e8vk - SEC on September 13, 2006 and at other times thereafter, Double Eagle Petroleum Co. (the...
Transcript of e8vk - SEC on September 13, 2006 and at other times thereafter, Double Eagle Petroleum Co. (the...
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0001035704-06-000655.txt : 200609130001035704-06-000655.hdr.sgml : 2006091320060913111035ACCESSION NUMBER:0001035704-06-000655CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:30CONFORMED PERIOD OF REPORT:20060913ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20060913DATE AS OF CHANGE:20060913
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:DOUBLE EAGLE PETROLEUM COCENTRAL INDEX KEY:0000029834STANDARD INDUSTRIAL CLASSIFICATION:CRUDE PETROLEUM & NATURAL GAS [1311]IRS NUMBER:830214692STATE OF INCORPORATION:MDFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-06529FILM NUMBER:061087848
BUSINESS ADDRESS:STREET 1:777 OVERLAND TRAILSTREET 2:PO BOX 766CITY:CASPERSTATE:WYZIP:82602BUSINESS PHONE:3072379330
MAIL ADDRESS:STREET 1:P O BOX 766STREET 2:P O BOX 766CITY:CASPERSTATE:WYZIP:82601
FORMER COMPANY:FORMER CONFORMED NAME:DOUBLE EAGLE PETROLEUM & MINING CODATE OF NAME CHANGE:19920703
8-K1d39627e8vk.htmFORM 8-K
e8vk
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): September13, 2006
Double Eagle Petroleum Co.
(Exact name of registrant as specified in its charter)
Maryland
000-6529
83-0214692
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
777 Overland Trail (P. O. Box 766), Casper, Wyoming 82601
(Address of principal executive offices)(Zip Code)
Registrants telephone number, including area code (307)237-9330
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item7.01. RegulationFD Disclosure.Item9.01. Financial Statements and Exhibits.SIGNATUREINDEX TO EXHIBITSPresentation MaterialsPress Release
Table of Contents
Item7.01. RegulationFD Disclosure.
Beginning on September13, 2006 and at other times thereafter, Double Eagle Petroleum Co. (theCompany) intends to present or distribute the materials attached as Exhibit99.1 to investors.The Company undertakes no obligation to update, supplement or amend the materials attached asExhibit99.1.
On September13, 2006, the Company issued a press release entitled Double Eagle ReportsSpudding at Christmas Meadows, Testing at South Fillmore, and Casing and Perforation at Cow CreekUnit Deep #2. The press release is attached as Exhibit99.2 hereto.
In accordance with General Instruction B.2 of Form 8-K, the information in this report shallnot be deemed filed for the purpose of Section18 of the Securities Exchange Act of 1934, norshall it be deemed incorporated by reference in any filing. This report does not constitute adetermination of whether any information included in this report is material.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit99.1 Presentation Materials
Exhibit99.2 Press Release dated September13, 2006
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September13, 2006 DOUBLE EAGLE PETROLEUM CO.
By:
/s/ Stephen H. Hollis
Stephen H. Hollis,
President and Chief Executive Officer
Table of Contents
INDEX TO EXHIBITS
Exhibit Number Description
Exhibit99.1
Presentation Materials
Exhibit99.2
Press Release Dated September13, 2006
EX-99.12d39627exv99w1.htmPRESENTATION MATERIALS
exv99w1
Double Eagle Petroleum Co.
September 2006
Financial & Operating
Update
Presented by
Stephen H. Hollis CEO
This presentation may contain projections and other forward-looking statements within themeaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any suchprojections or statements reflect the Company's current views with respect to future eventsand financial performance. No assurances can be given, however, that these events willoccur or that such projections will be achieved and actual results could differ materiallyfrom those projected. A discussion of important factors that could cause actual results todiffer materially from those projected, such as decreases in oil and gas prices and/orunexpected decreases in oil and gas production, is included in the Company's periodicreports filed with the Securities and Exchange Commission.
