DENVER , Oct. 2, 2012 /PRNewswire/ -- Double Eagle Petroleum Co. (NASDAQ: DBLE) announced today the purchase of additional working interest in the Atlantic Rim, the realignment of Corporate duties, and an update to its operations and current projects. Asset Activity The Company and Warren Resources, the two major owners of the Spyglass Hill and Catalina Units in the Atlantic Rim of Wyoming, have exercised their preferential rights to acquire additional working interest in the Units from a subsidiary of Anadarko Petroleum Corp ("Anadarko"). The Company had previously signed a Purchase and Sales Agreement with Anadarko to acquire 100% of Anadarko's working interest in the Spyglass Hill and Catalina Units' acreage. The purchase price of approximately $6.8 million (without consideration of the additional leasehold acreage) resulted in Double Eagle acquiring:
- 18.4 BCF of proved producing reserves at a cost of $0.37 per Mcf and an increase in net production volumes of 5.6 Mmcf/d;
- a proportionate share of Anadarko's working interest in non-producing leaseholds in the Spyglass Hill Unit, which includes 3,870 net coal bed methane acres and 550 net deep Niobrara acres. The Company's working interest in the participating areas increased from approximately 20% to 30%.
- a proportionate share of Anadarko's working interest in the Catalina Unit, which increased the Company's working interest in the participating area from approximately 72% to 86%.