Double Eagle Reports Successful Warrant Exercise
CASPER, Wyo., Jan. 10 /PRNewswire/ -- Double Eagle Petroleum Company (Nasdaq: DBLE - news) announced today that over 98% of the outstanding warrants, that expired on December 17, 2001, were exercised. At least 1,204,060 warrants of the outstanding 1,218,250 were exercised at a price of $3.00 per warrant to generate $3,612,180. The monies will be utilized in drilling development wells at Pinedale Anticline and Cow Creek as well as other investment opportunities. It is anticipated that these funds combined with the Company's existing line of credit facility and cash flow will capitalize the drilling of a record number of wells for Double Eagle in 2002. Currently, Double Eagle plans to participate in 74 gross wells (22 net wells) this year as compared to 30 gross wells (1.5 net wells) in 2001.
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