Eagle Rock Energy Partners L P (EROC) Stock Message Board

www.eaglerockenergy.com

Eagle Rock Energy Partners is a dynamic master limited partnership (MLP) that leverages its upstream, minerals and midstream expertise to acquire and operate oil and gas properties, natural gas gathering systems, and natural gas processing plants. The company's unique expertise, combined with the tax advantages of the MLP structure, position it to effectively evaluate opportunities, execute transactions and integrate operations to provide a strong platform for future growth.

INVESTOR RELATIONS CONTACT

Eagle Rock Energy

16701 Greenspoint Park Drive, Suite 200
Houston, Texas 77060

(281) 408-1203

MIDSTREAM

Eagle Rock owns strategically-positioned natural gas gathering and processing assets in five significant natural gas producing regions: the Texas Panhandle, East Texas/Louisiana, West Texas, South Texas and the Gulf of Mexico. Our gathering and processing assets are located in basins that have experienced consistent growth in natural gas land leases, drilling and production.

A brief overview of our Midstream Segment is outlined below:

Approximately 5,482 miles of pipeline
19 processing plants / stations
Approximately 220,180 compression horsepower
Approximately 737 MMcf/d of throughput volume capacity
Well-balanced mix of fee-based and commodity-based contracts (as of December 31, 2010)
- 8% fixed recovery
- 26% fee-based
- 51% percent-of-proceeds
- 15% percent-of-index

Eagle Rock markets its midstream services to producers in its areas of operations. Specifically, Eagle Rock is focused on connecting new wells to its gathering and processing systems, providing low pressure gathering to maximize its producing customers' production and managing producers' processing needs through multiple plant options in the Panhandle, East Texas, South Texas and the Gulf of Mexico. In addition, the company is focused on executing on new organic growth projects to construct facilities and pipelines in growing production basins for our producers. Eagle Rock seeks to accomplish all of this while staying focused on the safety of our employees and the public

Texas Panhandle	East Texas / Louisiana	South Texas
Gathering and transporting	X	X	X
Dehydrating and treating	X	X	X
Processing	X	X
Product marketing	X	X	X

UPSTREAM

Eagle Rock's Upstream Segment has long-lived, high working interest properties located primarily in the Mid-Continent, Southern Alabama, East Texas, South Texas and West Texas.

As of December 31, 2010 pro forma for the Crow Creek acquisition which closed May 3, 2011, and based on the SEC pricing as of December 31, 2010, our working interest properties included the following:

603 operated productive wells and 1,200 non-operated wells
Proved reserves of 385 Bcfe with approximately 63% natural gas, 20% crude oil, and 17% natural gas liquids
- 65% proved developed producing ⁽¹⁾
- 9% proved developed non-producing
- 26% proved undeveloped
Reserve life index is approximately 17 years ⁽²⁾
Average production of approximately 83 Mmcfe/d during the second quarter 2011 ⁽³⁾

Our Mid-Continent assets primarily consist of the properties acquired from Crow Creek Energy on May 3, 2011. Core operating areas include 330 operated wells and 1,063 non-operated wells on approximately 115,500 net acres across the Golden Trend Field, Verden Field and the Cana Shale Play, all located in the Anadarko Basin, the Mansfield Field and other various fields in the Arkoma Basin, and the Barnett Shale in north Texas. In addition to the current cash flow and low-risk development opportunities provided by the proved reserves acquired, the Crow Creek assets include approximately 13,100 net acres with 434 identified drilling locations in the emerging Cana Shale play in Oklahoma. Average production from these properties beginning May 3, 2011, the date the Crow Creek acquisition closed, and ending June 30, 2011 was 36.0 MMcf/d, 846 Bopd and 959 Blpd.

Our Alabama assets, located predominately in Escambia County, Alabama, produce from the Smackover and Norphlet formations from 29 wells. Net production from these properties averaged 4.5 MMcfd, 1,703 Bopd, 834 Blpd and 197 LT/d of sulfur during the second quarter 2011. The production from these formations contains significant percentages of hydrogen sulfide and carbon dioxide which must be extracted prior to sales. As a result, Eagle Rock's Upstream operating arm, Escambia Operating Company, LLC owns and operates, two treating plants to facilitate the extraction of these contaminants and elemental sulfur, and one cryogenic processing plant to process and sell the natural gas liquids.

Eagle Rock's East Texas, South Texas and West Texas properties are operated by Eagle Operating Company, LLC. The East Texas assets include 34 producing wells from multiple fields located mostly in Rains, Van Zandt, and Henderson Counties. Our East Texas fields produce from the Smackover formation and during the second quarter 2011 averaged 3.9 MMcfd, 266 Bopd, 594 Blpd and 80 LT/d of sulfur. The production from these assets are gathered, compressed, treated, and processed by a third party processor. Our South Texas properties consist of 11 producing wells in the Jourdanton field located in Atascosa County. These wells produce from the Edwards formation and averaged 1.5 MMcfd and 7 Bopd during the second quarter 2011.

Our Permian assets, acquired in May 2008, are located predominately in Ward, Crane and Pecos Counties, Texas and are characterized by long life oil and gas reserves. Production from 186 wells is derived from multiple pay horizons extending from the shallow Yates formation to the deeper Pennsylvanian formations. The net production from these assets averaged 1.5 MMcfd, 474 Bopd and 217 Blpd in second quarter 2011. Since acquiring these assets, we have drilled and completed 12 wells on these assets in addition to numerous recompletions and workovers that have enhanced our base production. Additional drilling locations exist on these assets providing an ongoing source of organic growth opportunities for Eagle Rock.

(1) EROC PDP reflects recategorization of reserves following the resumption of East Texas production associated with the Eustace facility.

(2) Adjusted to reflect estimate of a full year of East Texas production removing the impact of the Eustace processing facility shut-down.

(3) Includes average production from the acquired Crow Creek assets beginning May 3, 2011 through June 30, 2011

Inside Eagle Rock

Eagle Rock Energy Partners (EROC) is a master limited partnership (MLP) that leverages its upstream and midstream expertise to build, acquire and operate oil and gas properties, natural gas gathering systems, and natural gas processing plants. EROC's unique expertise, combined with the tax advantages of an MLP structure, position the company to effectively evaluate opportunities, execute transactions and integrate operations to provide a strong platform for future growth.

Focused on Execution

By excelling in four mission-critical activities - operations, acquisitions, organic growth projects and risk management - EROC management strives to enhance liquidity and achieve stable, growing distributions for its investors.

Customer-Focused Midstream Operations
EROC aims to be the preferred natural gas service provider in the areas in which it operates by consistently exceeding its customers' expectations. The company emphasizes connecting new wells quickly, operating low-pressure gathering systems, executing contracts and agreements promptly, and providing reliable services. And, in all of its operations, EROC maintains a commitment to safety and compliance with environmental regulations.
Accretive Acquisitions
EROC seeks accretive acquisitions, such as upstream assets with relatively low production declines and embedded organic growth projects (recompletions, infill drilling, etc.) and midstream assets in active drilling basins. EROC relies on its in-house expertise to value, negotiate, close and integrate assets into its existing infrastructure.
Organic Growth
Organic growth projects, including plant expansions, gathering system expansions and "bolt-on" acquisitions, are another important element in EROC's strategy. We rely on our experienced engineering staff to design and construct these projects on time and on budget.
Risk Management
In order to mitigate exposure to volatile commodity prices and interest rates, EROC conducts a thorough risk management review process. EROC evaluates its asset portfolio and expected future revenues on a regular basis, and targets hedge levels of 75-80 percent of its expected production over the next two to three years.

EROC has a Risk Management Policy that is approved by its Board of Directors on a quarterly basis.

