Encore Acquisition Company declares that its Board of Directors has approved a capital budget for 2009 of $460 million related to its drilling and development program. Encore's strategy for 2009 is to continue to focus on allocation of capital to projects expected to achieve the most efficient production and reserve growth, expand the Company's acreage position in the highly successful Bakken/Sanish play, repurchase $40 million of common stock, and pay down debt, all well within internally generated cash flows. This budget allows the Company to have an organic growth rate of three to five percent for 2009.

Jon S. Brumley, President and Chief Executive Officer of the Company, commented, "Encore is poised to improve in 2009. We plan to grow production three to five percent, repurchase up to three percent of our outstanding shares, and repay $55 million of debt." Mr. Brumley went on to state, "When times are tough, quality shines through, and 2009 looks bright for Encore. Our hedging program, shallow declining properties, and strong balance sheet will allow us to grow, repurchase stock, and pay down debt inside of cash flows at a time when the rest of the industry will struggle. Our budget for 2009 will be the best and most efficient budget in the history of the Company."

The Company believes it will be able to meet these goals because it has executed a hedge plan that protects over 95 percent of its estimated oil production for 2009. The hedges include floors at $110.00 per barrel (Bbl) for 11,630 barrels of oil per day (BOPD), swaps at $86.21 per Bbl for 6,000 BOPD, and floors at $80.00 per Bbl for 8,000 BOPD. The counterparties to these hedges are a diverse group comprising eleven institutions, all of which are rated A- or better by Standard & Poor's and/or Fitch, with the majority rated AA- or better.

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