DISCLAIMER
Cautionary Note to U.S. Investors - The United States Securities and ExchangeCommission permits oil and gas companies, in their filings with the SEC, to disclose onlyproved reserves that a company has demonstrated by actual production or conclusiveformation tests to be economically and legally producible under existing economic andoperating conditions. We use certain terms in this presentation, such as "probable"reserves and "possible" reserves, that the SEC's guidelines strictly prohibit us fromincluding in filings with the SEC. U.S. Investors are urged to consider closely thedisclosure in our Form 10-K File No. 0-6529, available from us at ComputershareInvestor Services, Inc. 350 Indiana St. Golden, CO 80401. You can also obtain this formfrom the SEC by calling 1-800-SEC-0330.
Double Eagle Petroleum Co.
Rocky Mountain Natural Gas
Exploration & Production Co.
NASDAQ (Small Cap Market) "DBLE"
Market Capitalization
$164,000,000 (9/11/06)
Shares Outstanding 8,628,604 (9/11/06)
49 BCFE of Proved Reserves
Double Eagle Petroleum
2003 2004 2005 2006 Est. Leasehold 2287 297 407 Exploration 231 324 3693 9900 Development 7564 8366 9494 14500 Pipeline 5378
Capital Spending ($ 000)
Double Eagle Petroleum Co. 2002 2003 2004 2005 1H 2006 Revenue 2270 6138 13267 20502 8646 Net Cash Flow 119 3239 7435 10319 6879
Revenue and Cash Flow($000s)
2005 vs. 2004 Year Comparison
Revenues + 56%
Cash Flow + 39%
Operating Income + 33%
Proved Reserves + 34%
PV10 (bfit) + 85%
Double Eagle Petroleum Co.
2006 vs. 2005 1st Half Comparison
Volumes (mcfe/d) - 8%
Prices ($/mcfe) + 6%
Cash Flow/ mcfe + 4.5 %
G & A Expenses + 43%
Double Eagle Petroleum Co.
Double Eagle Finding Costs
$ / MCFE 2002 2003 2004 2005 $ MCFE 1.15 1.01 0.57 0.66
Double Eagle Petroleum Co.
$0.10/MCFE Price Increase
@8,506 MCFD (Q2)
$0.021 EPS Increase
$273,000 Increase in Cash Flow
from Operating Activities
1 MMCFE/D Production Increase
@$5.24/MCF (Q2)
$0.063 EPS Increase
$1.3 Million Increase in Cash Flow
from Operating Activities
Natural Gas Leverage
Double Eagle Petroleum Co.
Cash Flow from Operations
Current LOC - $50 million
Current Borrowing Base - $25 million, $3 millionoutstanding at 6/30/06
Borrowing Base Additions - Bank will give 50-65% ofadded proved developed reserves (PV10%)
Project Financing Capabilities
6.510
6.715
6.720
6.110
5.656
5.820
6.165
6.675
7.455
6.265
Casper
Denver
Cow Creek Field
Spot prices for 8/22/06 flow date
Pinedale Anticline
Christmas Meadows
Double Eagle Petroleum Co.
Double Eagle Petroleum Co.
Double Eagle Petroleum Co.
Double Eagle Petroleum Co. 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 20.4 27.4 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9
Proved Probable Possible Total Reserves 49 30 154
Proved
Probable
Possible
Proved - 35% Atlantic Rim, 55% Pinedale Anticline, 10% Other
Probable - 61% Pinedale Anticline, 39% Atlantic Rim
Possible - 100% Atlantic Rim
Reserves (BCF) as of 12/31/05
Reserves reviewed by Netherland, Sewell & Associates
Double Eagle Petroleum Co.
2002 2003 2004 2005 Prod mmcfe 1132 1425 2661 3069 New mmcfe 3331 7353 15311 15700
2005 - 512% Production
Replacement
4-Year Weighted Average
503%
Reserve Replacement
Projects Index Map
Deep Test by Questar
Double Eagle Petroleum Co.