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Joseph A. Mills
Joe Mills, Chairman and Chief Executive Officer, joined EROC in May 2007. Prior to joining EROC, Mills formed Montierra Minerals & Production, LP, a Houston-based oil and gas company focused on the mineral, royalty and non-operated working interest segment of the E&P industry in April 2006. Before Montierra, he was senior vice president of operations for a privately held mineral company in Houston, where he helped coordinate the growth and acquisitions of approximately $480 million in mineral, royalty and overriding royalty interests.
Previously, Mills was a senior vice president at El Paso Corporation, where he managed the ongoing worldwide acquisition efforts of El Paso Production Company and directed the drilling and production efforts of the Gulf of Mexico division. He also served as senior vice president of technical services.
Mills joined El Paso Corporation as part of its 1999 merger with Sonat, Inc., where he had spent 18 years in various executive and senior-level management positions within Sonat Exploration Company, including vice president and general manager of the Gulf of Mexico division (Houston), vice president and general manager of the Mid-Continent division (Oklahoma City), business unit manager of the Permian Basin (Midland, Texas), land manager of the East Texas/North Louisiana region (Tyler, Texas) and coordinator of property acquisitions.
He received a master of business administration degree (with an emphasis in finance) from the University of Houston in 1992 and graduated from the University of Texas with a bachelor of business administration degree in 1982. He is an active member of the Independent Petroleum Association of America (IPAA), Texas Independent Producers and Royalty Owners Association (TIPRO), Houston Association of Professional Landmen (HAPL) and American Association of Professional Landmen (AAPL) organizations. He is also a member of the board of directors of the Texas Pipeline Association.

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Charles C. Boettcher
Chuck Boettcher, Senior Vice President, General Counsel and Secretary; Chief Compliance Officer, joined EROC in August, 2007.
Before joining EROC, Boettcher was a partner and member of the Corporate and Securities Department and the Oil & Gas Section in Thompson & Knight, LLP. During his eight years at Thompson & Knight, Boettcher focused on mergers and acquisitions in the oil and gas industry, private equity funding/formation transactions and public and private company security compliance and disclosure. He represented several private equity firms, including Natural Gas Partners (the sponsor of Eagle Rock Energy G&P, LLC), in formation, funding and divestiture of oil and gas exploration, production and midstream-gathering companies. Mr. Boettcher closed an aggregate of $4 Billion in over 50 merger and acquisition transactions and private equity funding transactions.
Boettcher received his juris doctorate from Texas Tech University School of Law in 1999, graduating magna cum laude, Order of the Coif, and Phi Kappa Phi. While at Texas Tech University School of Law, he was a member of the Board of Barristers and was a Staff Member and Casenote Comment Editor on the Texas Tech Law Review.
Boettcher graduated with honors from the University of South Dakota with a bachelor of business administration degree with a double major in accounting and political science in 1996.
Mr. Boettcher is an active member of the American, Dallas and Houston Bar Associations.

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Steven G. Hendrickson
Steve Hendrickson, Senior Vice President of Technical Evaluations, joined EROC in May 2007. A licensed petroleum engineer with extensive experience in the upstream energy sector, he served as vice president of engineering for Montierra Minerals & Production, LP, a Houston-based oil and gas company focused on the mineral, royalty and non-operated working interest segment of the E&P industry. Prior to Montierra, Hendrickson was president of Hendrickson Engineering LLC, a petroleum engineering consulting practice focused on reserves evaluation and transaction analysis. In its first year, the company participated in the evaluation of nearly $4 billion in oil and gas property transactions.
Hendrickson spent six years with El Paso Corporation after its merger with Sonat, Inc. where he served in various engineering management roles. He began his career with the Shell Oil Company in 1983 and, during his 16-year tenure, worked for various subsidiaries as a staff production engineer and engineering manager in multiple domestic producing basins.
Hendrickson received a master's degree in finance from the University of Houston in 2002 and graduated from the University of Texas with a bachelor's degree in chemical engineering in 1983. He is a member of the Society of Petroleum Engineers (SPE) and the Society of Petroleum Evaluation Engineers (SPEE).

