Eagle Rock Energy Partners L P (EROC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

May 8, 2008	CONTACTS:
	Elizabeth Wilkinson – Investor Relations Phone: 281-408-1329

*****Correction to Eagle Rock Energy Partners, L.P. Earnings Release*****

HOUSTON—Eagle Rock Energy Partners, L.P. (“Eagle Rock” or the “Partnership”) (NASDAQ GS: EROC) has modified the presentation of, and corrected a statistic in the tables included in its earnings press release issued on May 6^th. The revised tables reflect the increasing significance of sulfur revenue in the Partnership’s operating results and properly reflect the realized crude price in its Upstream segment, which had previously been calculated including sulfur revenue. The presentation changes and correction of the realized crude oil price calculation have no impact to the Partnership’s financial results as reported in its previous earnings release and discussed in the earnings call of May 7^th.

Below are the revised tables, including a note to explain the modification and/or correction:

Eagle Rock Energy Partners, L.P.
Consolidated Statements of Operations
(unaudited)
							Three Months
	Three Months						Ended
	Ended March 31,						December 31,
($ in thousands)	2008			2007			2007
REVENUE:
Natural gas, natural gas liquids, condensate oil and sulfur sales	$	357,019		$	110,121		$	310,427
Gathering, compression and processing fees		7,143			4,283			8,148
Minerals and royalty income		6,958			—			5,803
Gain/(loss) on risk management instruments		(45,647	)		(7,642	)		(107,625	)
Other income		60			—			130
Total Revenue		325,533			106,762			216,883
COSTS AND EXPENSES:
Cost of natural gas and natural gas liquids		275,831			90,636			235,042
Operating and maintenance		15,566			7,923			16,776
Taxes other than income		4,347			703			3,978
General and administrative		11,242			4,220			11,212
Other operating		—			1,711			916
Impairment		—			—			5,749
Depreciation, depletion and amortization		25,745			11,630			29,675
Total Costs and Expenses		332,731			116,823			303,348
OPERATING LOSS:		(7,198	)		(10,061	)		(86,465	)
Other Income (Expense):
Interest income		301			124			630
Other income		1,547			—			(183	)
Interest expense, net		(22,865	)		(9,170	)		(20,016	)
Other expense		(215	)		(397	)		(7,971	)
Total Other Income (Expense)		(21,232	)		(9,443	)		(27,540	)
LOSS BEFORE INCOME TAXES		(28,430	)		(19,504	)		(114,005	)
Income tax (benefit) provision		(102	)		164			(603	)
NET LOSS	$	(28,328	)	$	(19,668	)	$	(113,402	)

Note: Text of Revenue line modified to include “and sulfur sales”.

Eagle Rock Energy Partners, L.P.

Operating Income

(unaudited)

					Three Months Ended
	Three Months Ended March 31,
					December 31,
($ in thousands)	2008		2007		2007
Midstream
Revenues:
Sales of natural gas, NGLs, oil and condensate	$	318,053	$	110,121	$	280,658
Gathering and treating services		7,143		4,283		7,198
Other		2		—		1
Total revenues		325,198		114,404		287,857
Cost of natural gas and natural gas liquids		275,831		90,636		235,042
Operating costs and expenses:
Operating, maintenance and taxes other than income		11,881		8,626		10,272
Depreciation and amortization		14,517		11,457		16,444
Total operating costs and expenses		26,398		20,083		26,716
Operating income	$	22,969	$	3,685	$	26,099
Upstream
Revenues:
Oil and condensate	$	18,333	$	—	$	13,438
Natural gas		7,126		—		6,835
NGLs		8,140		—		9,497
Sulfur		5,367				1,848
Income fees and other		—		—		948
Other		58		—		130
Total revenues		39,024		—		32,696
Operating costs and expenses:
Operating, maintenance and taxes other than income		7,589		—		10,059
Depreciation, depletion and amortization		8,425		—		9,339
Total operating costs and expenses		16,014		—		19,398
Operating income	$	23,010	$	—	$	13,298
Minerals
Revenues:
Oil and condensate	$	3,367	$	—	$	2,916
Natural gas		2,209		—		2,153
NGLs		235		—		68
Lease bonus, rentals and other		1,147		—		666
Total revenues		6,958		—		5,803
Operating costs and expenses:
Operating, maintenance and taxes other than income		443		—		423
Depreciation, depletion, amortization and impairment		2,611		—		8,886
Total operating costs and expenses		3,054		—		9,309
Operating income	$	3,904	$	—	$	(3,506	)

Note: Upstream Revenues modified to show Sulfur revenue independently from Oil and condensate revenue

Eagle Rock Energy Partners, L.P.

Upstream Operations Information

(unaudited)

				Three Months Ended
	Three Months Ended March 31,
				December 31,
	2008		2007	2007
Upstream
Production:
Oil and condensate (Bbl)		201,405	N/A		195,229
Gas (Mcf)		842,197	N/A		917,981
NGLs (Bbl)		127,453	N/A		123,833
Total Mcfe		2,815,345	N/A		2,832,353
Sulfur (Tons)		26,232	N/A		31,742
Realized prices, excluding derivatives:
Oil and condensate (Bbl)	$	91.03	N/A	$	68.83
Gas (Mcf)	$	8.46	N/A	$	7.45
Sulfur (Tons)	$	204.60	N/A	$	58.22
Operating statistics:
OPEX per Mcfe (incl prod taxes)	$	2.70	N/A	$	3.55
Operating Income per Mcfe	$	8.17	N/A	$	4.70
Drilling program (gross wells):
Development wells		5	N/A		2
Completions		5	N/A		2
Workovers		—	N/A		2
Recompletions		3	N/A		1

Note: Sulfur volume (tons) and Sulfur realized price added to table; Oil and condensate realized price calculation corrected.

The Partnership is a growth-oriented master limited partnership engaged in three businesses: a) midstream, which includes (i) gathering, compressing, treating, processing, transporting and selling natural gas, and (ii) fractionating and transporting natural gas liquids; b) upstream, which includes acquiring, exploiting, developing, and producing crude oil and natural gas interests; and c) minerals, which includes acquiring and managing fee minerals and royalty interests. Its corporate office is located in Houston, Texas.