Double Eagle Petroleum Reports Record Year in 2004

CASPER, Wyo., March 31 /PRNewswire-FirstCall/ -- Double Eagle Petroleum
Co. (Nasdaq: DBLE) announced today that the Company had record revenues,
earnings, production and proved reserves for its year ended December 31, 2004.
The table below reports the results for the years ended December 31, 2004 and
December 31, 2003. 


                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
                                                      Year ended December 31
                                             %Change      2004       2003
     Revenues
     Oil and gas sales                                   13,058      6,081
     Other income                                           209         57
                                              116.1%     13,267      6,138
     Expenses
     Lease Operating expenses                             2,156      1,027
     Production taxes                                     1,645        731
     Exploration expense                                    324        231
     Gross Margin                             120.3%      9,142      4,149
     General and Administrative                           1,581      1,250
     Interest expense (net)                                  20        174
     Depletion, depreciation,
     Amortization, impairments                            3,063      1,753
     Other                                                   --         11
     Pre-tax income                           365.9%      4,478        961
     Cumulative effect of accounting
       principal change                                      --         11
     Provision for income taxes                             450         --
     Net Income                               314.4%      4,028        972
     Net Income per share
       Basic                                  235.7%       0.47       0.14
       Diluted                                235.7%       0.47       0.14
     Weighted average shares outstanding
       Basic                                   20.5%  8,469,852  7,027,426
       Diluted                                 20.0%  8,599,020  7,163,206
                              SUMMARY BALANCE SHEET
                         (in thousands except price data)
                                                            December 31,
                                            % Change      2004       2003
     Total assets                              29.3%     30,969     23,955
     Total long-term debt                                     0          0
     Stockholders' equity                      25.5%     24,927     19,856
                             SUMMARY OPERATIONAL DATA
                                            % Change      2004       2003
     Total production (Mcfe per day)           86.2%      7,270      3,904
     Average price per Mcfe                    15.0%       4.91       4.27


Netherland, Sewell & Associates. Inc. reviewed approximately 99% of Double
Eagle Petroleum Co.'s proved reserves at December 31, 2004 and 2003.  Over 49%
of the Company's proved reserves are categorized as Proved Developed. 
Virtually all the Company's growth is attributable to successful
development drilling in the Mesa Unit on the Pinedale Anticline and in the
coal bed natural gas play in the eastern Washakie Basin.  Both areas are in
the State of Wyoming.  The Company spent over $8.1 million on development of
these two plays in 2004.  In 2005, the Company plans to spend up to $15
million on continued development of these two plays. 
The Mesa Unit has been developed on 40-acre spacing, and several wells
were drilled on 20-acre spacing in 2004.  The 20-acre spacing appears to be
economic.  Several wells have been estimated to have proved developed and
undeveloped reserves on 20-acre spacing.  Development drilling will continue
in 2005 and 10-acre spacing will be tested. 
The coal bed natural gas play in the eastern Washakie Basin is being
developed in the shallow Mesaverde coal beds.  Additional coal bed wells
cannot be drilled until the Environmental Impact Study and the local Resource
Management Plan are completed.  These are currently scheduled to be completed
in the Fall of 2005.  While we wait for these plans to be completed, we are
preparing the infrastructure of compression and water handling facilities to
facilitate a large drilling program.  The Catalina Unit is being formed to
accommodate the drilling of up to 240 additional wells, approximately 100 net
wells to us, that will be operated by Double Eagle.  In addition, one well is
planned to be drilled to approximately 12,000 feet in 2005 to test the deeper
objectives at Cow Creek Field. 
Stephen H. Hollis, President, Double Eagle Petroleum Co., commented: "We
were extremely successful in 2004 in drilling development wells, as we were
involved in 111 wells and all were successful.  In 2005, we hope to be
involved in as many successful development wells and are looking forward to a
high level of exploration activity in drilling our high risk, high reward
wildcat at Christmas Meadows.  We believe we have the capital and the projects
to continue to grow the Company under current industry conditions.  I look
forward to reporting our future progress on the drilling front. 
I also am very pleased with the addition of Sigmund Balaban and Richard
Dole to our Board of Directors.  As you can see from their resumes below,
their credentials are excellent and they will be tremendous additions." 
Double Eagle Appoints Two New "Independent Directors" 
On March 24, 2005, the Company appointed Sigmund Balaban and Richard Dole
to the Board of Directors.  Each of Messrs. Balaban and Dole qualifies as an
"independent director" of the Company.  Mr. Balaban had served as Senior Vice
President / Corporate Secretary of Fujitsu General America, Inc. of Fairfield,
New Jersey, from 2000 until July of 2001 when he retired.  Mr. Balaban was
Vice President, Credit of Teknika Electronics from 1986 to 1992 and Senior
Vice President and General Manager of Teknika Electronics from 1992 to 2000.
In October 1995, Teknika Electronics changed its name to Fujitsu General
America, Inc. Fujitsu General America, Inc. is a subsidiary of Fujitsu
General, Ltd., a Japanese multiline manufacturer. Mr. Balaban has served as a
director of ARC Wireless Solutions, Inc. since December 1994. 
Mr. Dole joined Petrosearch Corporation as a Director in July 2004, and
assumed the positions of Chairman, President and CEO of the Company upon
completion of the reorganization and merger of the Company into Petrosearch
Energy Corporation effective December, 2004.  Mr. Dole previously served as
Vice President and Chief Financial Officer for Burlington Resources
International from 1998 to 2000.  Since that time he has been active in
consulting and financial services.  He was a co-founder of Benefits Access
Solutions, LLC, a company formed to provide financial services and benefit
options to employees and members of corporate organizations.  He was also
co-founder and managing partner of Innovation Growth Partners, LLC, a firm
that provided management and consulting services to early stage companies.
Mr. Dole's extensive industry experience includes being National
Partner-in-Charge of Business Process Solutions at KPMG.  Prior to that he was
with Coopers & Lybrand (now PriceWaterhouse Coopers) where he served as
Assurance and Business Advisory Partner for nearly 20 years and also served in
numerous senior management roles, including National Chairman for the Energy
and Natural Resources Industry practices for over 15 years and as the Vice
Chairman for the U.S. Process Management business unit.  Mr. Dole was also a
member of the Board of Directors of Westport Resources Corporation from August
2003 until July 2004 when Westport was merged into Kerr McGee Corp, and served
as a member of its audit committee and a designated financial expert. 
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 the Southwestern Wyoming Powder River Basin and the
Wind River Basin in Wyoming. 
This release may contain forward-looking statements regarding Double Eagle
Petroleum Co.'s future and expected performance based on assumptions that the
Company believes are reasonable.  No assurances can be given that these
statements will prove to be accurate.  A number of risks and uncertainties
could cause actual results to differ materially from these statements,
including, without limitation, decreases in prices for natural gas and crude
oil, unexpected decreases in gas and oil production, the timeliness, costs and
success of development activities, unanticipated delays and costs resulting
from regulatory compliance, and other risk factors described from time to time
in the Company's periodic reports filed with the Securities and Exchange
Commission. 

SOURCE  Double Eagle Petroleum Company 
CONTACT:
Steve Hollis, President of Double Eagle Petroleum Company, +1-307-237-9330
-0- Mar/31/2005 11:00 GMT
 
 
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