Denver, Colorado – Mar 13, 2013– Double Eagle Petroleum Co. (NASDAQ: DBLE) announced today that the Company’s Niobrara exploration appraisal well 41-12N had an initial 24 hour production rate of 467 barrels of oil equivalent (BOE). The production was composed of 70% 40 degree API oil and the rest natural gas. The aforementioned initial production rate does not include any potential production from the deeper Frontier and Dakota gas formations, which have already been perforated and fraced. The Company is waiting additional permitting to begin production from these deeper gas formations. Currently, the Company is installing a pumping unit on the well. As an appraisal well, the Company performed numerous downhole tests during drilling and completion to better understand the characteristics of the various formations. Investors are cautioned that, while the Company is pleased by the initial 24 hour rate, the sustainable rate of production will not be known until the well has produced for a longer period. The 41-12N well is the only Niobrara production well within approximately 25 miles and is near two Company operated Dakota producing gas wells that may be candidates for recompletions in the Niobrara. The Company owns a 95% interest in the 41-12N well. The Company currently has approximately 37,000 net acres (69,000 gross acres) in the Atlantic Rim area.
About Double Eagle Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 98% 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 72,000 net acres.