Eagle Rock Energy Partners L P (EROC) 8-K Permian Basin Landmen’s Association Meeting

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Midland, TX

September 9, 2008

Permian Basin Landmen’s Association Meeting

Senior Management Representatives

Joseph A. Mills

Chairman & Chief Executive Officer

Joe Schimelpfening

Senior VP, E&P Operations and Development

Forward Looking Statements

The statements made by representatives of Eagle Rock during the course of this presentation
that are not historical facts are forward-looking statements. Although Eagle Rock believes that
the assumptions underlying these statements are reasonable, readers are cautioned that such
forward-looking statements are inherently uncertain and necessarily involve risks that may
affect Eagle Rock’s business prospects and performance, causing actual results to differ from
those discussed during this presentation. When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary statements included in documents
filed with the Securities and Exchange Commission.

Any forward-looking statements made are subject to all of the risks and uncertainties, many of
which are beyond management’s control, including risks related to the gathering, processing,
and marketing of natural gas and natural gas liquids, or NGLs. These risks include the risks
described in documents filed with the Securities and Exchange Commission. Should one or
more of these risks or uncertainties occur, or should underlying assumptions prove incorrect,
Eagle Rock’s actual results and plans could differ materially from those expressed in any
forward-looking statements.

The Partnership undertakes no obligation to publicly update any forward-looking statements,
whether as a result of new information or future events.

Our Business

§Eagle Rock Energy Partners, L.P. (NASDAQ GS:EROC) is a growth-oriented publicly
traded Master Limited Partnership (MLP) with a market capitalization in excess of $1
billion.

§Three businesses:

–Midstream Business - gathering, compressing, treating, processing, transporting and
selling natural gas, fractionating and transporting natural gas liquids, or NGLs;

–Upstream Business - acquiring, developing and producing oil and natural gas working
interests; and

–Minerals - acquiring and managing fee minerals and royalty interests

§Objective: generate stable, growing cash distributions for our unitholders

–Achieving operational excellence in our businesses

–Executing accretive low-risk acquisitions and organic growth projects in our three
businesses to add growing cash flow and cash distributions to our unitholders

§Distinguishing Characteristics

–Lower cost of capital related to avoidance of double taxation for unitholders

–Spectrum of acquisition opportunities broader through diversification across energy value
chain

–Vertical integration synergies

–Relationship to Natural Gas Partners - drop down opportunities

Our Business (continued)

§Midstream Business - Gathering and Processing of Natural Gas and NGLs

–Acquisition of midstream assets in high drilling growth areas with low decline rates

–Construction and organic expansion opportunities in core areas

•Texas Panhandle, East Texas/Louisiana and South Texas

§Upstream

–Relatively low-risk development and recompletion opportunities

–Upstream all onshore, lower 48, preferring to operate the properties we own

–Seeking balance of oil and gas (hydrocarbon mix)

