News out today, Earnings, Drilling Updates on Projects.
biz.yahoo.com
XXXXXXXXXXXXXXXXX
CASPER, Wyo., Dec. 11 /PRNewswire/ -- Double Eagle Petroleum and Mining Co. (Nasdaq: DBLE - news, DBLEW -
news) announced today that for the year ended August 31, 2000, the Company had a net income of $125,244 or $.03 per
share on total revenues of $1,760,515 as compared to a net loss of $139,794 on total revenues of $1,138,028 in 1999.
Contributing to the gain in 2000 were an 11.5% increase in oil and gas production as well as higher prices for oil and gas. Cash
flow provided by operating activity increased 702% to $766,196 in 2000 as compared to $95,547 in 1999.
Stephen H. Hollis, President, stated, ``Our fiscal year 2000 was an excellent year for us. Prices and production rates increased
as our development programs at Madden and Pinedale proceeded.''
At Madden Field, we continue to work on the re-completion of the Leonard 1-24 well. We have had excellent gas shows, but
we have been forced to isolate the gas zone from water zones by cement squeezing because of a poor primary cement job. The
fracture stimulation of the Lloyd 1-26 will follow the work on the Leonard well. Also at Madden, Burlington Resources,
currently is drilling below 24,300 feet in the deep Madison well that we hope may indicate the deep potential of Double Eagle's
adjacent leasehold. |
