Double Eagle Achieves Record Gross Production
Double Eagle Petroleum has achieved record quarterly gross production from its operated Catalina unit of approximately 2.5 Bcf for the fourth quarter of 2009, an increase of 11% versus the same prior year quarter. For Calendar year 2009, gross production from the Catalina unit was approximately 10.3 Bcf versus 6.8 Bcf for the year ended December 31, 2008, an increase of 51%.
Since 2007, Double Eagle has drilled 56 new production wells at the Catalina Unit. During the third and fourth quarters of 2009, the Company began its well enhancement program to increase the efficiency of existing well production and expects the results of this program to be realized in the first half of 2010.
Richard Dole, Double Eagle President, CEO and Chairman of the Board, remarked, "The fourth quarter and year to date increases in production reflect the success we have seen from having brought on 20 wells in our Catalina Unit. Â During 2009, we also participated in 20 wells being brought on production at the Sun Dog and Doty Mountain Units in the Atlantic Rim. Â In the Pinedale Anticline, we also participated in the drilling and completion of 20 wells in 2009, and are currently participating in the drilling of 10 additional wells as of year-end."
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