Double Eagle Petroleum Reports Reserves

As previously reported, the estimated proved oil and gas reserves of Double Eagle Petroleum Co., estimated by Netherland, Sewell & Associates, Inc. (NSAI) as of December 31, 2005, increased 34.7% to 49,033,832 mcfe from 36,391,029 mcfe at December 31, 2004. Today, Double Eagle also announced that NSAI has estimated Double Eagle's probable and possible reserves on the Company's acreage holdings to be 29,723,090 mcfe and 153,899,606 mcfe, respectively. The following table summarizes NSAI's estimates.

           Reserves                      Estimated Mcfe
       Proved Developed Producing          24,058,848
       Proved Undeveloped                  24,974,984
       Total Proved                        49,033,832

       Probable                            29,723,090
       Possible                           153,899,606

Probable and possible reserves are inherently riskier than proved reserves due to the fact that such well locations are either not direct offsets to existing wells or represent coal seams that have not yet produced in commercial quantities.

    The estimated reserves within our two major projects are broken out below.

    Eastern Washakie Coal Bed Natural Gas Play

       Proved             Wells             Estimated Mcfe
       PDP                 52                 8,918,114
       PUD                 40                 8,427,995
       Total Proved        92                17,346,109

       Probable            27                11,746,482
       Possible           334               153,899,606

The drilling locations used to calculate these reserves are all located in what we believe to be the fairway of the play between a depth of 400 feet and 6,000 feet for the main coal in the Almond Formation of the Mesaverde Group. Double Eagle has under lease additional lands that fall outside these parameters that may be considered productive with further advances of completion procedures.

    Pinedale Anticline

       Proved             Wells             Estimated Mcfe
       PDP                 57                 12,673,175
       PUD                 69                 16,546,989
       Total Proved       126                 29,220,164

       Probable            88                 17,976,278

Stephen H. Hollis, CEO of Double Eagle stated: "We are pleased with our reserve growth and look forward to turning our proved undeveloped, probable and possible locations into producing wells. Our finding costs were $0.66 per mcfe in 2005 as we participated in 104 wells. In 2006, we hope to drill at least four wildcats in addition to participating in over 100 development wells as we have for the last two years." The four exploratory wells include the 8,000 foot Mesaverde test at South Fillmore that is waiting completion, a 12,350 foot Madison test at Cow Creek, a 15,750 foot Ten Sleep test at Christmas Meadows, and an 8,000 foot Ten Sleep test at our Rattlesnake Prospect.

Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells crude oil and natural gas. The Company's current areas of exploration and development focus on Southwestern Wyoming, the Powder River Basin and the Wind River Basin in Wyoming.


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