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Joseph E. Schimelpfening
Joe Schimelpfening, Senior Vice President, Upstream Business, joined EROC in May 2007. He was a founding member of Montierra Minerals & Production, LP, a Houston-based oil and gas company focused on the mineral, royalty and non-operated working interest segment of the E&P industry.
Before joining Montierra, he was division operations manager for El Paso Corporation's Gulf of Mexico division. During his tenure with El Paso, and previously Sonat Exploration Company, he managed numerous engineering and operating organizations responsible for the drilling and production of producing assets in East Texas, North Louisiana, the Anadarko Basin, the Texas Gulf Coast and Utah's Uinta Basin. In addition, he served as director, managing multidisciplined technical teams in the development of El Paso's Anadarko Basin and East Texas assets.
Schimelpfening received a bachelor's degree in petroleum engineering from Texas A&M University in 1984. He is a licensed petroleum engineer in Texas and a member of the Society of Petroleum Engineers (SPE).

Joseph A. Mills
Jeffrey P. Wood
Alfredo Garcia
Charles C. Boettcher
Steven G. Hendrickson
Joe Schimelpfening
William E. Puckett

Acquisitions

We employ an exceptional staff of professionals who follow a thorough and disciplined approach in their technical evaluation and due diligence of acquisition opportunities. Our executives are highly experienced in oil and gas operations, property transactions and corporate management.

At Eagle Rock Energy Partners, we seek to create a portfolio of properties that provides a stable future revenue stream to our investors - and also presents future growth opportunities that do not require excessive capital investment. To accomplish this, we look for acquisition opportunities with the following characteristics:

Midstream assets
- Regional scale - Attractive midstream assets have sufficient size to allow us to compete effectively in attracting new customers to our system.
- Active drilling areas - We seek opportunities in areas that are experiencing active exploration and development activities. We are particularly attracted to regions that have extensive infill drilling activities, such as East Texas and Oklahoma.
- Potential for expansion - The presence of the two previous characteristics creates the potential for future organic growth projects. We seek opportunities to attract customers to our systems by growing our regional market share or by participating in a growing market.
- Low decline rates - In order to create a set of assets that will deliver stable, growing distributions, we feel it is important to acquire midstream assets in gas basins whose geological and reservoir characteristics support production that has low natural decline rates.
- Synergy with upstream assets - When feasible, we seek opportunities that are in areas in which we currently operate upstream assets, have a non-operating ownership, or desire to expand our upstream business in the future.
Upstream assets
- Low decline rates - In order to provide a platform for stable and growing distributions, we seek assets that have low production decline rates. We tend to avoid production in water drive reservoirs that may suddenly and unexpectedly "water out."
- Relatively high level of developed reserves - We seek a balance of future development potential and current production rate. The current production rate is important to ensure that the acquisition will immediately provide cash flow so that distributions can be increased, but the undeveloped potential is necessary to ensure that production declines can be offset by additional drilling and recompletions.
- Relatively low risk development - We avoid opportunities that involve significant exploration activities. Our company is structured to deliver stable distributions to our investors; we do not believe that objective is compatible with a high level of risky exploration activity.
- Oil/gas balance - We diversify our hydrocarbon mix in order to avoid exposure to excessive price swings in one commodity. Although we use financial hedges to protect the cash flows of our existing production, a significant drop in the price of a commodity could result in a significant reduction in the profitability of drilling activities that are focused on that commodity.
- Wellbore and geographic diversification - We attempt to avoid situations in which a single event could result in a significant impact to our cash flows. These kinds of events include hurricanes, regional commodity price disruptions and well-bore failures.
- Operations - We prefer to operate working interests. This allows us greater flexibility with respect to future capital investments and allows us to manage the risk associated with them.

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Eagle Rock Energy Partners, L.P. (EROC)

INVESTOR RELATIONS CONTACT

16701 Greenspoint Park Drive, Suite 200 Houston, Texas 77060 (281) 408-1203

MIDSTREAM

A brief overview of our Midstream Segment is outlined below:

Approximately 5,482 miles of pipeline

19 processing plants / stations

Approximately 737 MMcf/d of throughput volume capacity

Well-balanced mix of fee-based and commodity-based contracts (as of December 31, 2010)

8% fixed recovery

26% fee-based

51% percent-of-proceeds

15% percent-of-index

Texas Panhandle

East Texas / Louisiana

South Texas

Gathering and transporting

X

X

X

Dehydrating and treating

X

X

X

Processing

X

X

Product marketing

X

X

X

UPSTREAM

Eagle Rock's Upstream Segment has long-lived, high working interest properties located primarily in the Mid-Continent, Southern Alabama, East Texas, South Texas and West Texas.

