2011 Exploration Projects The Company is currently in the process of drilling one Niobrara oil shale appraisal well in the Atlantic Rim, in which Double Eagle will have an estimated working interest of 93%. The Company began drilling this well on October 18, 2011. The Company experienced challenges in getting through the multiple pressure zones in the CBM formations and the water injection zones. We have resolved these initial issues and are proceeding to the target Niobrara formation. As of January 5, 2012, the well was at approximately 3,600 heading toward the goal of 9,400'.
2012 Development Projects For 2012, the Company's initial plans are to continue development in its two main fields. In the Atlantic Rim, the Company expects to drill between 10-20 new CBM wells in the Catalina unit and participate in 25 new CBM wells in the Anadarko operated Doty Mountain Unit. Depending upon the results of the initial test well, the Company could drill several Niobrara wells also in the Atlantic Rim. In the Pinedale Anticline, the Company anticipates participating in 16 new wells to be drilled in 2012.
About Double EagleDouble Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company currently has development activities and opportunities in its Atlantic Rim coal bed methane and in the Pinedale Anticline in Wyoming. Also, exploration potential exists in its Niobrara acreage in Wyoming and Nebraska, which totals over 74,000 net acres.
This release may contain forward-looking statements regarding Double Eagle Petroleum Co.'s future and expected performance based on assumptions that the Company believes are reasonable. These include statements regarding preliminary exploration results and 2012 development and exploration activities. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, unsuccessful drilling and completion activities, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and results of development and exploration activities, unanticipated delays and costs resulting from regulatory compliance or in drilling and completing wells, and other risk factors described from time to time in the Company's Forms 10-K and 10-Q and other reports filed with the Securities and Exchange Commission. Double Eagle undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
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