–Acquire and operate mature oil and gas properties with low decline rates

§Minerals

–Acquire long life royalties and proved reserves

–Minerals in active drilling areas to enable the regeneration effect

–Proactively manage minerals to attract E&P investment

–Minerals primarily onshore

§Maintain Disciplined Financial Policy

–Reduce exposure to commodity price risk through hedging program

–Maintain prudent capital structure and conservatively manage cash reserves

–Diversify and increase our access to liquidity

Eagle Rock Value Chain

Midstream

•16 Processing Plants

• ~4800 miles natural gas

pipeline

• 19 mi NGL pipeline

• 466 MMcf/d throughput capacity

Consolidated EROC Operations

South Texas

• ~137 miles of pipeline

• 8,100 compression HP

• 87 MMcf/d throughput capacity

Redman

• 8.1 MMBoe proved reserves at 1/1/08

• 77 % Proved developed producing at 1/1/08

• 1.7 MBoe/d net production for Q2 08

Escambia

• 11.4 MMBoe proved reserves at 1/1/08

• 94 % Proved developed producing at 1/1/08

• 2.5 MBoe/d net production for Q2 08

Stanolind

• 6.7 MMBoe proved reserves at

1/1/08

• 47% Proved developed producing at
1/1/08

• 0.8 MBoe/d net production for May

and Jun 08

East Texas / LA

• ~854miles of pipeline

• 12,500 compression HP

• 182 MMcf/d throughput capacity

Panhandle

• ~3,808 miles of pipeline

• 125,500 compression HP

• 197 MMcf/d throughput capacity

Minerals

•430,000 net mineral acres

•Royalties in over 2,500
wells

•Avg net production Q2 08

0.4 MBbl/d oil

3.7 MMcf/d natural gas

0.1 MBbl/d NGLs

Upstream (incl. Stanolind)

•157.3 Bcfe proved reserves

at 01/01/08

•Avg net production Q2 08

2.0 MBbl/d oil

9.6 MMcf/d natural gas

1.3 MBbl/d NGLs

217 Long Tons/d sulfur

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Financial Highlights

Full-Year 2007 Achievements
Consolidated Financial Results

Second Quarter Achievements
Consolidated Financial Results

24.5 % Compounded Quarterly Distribution
Growth Rate

*Tables reconciling the non-GAAP financial measure of Adjusted EBITDA to the GAAP financial measure of net income (loss) for the

above periods can be found in earnings press releases filed on Forms 8-K on May 14, 2007, August 14, 2007, November 14, 2007,

March 12, 2008,May 6, 2008, and August 5, 2008.

Consolidated 2007 and First-Half 2008 Results
Adjusted EBITDA* and Distribution Growth

Full-Year 2007 and First-Half 2008 Highlights
Operational - - Midstream Segments

Facilities:

§Approximately 4,800 miles of natural gas pipelines

§19 miles of NGL pipelines

§16 processing facilities

§466 MMcf/d Throughput Volume Capacity

Full-Year 2007 Results:

§Revenues of $844 MM

§Operating income of $57 MM

Results Through June 30, 2008:

§Revenues Q2 of $414 MM; Year-to-date $739 MM

§Operating income Q2 $33 MM; Year-to-date $56 MM

Midstream Organic Growth Projects

§Texas Panhandle

–Stinnett to Cargray consolidation operational July 4, 2008

§Annualized cost savings of $1.1 million

–Compressor station expansions at Red Deer, Arrington and Lora
complete—providing additional capacity on the East Panhandle system to
accommodate expected Granite Wash volumes

–New Cargray Plant residue compressor to be complete by early Q4 2008

§Improved run times and delivery outlet

–Relocation of Stinnett cryogenic plant to replace Arrington targeted
completion Q1 2009.

§Key project to increase capacity in the growing Granite Wash play from
the existing 40 MMCF/d to 50 MMCF/d

§East Texas

–Building 12 miles of pipeline in Newton and Jasper counties to capture new
Austin Chalk production.

§Haynesville Play, North Louisiana

–Actively gathering Goodrich Petroleum Cotton Valley gas, evaluating
expansion of system to accommodate Haynesville volumes

Stinnett

Cargray

Roberts

Lefors

Red Deer

Canadian

Arrington

Stinnett to Cargray
consolidation new
pipeline

New Cargray Residue
outlet to Northern
Natural

Compression addition to
accommodate new
Chesapeake volumes

Relocate Stinnett
to Arrington

Added 5 MMcfd
capacity

Gray

Panhandle Projects UpdateHigh level of activity

Chesapeake
Acreage

EROC Belle Bower
System

Overview of Haynesville Play AreaVery Early in the Development

Full-Year 2007 and First-Half 2008 Highlights
Operational - - Upstream Segment*

Full-Year 2007 Results:

§Revenues: $52 MM for 2007

§Operating income $20 MM for 2007

Results through June 30, 2008

§Revenues: $46 MM for Q2 2008; Year-to-date $85 MM

§Operating income $27 MM for Q2 2008; Year-to-date
$50 MM

Year End 2007 Total Proved Reserves of 117.3 Bcfe

§91 % Proved Developed Reserves to Total Proved
Reserves

Average Net Daily Production in Q2 2008

§2.0 MBbl/d Oil

§9.6 MMcf/d Natural Gas

§1.3 MBbl/d NGLs

§217 Long Tons/d Sulfur

* Data excludes Stanolind, other than picking up operating results and volumes for May
and June 2008.

