EAGLE ROCK EXPLORATION LTD'

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EAGLE ROCK EXPLORATION LTD.

• CORPORATE OVERVIEW
• ( October, 2006 )

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EAGLE ROCK EXPLORATION LTD.

• OVERVIEW
• ON FEBRUARY 14, 2006, EAGLE ROCK, A JUNIOR OIL
  GAS COMPANY COMMENCED TRADING ON THE TSX-V
  EXCHANGE UNDER THE SYMBOL ERX.
• SHARES OUTSTANDING
• BASIC 39,635,726
• FULLY DILUTED 42,715,726
• OWNERSHIP DISTRIBUTION
• MANAGEMENT DIRECTORS
• PRIMARY 13.7
• FULLY DILUTED 20.1
• FOCUS AREAS
• SOUTHERN ALBERTA
• SOUTHWEST SASKATCHEWAN

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DIRECTORS

• RAY MACK, CA CHAIRMAN
• PARTNER KENWAY MACK SLUSARCHUK STEWART,LLP
  CHARTERED ACCOUNTANTS, 1986 TO PRESENT.
• TIBOR FEKETE, P.ENG
• MR. FEKETE IS A PROFESSIONAL ENGINEER WITH
  OVER 45 YEARS OF EXPERIENCE IN THE OIL AND GAS
  INDUSTRY. MR. FEKETE FOUNDED AND OPERATED T.
  FEKETE AND ASSOCIATES INC., A LEADING RESERVOIR
  ENGINEERING FIRM IN CALGARY, ALBERTA. MR. FEKETE
  HAS SAT ON NUMEROUS PUBLIC AND PRIVATE COMPANY
  BOARDS, INCLUDING SIGA RESOURCES LTD., RICHLAND
  PETROLEUM LTD., CROWN JOULE EXPLORATION, INC.,
  AND OTHERS.
• JACK McMANUS, P.GEOL
• MR. McMANUS IS A GEOLOGIST WITH MORE THAN 40
  YEARS OF EXPERIENCE WITH BOTH PRIVATE AND PUBLIC
  COMPANIES. HE HAS BEEN PRESIDENT AND CEO OF
  ZEPHYR RESOURCES LTD., VERO RESOURCES LTD. AND
  TUSCANY ENERGY LTD. FOR THE PAST FIVE YEARS, MR.
  McMANUS HAS SERVED AS THE PRESIDENT JM RESOURCE
  MANAGEMENT LTD., A PRIVATE CONSULTING COMPANY
  RELATING TO THE OIL AND GAS INDUSTRY.
• JOHN TOMANEK, CGA CFO
• JIM SILYE, BA PRESIDENT CEO
• ERIC TREMBLAY
• MR. TREMBLAY IS THE EXECTIVE CHAIRMAN OF
  OVERLORD FINANCIAL INC., A PUBLICLY TRADED
  COMPANY ON THE TSX-VENTURE EXCHANGE. FROM 1987 TO
  1993 HE PURSUED A CAREER AS A STRUCTURAL DESIGN
  ENGINEER IN THE NORTH AMERICAN AEROSPACE
  INDUSTRY. IN 1993 HE BEGAN HIS 13 YEAR TENURE AT
  ENERPLUS RESOURCES FUND AS MANAGER, CORPORATE
  DEVELOPMENT AND ADVANCED TO SENIOR VICE-PRESIDENT
  OF CAPITAL MARKETS. MR. TREMBLAY GRADUATED FROM
  RYERSON UNIVERSITY IN TORONTO WITH A BACHELOR OF
  ENGINEERING DEGREE IN AEROSPACE ENGINEERING.

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OFFICERS

• JIM SILYE, BA PRESIDENT C.E.O.
• FORMER PRESIDENT CEO, PREDATOR EXPLORATION
  LTD., FORMER OWNER/PRESIDENT WESTERN SEISMIC
  EXCHANGE LTD, FOUNDING DIRECTOR OF STAMPEDER
  EXPLORATION LTD., COMMAND DRILLING LTD. AND
  REQUEST SEISMIC SURVEYS LTD. REFORM PARTY MP
  (1993-1997).
• JOHN ANDRIUK, BSc VICE-PRESIDENT C.O.O.
• 22 YEARS WITH DOME PETROLEUM, LATELY AS SENIOR
  VICE-PRESIDENT EXPLORATION AND LAND. FORMER
  PRESIDENT C.O.O. OF VOYAGER ENERGY INC. AND
  EXCEL ENERGY INC. PRESIDENT OF ANDRIUK PETROLEUM
  CONSULTING SINCE 1993.
• JOHN TOMANEK, CGA VICE PRESIDENT C.F.O.
• FORMER VICE-PRESIDENT, FINANCE C.F.O.,
  PREDATOR EXPLORATION LTD. AND SCOUT CAPITAL CORP.
  (NOW BIRCHCLIFF EXPLORATION LTD.).
• LEIGH STEWART, LLB CORPORATE SECRETARY
• PARTNER IN LEGAL FIRM OF GOWLING LAFLEUR
  HENDERSON LLP

