Double Eagle Declares Dividend on Preferred Stock

Double Eagle Petroleum (Nasdaq: DBLE) has declared a cash dividend on its 9.25% Series A Cumulative Preferred Stock in the amount of $0.546007 per share, payable on September 28, 2007 to shareholders of record as of September 18, 2007. The Series A Preferred Stock was issued on July 5, 2007 and trades on the NASDAQ Capital Market under the symbol "DBLEP."

Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company's current development activities are in its Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming. Its current exploration activities involve projects in southwestern Wyoming, Nevada and other Rocky Mountain states.