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Gold/Mining/Energy : Double Eagle Petroleum
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To: Robert J Mullenbach who wrote (81)12/10/2001 7:58:28 AM
From: Robert J Mullenbach  Read Replies (1) of 85
 
Double Eagle Issues President's Update

CASPER, Wyo., Dec. 10 /PRNewswire/ -- Double Eagle Petroleum Company (Nasdaq: DBLE - news, DBLEW - news) today released the contents of the Letter to the Shareholders to be published in its Annual Report to Shareholders.

``Double Eagle Petroleum Co. ended fiscal 2001 on August 31, 2001 with record revenues, production volumes, and proved reserves as well as development projects at Pinedale Anticline and Cow Creek Field that bode well for 2002. The dramatic 80% increase in proved oil and gas reserves is a consequence of successful drilling at fiscal year-end. The resulting production from the three new wells at Pinedale and the four new wells at Cow Creek will begin by December 2001 during the second quarter of the Company's 2002 fiscal year. Continued planned development of these projects appears to have the Company holding working or royalty interests in at least 74 wells that will be drilled in fiscal 2002 versus 30 wells in 2001; and holding working or royalty interests in at least 22 net wells that will be drilled in fiscal 2002 versus 1.5 net wells in 2001. This year promises to be very busy, and hopefully productive, as Double Eagle will have an opportunity to add significantly to our daily production by drilling lower risk development wells, while at the same time drilling our exploratory projects.

In fiscal 2001, revenues increa

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