Pinedale Anticline
Downspacing to 10 acres
Deep Test by Questar (no DBLEinterest)
13 New Wells Currently Drilling
4 Additional Awaiting Permits
Double Eagle Interests
0-13,000' 13,000-basement
Mesa A .312% orri .312% orri
Mesa B 8.0% WI 12.5% WI
Mesa C 6.4% CWI 3.125% orri
Mesa "B"
Mesa "A"
Mesa "C"
Atlantic Rim
Fully Developed
DBLE in 1600 gross wells
259 net wells
Double Eagle Petroleum Co.
Double Eagle Petroleum Co.
Cow Creek Field- Madison Structure
Double Eagle Petroleum
Madison Test
Structure from 3D Seismic
Target Frontier,Muddy, Nugget,Tensleep and Madisonlimestone
Mad #1 wellproducing from theDeep Creek Sandstoneat 3,300 feet
Cow Creek Unit Deep #2Well
South Fillmore Prospect
Top Almond Subsea
Contour Interval 500 Feet
South Fillmore
Drilled to total depth: 8,155 footMesaverde test, production casing set
Fraced August 9
Rates as of August 21 - 900 mcf of gas,60 bbls of oil
100% working interest in first well
Six sections of leases encompassing3,840 gross acres
Farmout from Anadarko and WarrenResources on four additional sectionsencompassing 2560 gross acres
80 locations on 80 acre spacing
Double Eagle PH State #16-1
COMPLETION
7904 - 7911
Bridge Plug 7930'
8100
8000
7900
7800
Hydraulic Fractures boundby dominant shale layers.
Gamma Ray
Density
Perforations
7936 - 7948
Christmas Meadows Prospect
Commenceddrilling Sept. 9
Double Eagleowns 41,237 grossacres
Double Eagle toretain 25% WI infirst well
Drill depth 15,750to test Frontier andDakota
12,000
8,000
4,000
SL
- -4000
- -8000
- -12,000
- -16,000
- -20,000
- -24,000
M
P
Tw
Uinta Mountain Group
Frontier
Hilliard
Mowry, Dakota,LK
North Flank Thrust
Kfu
Kmv
Kh
Frontier
Mowry
Dakota
J
Nugget
Tr
Phosphoria
Morgan, Weber
Miss
Ord
Cambrian
Hogsback Thrust
NW
SE
Table Top Unit #1Location
Christmas Meadows Prospect
A
A'
Proved, Probable and Possible Reserves
Reserves Reviewed by Netherland, Sewell & Associates Oil Gas PV10% Proved 313,538 bbl 47,152,604 mcf $126,330,300 Probable 138,558 bbl 28,891,862 mcf $59,973,200 Possible 153,899,606 mcf $364,093,900
At 12/31/05
Double Eagle Petroleum Co.
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 20.4 27.4 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9
5 Year Stock Performance vs. S&P 500
Summary Highlights
Revenue and cash flow have more than tripledsince 2003
Growth through the drill bit: proved reserves upover 400% to 49 bcfe while keeping finding costslow
Eastern Washakie Coal Bed and South FillmoreNatural Gas Projects hold considerabledevelopment drilling potential in coming years
Significant Exploration Drilling in 2006: ChristmasMeadows, Cow Creek Deep, and South Fillmore
EX-99.23d39627exv99w2.htmPRESS RELEASE
exv99w2
Exhibit99.2
Double Eagle Petroleum Company
P. O. Box 766 Casper, WY 82602 1-307-237-9330 Fax: 1-307-266-1823
FOR RELEASE AT 6 AM
Date: September13, 2006
Double Eagle Reports Spudding at Christmas Meadows,
Testing at South Fillmore, and Casing and Perforation at
Cow Creek Unit Deep #2
Casper, Wyoming Double Eagle Petroleum Co. (NASDAQ: DBLE) reported today on progress at theChristmas Meadows Prospect (Table Top Unit #1 well), the South Fillmore Prospect, the Cow CreekUnit Deep #2 well, and the Madden Unit participation.