As of December 31, 2010 pro forma for the Crow Creek acquisition which closed May 3, 2011, and based on the SEC pricing as of December 31, 2010, our working interest properties included the following:

603 operated productive wells and 1,200 non-operated wells

Proved reserves of 385 Bcfe with approximately 63% natural gas, 20% crude oil, and 17% natural gas liquids

65% proved developed producing (1)

9% proved developed non-producing

26% proved undeveloped

Reserve life index is approximately 17 years (2)

Average production of approximately 83 Mmcfe/d during the second quarter 2011 (3)

(1) EROC PDP reflects recategorization of reserves following the resumption of East Texas production associated with the Eustace facility.

(2) Adjusted to reflect estimate of a full year of East Texas production removing the impact of the Eustace processing facility shut-down.

(3) Includes average production from the acquired Crow Creek assets beginning May 3, 2011 through June 30, 2011

Inside Eagle Rock

Focused on Execution

By excelling in four mission-critical activities - operations, acquisitions, organic growth projects and risk management - EROC management strives to enhance liquidity and achieve stable, growing distributions for its investors.

Organic Growth Organic growth projects, including plant expansions, gathering system expansions and "bolt-on" acquisitions, are another important element in EROC's strategy. We rely on our experienced engineering staff to design and construct these projects on time and on budget.

Acquisitions

We employ an exceptional staff of professionals who follow a thorough and disciplined approach in their technical evaluation and due diligence of acquisition opportunities. Our executives are highly experienced in oil and gas operations, property transactions and corporate management.

Midstream assets

Regional scale - Attractive midstream assets have sufficient size to allow us to compete effectively in attracting new customers to our system.

Active drilling areas - We seek opportunities in areas that are experiencing active exploration and development activities. We are particularly attracted to regions that have extensive infill drilling activities, such as East Texas and Oklahoma.

Potential for expansion - The presence of the two previous characteristics creates the potential for future organic growth projects. We seek opportunities to attract customers to our systems by growing our regional market share or by participating in a growing market.

Low decline rates - In order to create a set of assets that will deliver stable, growing distributions, we feel it is important to acquire midstream assets in gas basins whose geological and reservoir characteristics support production that has low natural decline rates.

Synergy with upstream assets - When feasible, we seek opportunities that are in areas in which we currently operate upstream assets, have a non-operating ownership, or desire to expand our upstream business in the future.

Upstream assets

Low decline rates - In order to provide a platform for stable and growing distributions, we seek assets that have low production decline rates. We tend to avoid production in water drive reservoirs that may suddenly and unexpectedly "water out."

Relatively low risk development - We avoid opportunities that involve significant exploration activities. Our company is structured to deliver stable distributions to our investors; we do not believe that objective is compatible with a high level of risky exploration activity.

Wellbore and geographic diversification - We attempt to avoid situations in which a single event could result in a significant impact to our cash flows. These kinds of events include hurricanes, regional commodity price disruptions and well-bore failures.

Operations - We prefer to operate working interests. This allows us greater flexibility with respect to future capital investments and allows us to manage the risk associated with them.

RECENT NEWS

EROC Latest News

16701 Greenspoint Park Drive, Suite 200
Houston, Texas 77060

(281) 408-1203

65% proved developed producing ⁽¹⁾

Reserve life index is approximately 17 years ⁽²⁾

Average production of approximately 83 Mmcfe/d during the second quarter 2011 ⁽³⁾

Organic Growth
Organic growth projects, including plant expansions, gathering system expansions and "bolt-on" acquisitions, are another important element in EROC's strategy. We rely on our experienced engineering staff to design and construct these projects on time and on budget.