Encore Acquisition Company has reported unaudited third quarter 2008 operating results and its Board of Directors has authorized a stock repurchase program.

Having completed a previously authorized $50 million stock repurchase program during the third quarter of 2008, the Company's Board of Directors authorized the repurchase of an additional $40 million of the Company's common stock. The shares may be repurchased from time to time in the open market or through privately negotiated transactions. The repurchase program is subject to business and market conditions, and may be suspended or discontinued at any time.

Jon S. Brumley, Encore's Chief Executive Officer and President, stated, "Our Company will be in a unique position for 2009 as we should accomplish production growth, expand our acreage position in the highly successful Bakken, and repurchase $40 million of common stock all within our internally generated cash flows. Our long-lived reserve base, stable production profile, and 2009 hedging position puts us in a unique position to take advantage of this volatile market. As we refine our 2009 capital budget, it is comforting to know our strong hedging positions allow us flexibility, as our 2009 cash flows will be sufficient to fund our capital budget at prices as low as $50 per barrel." Mr. Brumley went on to state, "To the extent we sell some of our low growth properties as previously announced, we will use the proceeds to retire debt below current levels and further strengthen an already strong balance sheet."

The Company 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.

Production volumes were 39,617 barrels of oil equivalent (BOE) per day in the third quarter of 2008, which exceeded the high-end of the Company's previously announced production guidance. The production volumes were comprised of 26,975 barrels of oil per day and 75,847 Mcf of natural gas per day.

Ben Nivens, Encore's Chief Operating Officer and Senior Vice President, stated, "I would like to thank the dedicated Encore employees who have kept Encore on track and worked hard to exceed the high-end of production guidance."

The Company's NYMEX oil differential stayed tight in the third quarter of 2008 at $10.46 per Bbl. The average NYMEX oil price was $118.67 per Bbl in the third quarter of 2008. As a percentage of NYMEX, the Company's NYMEX oil differential was 8.8 percent in the third quarter of 2008. The Company's average wellhead oil price, which represents the net price the Company receives for its oil production, was $108.21 per Bbl during the third quarter of 2008.

The Company's NYMEX natural gas differential for the third quarter of 2008 was $0.70 per Mcf. The average NYMEX natural gas price was $10.27 per Mcf in the third quarter of 2008. As a percentage of NYMEX, the Company's NYMEX natural gas differential was 6.8 percent in the third quarter of 2008. The Company's average wellhead natural gas price, which represents the net price the Company receives for its natural gas production, was $9.57 per Mcf for the third quarter of 2008.

Encore drilled 80 gross wells (30.5 net) during the third quarter of 2008, of which 77 gross wells (29.3 net) were successful.

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