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Executives

Richard Dole - Chairman of the Board

Kurtis Hooley - Vice President and CFO

Steve Degenfelder - Vice President of Land

Bob Reiner - Vice President of Operations

Analysts

David VanTreuren – Moloney Securities

William Richey – Moloney Securities

Double Eagle Petroleum Co. (DBLE) Q4 2007 Earnings Call March 13, 2008 11:00 AM ET

Operator

Ladies and gentlemen thank you for standing by and welcome to the full year 2007 earnings release conference call. (Operator Instructions) I would now like to turn the conference call over to our host Richard Dole, Chairman of the Board for Double Eagle Petroleum.

Richard Dole

Good morning everybody. I’m here today with members of our management team, Kurtis Hooley our Vice President and CFO, Steve Degenfelder our Vice President of Land and Bob Reiner our Vice President of Operations. We intend to discuss our 2007 results and also the 2008 plans and then we’ll open up the call for questions and comments after that.

I’d like to give a brief overview. The year 2007 was an important transition year for Double Eagle. With the approval of the Atlantic Rim Environmental Impact Statement which we’ll refer to as the EIS in May of 2007 which allows companies in that area to drill up to 1,800 coal bed methane wells and 200 conventional oil and gas wells in the Atlantic Rim. We transitioned our focus and attention to development of this core asset to drilling of 33 production wells in Catalina.

This, with the continued development in the Pinedale Anticline resulted in estimated proved reserves as of the end of 2007 of 73.7 Bcfe equivalent which is a net increase of 46% from the prior year. The PV-10 value increased 170% from the prior year to $182.6 million. The majority of the increases from gas reserves additions versus price increases. Going into 2008 most of the financial costs associated with our prior exploration project are behind us.

Our current plans are to rationalize the value of those projects. The 2008 plans for continued development of the Atlantic Rim projects will be discussed later in this call by other members of the management. I’d like to first ask Kurtis Hooley to discuss the 2007 results.

Kurtis Hooley

Good morning everyone. I would like to present a summary of the 2007 year end financial results which were also shown in this morning’s press release. Net loss for the year ended December 31, 2007 was $11,603 or a net loss of $1.47 per share as compared to net income of $2,109 or $0.24 per share in 2006. One of the significant contributing factors to this net loss was the write-off of the exploratory well costs of $14,910 and impairments of $2,232 costs which we’ll talk about in greater detail in a moment.

Total production volumes decreased 6% to 3.012 billion cubic feet in 2007 versus 3.217 billion cubic feet in 2006. Daily production rates including our imbalances were 8,252 cubic feet per day in 2007 versus 8,814 cubic feet per day in 2006. This decrease is attributable to first a decreased production in our Atlantic Rim unit, this includes the decreases at the Catalina unit due to operational challenges and work overs in the first nine months of the year as well as a year-over-year decrease at our Sun Dog and Doty Mountain units due to the initial recording of 245 million cubic feet of gas imbalance recorded in 2006.

Also contributing to this decrease was the decrease in the Mesa units in Pinedale Anticline which were shut in for a significant part of Q4 2007 due to the low gas prices in the Rockies. These reductions were partially offset by an increase of realized production volumes from our Madden Deep wells which we began recording in November of 2006. The average realized price for 2007 was $5.33 versus $5.67 in 2006. The decrease is due to the effects of low gas prices in the Rockies during 2007.

We were able to offset much of this effect of the low prices with our fixed price sales contracts. At December 31, 2007 we have seven million cubic feet per day under contract at an average price of $5.84. Total oil and gas revenues including the effects of our price risk management activity were $16,044 for 2007 versus $19,032 for 2006. Again, this decrease is attributable to lower production volumes coupled with the lower prices seen in 2007.

