$$$ NEWS $$$
Double Eagle Reports 100% Increase in Net Income
CASPER, Wyo., Dec. 4 /PRNewswire/ -- Double Eagle Petroleum Co. (Nasdaq: DBLE; DBLEW) announced today that for the year ended August 31, 2001, the Company had net income of $251,294, or $.05 per share, on total revenues of $2,581,456 as compared to a net gain of $125,244, or $0.03 per share, on total revenues of $1,760,515 in 2000. Contributing to the gain in 2001 was a 49% increase in oil and gas sales revenues. In addition, the Company increased proved reserves 80% and replaced 760% of its 2001 production. Cash flow provided by operating activity increased 103% to $1,556,258 in 2001 as compared to $766,196 in 2000.
Proved Reserves were increased dramatically after year-end analysis of the Company's successful wells at the Pinedale Anticline and Cow Creek Field that were completed in the fourth quarter of fiscal 2001 and the first quarter of fiscal 2002. Production from these wells will begin to significantly affect the Company's production volumes during December 2001. More detail on these projects is available within Form 10-KSB filed with the Securities Exchange Commission and also on the Company's website at www.dble.org .
2001 2000 CHANGE
Sales of Oil & Gas $2,567,713 $1,724,497 + 48.9%
Lease Sales $4,181 $9,821 - 57.4%
Total Revenues $2,581,456 $1,760,515 + 46.6%
Net (Loss) $251,294 $125,244 +100.6%
Income (Loss) per Share $.05 $.03 + 66.7%
Shares Outstanding 4,954,896 4,760,223 + 4.0%
Oil Production (bbls) 18,605 20,162 - 7.7%
Gas Production (mcf) 518,147 446,134 + 16.1%
Oil Reserves (bbls) 189,432 168,100 + 12.7%
Gas Reserves (mcf) 9,605,644 4,949,346 + 94.1%
Gross Acres 346,587 345,302 + 0.4%
Net Acres 81,438 81,577 - 0.2%
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