This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Double Eagle Petroleum Co. Updates 2011 Exploration And Development Projects

DENVER, Jan. 6, 2012 /PRNewswire/ -- Double Eagle Petroleum Co. (NASDAQ: DBLE) announced today an update to its 2011 development and exploration drilling programs.  The development programs focused on the Company's two major development fields, the Atlantic Rim coal bed methane and the Pinedale Anticline.  The major exploration project is the Niobrara oil shale target in the Atlantic Rim. Estimated capital spending for 2011 projects totaled approximately $30-$35 million.

2011 Atlantic Rim Development During the second half of 2011, 13 gross (12.73 net) coal bed methane (CBM) wells were successfully drilled and completed in the Catalina Unit, where Double Eagle is the operator.  This represents a 25% increase in the total net well count in the Catalina CBM Unit.

Twelve of these wells are in an exploratory area of the Catalina Unit and the Company has a 100% working interest in these wells. Based upon existing well performance and reservoir characteristics, the Company changed the historical well spacing from 80 acres up to 160 acres.  Studies done by the Company's engineering team determined that communication exists between numerous wells which were on 80 acre spacing.   Based upon these studies, the 2011 exploration wells were drilled on the wider spacing to further support and test the engineering conclusions.  Up-spacing allows for maximization of the exploitation of the field while minimizing the capital expenditures.  Preliminary results of these new exploration wells are positive and the Company expects increasing reserves at a lower F&D cost.  The option to infill drill additional wells in this area remains available to the Company.

2011 Pinedale Anticline Development Also, Double Eagle participated in the drilling of approximately 16 gross (1.4 net) new production wells in the Mesa Unit on the Pinedale Anticline.  The Company has an estimated 8.5% working interest in these planned wells.  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.38 0.79%
FB $117.96 -0.51%
GOOG $695.02 -0.46%
YHOO $35.99 -1.50%
TSLA $234.44 -3.00%


Chart of I:DJI
DOW 17,685.64 -205.52 -1.15%
S&P 500 2,058.40 -23.03 -1.11%
NASDAQ 4,758.1620 -59.4320 -1.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs