Eagle Rock Exploration Ltd.

Eagle Rock Exploration Ltd.

March 30, 2006 18:36 ET

Eagle Rock Appoints New Directors and Grants Stock Options

CALGARY, ALBERTA--(CCNMatthews - March 30, 2006) - Eagle Rock Exploration Ltd. (TSX VENTURE:ERX) ("Eagle Rock" or the "Corporation") is pleased to announce the appointments of Mr. Tibor Fekete and Mr. Jack McManus to its board of directors. Concurrently, Mr. Byron Takaoka has submitted his resignation as a director of the Corporation, however, he will continue as a management consultant of the Corporation.

Mr. Fekete is a professional engineer and has 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. He was also co-founder of Erskine Resources Ltd. and Signal Energy Ltd., which were both successful junior oil and gas companies. Mr. Fekete has sat on numerous public and private company boards, including Siga Resources Ltd., Richland Petroleum Ltd., Crown Joule Exploration Inc., Hartwell Petroleum Ltd. and others. He is also a past director of the Calgary Philharmonic Orchestra and the Calgary Stampeders Football Club.

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 Resources Ltd. For the past five years, Mr. McManus has served as the President of JM Resource Management Ltd., a private consulting company relating to the oil and gas industry.

Eagle Rock also announces that stock options exercisable into an aggregate of 185,000 common shares have been granted to its directors and an executive officer of Eagle Rock. These stock options will be exercisable into common shares of the Corporation at a price of $0.45 per share until March 31, 2010. Eagle Rock also granted to its executive officers, employees and consultants, stock options exercisable into an aggregate of 520,000 common shares at a price of $0.45 per share, expiring March 31, 2009, vesting only upon the 10 day weighted average trading price of the common shares of Eagle Rock on the TSXV reaches or exceeds $1.00 per share.

About the Corporation

The Corporation is a junior oil and gas company with a growth strategy based upon drilling and strategic acquisitions and alliances in Western Canada.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eagle Rock Exploration Ltd.
    Jim Silye
    President and Chief Executive Officer
    (403) 269-4040
    (403) 261-1978 (FAX)