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Double Eagle Petroleum Niobrara Drilling 2011 Update

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Double Eagle plans to drill one Niobrara Oil Shale well in which Double Eagle will have an estimated working interest of 93%. The Company initially planned two Niobrara exploratory wells but due to certain lease holders in the area not cooperating in drilling plans, the Company determined that the best location and opportunity to gain formation knowledge was to drill in a section which the Company controlled. The Company is awaiting final permit approval for this well.

The Company also is evaluating further development of the Main Fork Unit Project (formerly known as Christmas Meadows/Table Top Unit). The Company previously drilled the Table Top Unit #1 well in 2007. The Company is working with a major integrated oil and gas company that has option farm-in rights to advance further unit…

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