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Double Eagle Petroleum Co. Updates 2011 Exploration And Development Projects

Stocks in this article: DBLE

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.  

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