Double Eagle Plans Common Stock Offering

Double Eagle Petroleum Co. said that it plans to offer 450,000 shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 (File No. 333-139012). The Company also intends to grant an option to the underwriters to purchase up to an additional 50,000 shares of common stock to cover over-allotments, if any. Double Eagle is offering all of the shares and intends to use the net proceeds from the offering to repay amounts borrowed under its revolving credit facility.

Ferris, Baker Watts, Incorporated is acting as the sole book-running manager for the offering.

Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the accompanying prospectus relating to the offering may be obtained from Ferris, Baker Watts, Incorporated at 100 Light Street, Baltimore, Maryland 21202.

Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 90% of its production and reserves. The Company's current development activities are primarily in its Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming. Its current exploration activities involve the Christmas Meadows Prospect in northeastern Utah.