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March 14, 2013
06:31 EDTDBLEDouble Eagle Petroleum reports 2012 production 10.5Bcfe vs. 9.3Bcfe a year ago
The company and its partners continue to make progress on obtaining required permits and approvals for the field development plan and to perform 3-D seismic over certain parts of the Main Fork Unit in Utah. Currently, the plan calls for the seismic shoot to occur in the summer of 2013. Double Eagle continues to aggressively pursue strategic mergers and asset acquisitions that management believes will improve shareholder value. The company is also assessing all its non-operated production and undeveloped acreage to evaluate opportunities for joint venture, pooling of interests, farm outs or dispositions. The company's Niobrara exploration appraisal well 41-12N had an initial 24 hour production rate of 467 barrels of oil equivalent. The production was composed of 70% 40 degree API oil and the rest natural gas. 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.
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