§On April 30th, 2008 Eagle Rock completed the acquisition of Stanolind for $82
MM cash

•Acquired stock of company

•Midland, Texas based

•Permian Basin focus

§At announcement, expected annualized 2008 Adjusted EBITDA of $15.3 MM

§Management is evaluating possible further increase in distributions
to Board of GP in the third quarter of 2008

§Annual expected Maintenance CAPEX of $1.5 MM

§Large amount of organic growth opportunities

§Low risk recompletion and infill drilling opportunities

§Highly technical team led by Mr. Mike Stewart joined Eagle Rock and
establishes Midland office for Eagle Rock

§Field office in Monahans, Texas

Stanolind Acquisition

§Acquired 6.7 MMBOE of total Proved Reserves

§Current daily production of approximately 920 BOE/d

§Reserve Acquisition Cost of $12.21 / BOE

§Total Reserve Replacement Cost of $15.35 / BOE

§Acquired large Organic Growth component

•53% of Total Proved reserves are PDNP or PUD

•33 PUDs

ØFuture F&D cost of $5.81 / BOE

•65 Probable / Possible locations

§R/P of 23 years

Stanolind Acquisition

Ward

County

Crane

County

Pecos County

Ward Estes

Southern

River

Stanolind Assets

*Note: Using 3/24/08 Strip Prices

Shallow
Formations
(predominately
sour oil)

Deep
Formations
(predominately
rich, sweet gas)

Yates

Queen

Productive Zones

Upper San Andres

Lower San Andres

Clearfork

Holt

Wichita - Albany

Tubb

Wolfcamp Lime

Wolfcamp

Pennsylvanian

Productive Intervals
Ward Estes Field pays

= PDP well

= PUD
(11 locations)

Legend

= PROB or POSS
(30 locations)

PUD Statistics

■Avg. net capital per
    location = $435K

■Avg. net reserves per
    location = 86.2 mboe

■Avg. F&D = 5.05 $/boe

Ward Estes Field
San Andres Structure

Full-Year 2007 and First-Half 2008 HighlightsOperational - - Minerals Segment

Full-Year 2007 Results:

§Revenues: $15 MM for 2007

Results through June 30, 2008:

§Revenues: Q2 2008 $10 MM; YTD $17 MM

§Operating Income Q2 2008 $8 MM; YTD $12 MM

Year-End 2007 Total Proved Reserves of 22.3 Bcfe

§100 % Proved Developed Reserves to Total
Proved Reserves

Highlights:

§5.6 Million Gross Acres

§430,000 Net Acres

§Royalty interests in over 2,500 wells

§Regeneration effect from operators drilling

§No maintenance CapEx or LOE expense

§Record financial results in Second-Quarter 2008

§Second-Quarter 2008 Operating Income contribution

§49% Midstream

§39% Upstream

§12% Minerals

§ Continuing to grow all three lines of business

§ Delivering on organic and acquisition growth in 2008

§ Providing stable and growing distributions to unit holders

§ Expanded credit facility from $800 MM to $980 MM

§Provide ample liquidity to fund organic and acquisition growth

§ Focused on maintaining a strong balance sheet

Summary

§Eagle Rock is proud to be an active producer in the Permian Basin with
offices in Midland

§Eagle Rock is a growth oriented MLP and will continue to grow in the
Permian Basin through acquisitions of:

§E&P assets (long life developed assets with some PUD
locations)

§Midstream (gathering and processing assets)

§Minerals (prefer long life fee minerals)

§Please contact Eagle Rock if you are interested in divesting your
assets

§Mike Stewart - VP - Permian Basin Operations

§Mark Terrell - VP of Land

§Joe Schimelpfening - Sr. VP, E&P Operations and
Development

Permian Basin focused

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Eagle Rock Energy Partners, L.P.

NASDAQ GS: EROC