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Nov. 26, 2012 /PRNewswire/ --
Double Eagle Petroleum Co. (NASDAQ: DBLE) announced that it has extended the expiration date of its consent solicitation to amend the articles supplementary for the Company's 9.25% Series A Cumulative Preferred Stock (the "Preferred Stock") to modify the circumstances under which the Preferred Stock would be subject to mandatory redemption following a "change of ownership or control" (as defined in the articles supplementary) of the Company and to extend the date upon which the Preferred Stock is subject to optional redemption by the Company (subject to an earlier "change of ownership or control") from
June 30, 2012 to
September 30, 2013. The purpose of the proposed amendments to the Preferred Stock is to allow the Company more flexibility in pursuing strategic merger and acquisition activities in order to strengthen its position in the oil and gas industry and provide value growth for its shareholders.
The consent solicitation, initially scheduled to expire at
5:00 P.M. Mountain time on
November 26, 2012, will be extended to
5:00 p.m., Mountain time, on
December 10, 2012 (that time and date, as so extended, the "Expiration Date").
Except as set forth herein, the complete terms and conditions of the consent solicitation remain the same as set forth in the Consent Solicitation Statement dated
October 23, 2012 (the "Consent Solicitation Statement") and the accompanying Consent Letter previously distributed to eligible holders of Preferred Stock.
All holders of the Preferred Stock who have previously delivered a consent in the consent solicitation do not need to redeliver such consents or take any other action. Such holders may revoke their consents prior to the "Consent Date," as defined in the Consent Solicitation Statement. Other holders of Preferred Stock who have not yet delivered a consent should follow the instructions described in the Consent Solicitation Statement and the Consent Letter. Holders of the Preferred Stock are urged to read and carefully consider the information contained in the Consent Solicitation Statement. The Company's obligation to accept consents and to terminate or further extend the consent solicitation remains subject to certain conditions as set out in the Consent Solicitation Statement.