At the Christmas Meadows Prospect, the Table Top Unit #1 well began drilling on September9, 2006at 235 feet, at the base of the conductor pipe that was set last summer. This prospect has been onhold since 1982 due to regulatory hurdles, because it is near the High Uinta Mountain WildernessArea. First Amoco, then Chevron and now Double Eagle have fought to be able to drill this well.Finally we have a rig drilling this wildcat well to be drilled to 15,750 feet to test the Dakotaand Frontier formations on a seismically-defined anticline. The test is scheduled to take 100daysto drill. Double Eagle has 24.89% working interest and is operating. After payout, Double Eaglesworking interest would increase to 30.30%.
At the South Fillmore Prospect, the PH State 1-16 well was flowed back after our fracturestimulation. Daily rates as of August21, 2006 were 900 mcf, 60 barrels of oil, and 444 barrels ofwater on a 32/64 inch choke with casing pressure of 1,000 psi and flowing tubing pressure of 200psi. Since the well began flowing back on August16, the gas volumes have continued to climb andthe water rates have declined. Double Eagle is preparing to drill an offset well, one-half mile tothe east. Additional wells will be staked in the next thirty days. We believe that our completiontechnique has been successful and we intend to proceed to develop the 3,840 acres of our leases andthe 1,280 acres we have farmed-in in the area. Production equipment is being assembled on locationto conduct a two week test of the well, which should begin this week. Double Eagle has 100%working interest in the PH State 1-16. Our working interest in the first offset well will be 100%before payout and 60% after payout.
At the Cow Creek Unit Deep #2 well, we drilled to 9,922 feet and have cased the well through theporous section of the Nugget Sandstone. We plan to perforate the top of the Nugget this week.Double Eagle has a before-payout working interest of 84% in the Cow Creek Unit Deep #2 well. Afterpayout, Double Eagles working interest would drop to 70.4%.
At Madden Unit, Double Eagle received notice that we will be offered participation in the FourthRevision Sour Gas Paleozoic Interval Participating Area A and ownership in the Lost Cabin GasPlant at an interest of 0.349204%. It appears that the interest would have an effective date ofFebruary2002 and would mean approximately 1million cubic feet of gas per day to Double
Eagle at the current production rates. It is not yet clear how we would recoup the gas owed to ourinterest from production occurring from February2002 to today. This needs to be resolved. If wepurchase this interest, for which we would be required to pay approximately $3.5million, we wouldhave a .349204% working interest in the currently drilling 10-5 Big Horn well, if that well issuccessful. This well is a 24,750 foot Madison development well. The seven Madison wellsproducing at Madden Anticline produce an average of forty million cubic feet of gas per day perwell.
Stephen H. Hollis, CEO of Double Eagle commented: The commencement of drilling at ChristmasMeadows is a milestone for Double Eagle. Our tenacity has paid off. We are extremely pleased tocommence drilling. In addition to this exciting wildcat, we have what we believe to be thepotential of a developing field at South Fillmore, and we will test the deep beds at Cow Creekwithin the next two weeks. Pinedale continues to amaze us with good development wells. Madden isjust a good example of what will continue to happen on our more than 200,000 net acres in the RockyMountains.
About Double Eagle
Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crudeoil, with natural gas constituting more than 90% of its production and reserves. The Companyscurrent development activities are in its Atlantic Rim coal bed methane play and in the PinedaleAnticline in Wyoming. Its current exploration activities involve the Christmas Meadows Prospect innortheastern Utah as well as the Cow Creek Unit Deep and South Fillmore prospects in Wyoming.
*******
This release may contain forward-looking statements regarding Double Eagle Petroleum Co.s futureand expected performance based on assumptions that the Company believes are reasonable. Noassurances can be given that these statements will prove to be accurate. A number of risks anduncertainties 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 gasand oil production, the timeliness, costs and results of development and exploration activities,unanticipated delays and costs resulting from regulatory compliance, and other risk factorsdescribed from time to time in the Companys Forms 10-K and 10-Q and other reports filed with theSecurities and Exchange Commission. Double Eagle undertakes no obligation to publicly update theseforward-looking statements.
Company Contact:
Steve Hollis, President
(307)237-9330
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