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CAPITALIZATION

• ISSUED 39,635,726
• WARRANTS AT 1.45 275,000
• OPTIONS AT 0.30/SHARE 1,150,000
• AT 0.45/SHARE 650,000
• AT 0.75/SHARE 705,000
• PERFORMANCE OPTIONS AT 1.30/SHARE STRIKE
  PRICE AND 3.30 VESTING 300,000
• FULLY DILUTED 42,715,726
• CASH 3,000,000
• CASH (FULLY DILUTED) 4,955,000

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BUSINESS STRATEGY

• TO GROW RESERVES AND PRODUCTION THROUGH A
  COMBINATION OF LOW TO MEDIUM RISK DRILLING,
  STRATEGIC AQUISITIONS AND INDUSTRY ALLIANCES
• OPPORTUNITY DRIVEN
• POTENTIAL FOR THE DEVELOPMENT OF NEW ECONOMIC
  RESERVES REMAINS HIGH WITHIN PROVEN AREAS DUE TO
  ADVANCED TECHNOLOGY(S.W. SASKATCHEWAN) AND
  BY-PASSED PAY ZONES (RED COULEE, ALBERTA)
• TAKE ADVANTAGE OF COMMODITY PRICES FORECASTED TO
  REMAIN FIRM
• NEW PLAYS BEING DEVELOPED INTERNALLY

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PRODUCTION PROFILE
CURRENT PRODUCTION CURRENT PRODUCTION 500
boepd /- EXPECTED 2006 EXIT 840 boepd
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AREAS OF INTEREST
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COUTTS PROSPECT (AB)

• Land 12 Sections
• 89 Working Interest
• Operated properties
• Current Production
• 125 boe/d net
• Planned Activity Workovers and production
• 3-D Seismic Program - under review for
  new locations

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RED COULEE PROSPECT (AB)

• Land 21 Sections
• 100 Working Interest
• Current Production 150 boe/d (net)
• Multi-zone targets
• 3-D Seismic Program
• Budget Rundle Pilot Project (4,000,000)
• 8 recompletions, 5 oil wells, 3 water injectors
• 10,000 Bbl/day battery
• Production adds of 300 BOED

Verdigris
Red Coulee
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MISSISSIPPIAN (RUNDLE) OIL PROJECT

• RED COULEE PROJECT
• Recompletions 8
• Results Oil Wells 5
• Water Injector Wells 3
• Future development program 20 New Drills
• Fluid per day per well 2,000
• Total field fluid production
• per day 50,000 BBls
• Expected average oil cut 5 - 10
• Expected oil production bopd 2,500 5,000
• Eagle Rocks share _at_
• 100 W.I. bopd 2,500 5,000
• Capital costs including 20 wells, battery
• pipeline and other 20,000,000

RED COULEE
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S.W. SASKATCHEWAN

• ANTELOPE LAKE EAST PROJECT
• Current production 235 BBls/day net
• Wells drilled to date 26
• Results Oil Wells 20
• Dry Holes 3
• Suspended 2
• Water Source 1
• Forecasted to Drill by
• Dec 31/06 7
• Eagle Rocks Share
• bpo 42
• apo 33.6
• Capital Costs for 7 New Drills
• completed and tied in _at_ 2,975,000
• (425,000per well)
• Eagle Rocks share _at_ 42 1,249,500

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SUMMARY

• EXPERIENCED MANAGEMENT TECHNICAL TEAM
• CASH 3,000,000
• CREDIT FACILITIES 4,400,000
• NO DEBT
• OPERATED AND NON-OPERATED PROPERTIES
• CURRENT PRODUCTION 500 boepd /-
• 6.4 MILLON PER YEAR NET TO OPERATIONS
• ANTICIPATED 2006 EXIT 800 boepd
• 10.4 MILLION PER YEAR TO NET OPERATIONS

NOTE CASH FLOW PRODUCTION BASED ON AN OIL
PRICE OF 60 PER BOE AND WITH OPERATIONS AND
ROYALTY COSTS OF 24 PER BOE RESULTING IN NETBACK
OF 36 PER BOE.
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FORWARD LOOKING STATEMENTS
DISCLAIMER This disclosure contains certain
forward looking statements that involve
substantial known and unknown risks and
uncertainties, certain of which are beyond Eagle
Rock Exploration Ltd. (Eagle Rock) control,
including the impact of general economic
conditions in Canada and the United States,
industry conditions, changes in laws and
regulations including the adoption of new
environmental laws and regulations and changes in
how they are interpreted and enforced, increased
competition, the lack of availability of
qualified personnel or management, fluctuations
in foreign exchange or interest rates, stock
market volatility and mark valuations of
companies with respect to announced transactions
and the final valuation thereof, and obtaining
required approvals of regulatory authorities.
Eagle Rocks actual results, performance,
locations, working interests or achievement could
differ materially from those expressed in, or
implied by, these forward looking statements and,
accordingly, no assurances can be given that any
of the events anticipated by the forward looking
statements will transpire or occur, or if any of
them do so, what benefits, including the amount
of proceeds, that Eagle Rock will derive
therefrom.