of the Rights Offering will be used by the
Corporation to fund general working capital and capital expenditures of the
Corporation as well as to fund the expenses incurred by the Corporation in
connection with its recent reorganization and the Private Placements. 


Note Regarding Forward Looking Statements

This document contains forward-looking statements. More particularly, this
document contains statements concerning the proceeds to be realized from the
Rights Offering and the use of proceeds therefrom.


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, risks that required regulatory and third party approvals and
consents are not obtained on terms satisfactory to the parties or the board of
directors of Eagle Rock determines that it would be in the best interests of
Eagle Rock to deploy the proceeds for some other purpose.


The forward-looking statements contained in this press release 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.