Looking at our costs on a per Mcfe basis our production costs related to the oil and gas producing activities increased 71% to $1.89 per Mcfe versus $1.11 in 2006. This increase is due to work over expense and lease operating costs incurred in our Catalina field due to the severe weather and some operational issues and increased transportation costs incurred related to our share of the gas production at the Sun Dog and Doty Mountain unit.

DD&A related to the producing assets increased 17% to $1.51 per Mcfe versus $1.29 per Mcfe in 2006. The increase is primarily due to additional capital expenditures in the Atlantic Rim and Pinedale Anticline. Our production taxes remain consistent at approximately 12%. G&A costs increased 4% to $4,133 as compared to $3,959 in 2006. This increase is due primarily to the increase of professional fees, our legal and audit fees as well as an increase in employee related expenses due to additional headcount that we had for the full year this year.

These items were offset by lower stock option expense under 123R which is a non-cash expense and a decrease in consulting fees that we incurred in 2006 as a result of the implementation of the Sarbanes-Oxley act. For the year ended December 31, 2007 we had an effective tax rate of 34.62% which is lower than the statutory federal and state tax rates due to the effective permanent differences between our book and tax expense and the current net loss the company has. We currently have a net operating loss carry forward so therefore we do not have any current tax expense or liability.

Although we had an $11,603 net loss for the year we do have a positive net cash flow from operating activity the $5,166 which is down from $10,951 but we still are able to generate positive cash flow from operations. We believe that we are maintaining a strong balance sheet with $84.5 million in total assets $3.4 million in outstanding debt and a total shareholders equity of $66.6 million.

We expended $45 million during 2007 for our capital projects; this is made up of $41 million for development in our primary Atlantic Rim and Pinedale Anticline. As we will discuss a little bit later, our projected 2008 capital budget is between $40 million and $60 million. During 2007 we completed a secondary offering of our common stock as well as issuing Series A preferred stock. These two offerings provide us $48 million net cash to the company which was used to pay off prior year outstanding debt balance and to fund a portion of our current year 2007 drilling plan.

We still have our $50 million credit facility in place with a borrowing base of $35 million. If needed we believe that we can increase this borrowing base due to the significant increase in our reserves this year. As I mentioned earlier we have written off exploratory costs in 2007 of $14,910. These costs relate to our Christmas Meadows Tabletop unit Number one of $5,773, our Calcrete Number two unit $4,395, the PH Date 16-1 $2,759 and the Straight Flush Dry Hole cost in Nevada which was $1,983. Of this total amount the $5,147 was written off in Q3 and you would have seen that in the Q3 financial statement.

In addition, we recorded impairments on existing properties of $2,232 which is made up of primarily the Calcrete Madden Number One of $1,351 and the State 136 of $692,000. Of the total amount $2,032 was recorded in Q3. As we’ll discuss a little bit later in our operations update we are still in a process of valuating these 15 exploration projects but due to the passage of time that these well have been capitalized from beginning to end under the current accounting rules we needed to expense these items.

As far as the investor presentation and trips we are planning to be at the IPAA in New York in April. We are planning to do some non-deal trips and attend to some other conventions throughout the year but we need to get a better feel for our calendar and focus on our developmental play. That’s the operation update for 2007.

Richard Dole

We’d like now to provide an update of the 2007 drilling projects and 2008 planned expansion in the Catalina units. I’d like to have Bob Reiner our Vice President of Operations go through that.

Bob Reiner

As part of the 2007 development project in the Catalina we’ve drilled and completed 30 fee producing wells and three water injection wells. Ten of these were drilled in pod A which includes the original 14 calcrete producers and 23 of the new wells and the three water injection wells comprise Pod B which is directly north of Pod A.

Severe weather was a major challenge for any operations in southern Wyoming this year and it did delay our completion operations as well as construction activity. In Pod A we brought on six new wells and remember in January and with the original 14 calcrete wells we are now selling approximately 9.2 million cubit feet per day, 6.7 million feet a day net Double Eagles workings. Eight of the new Pod B wells were tested briefly in December to allow for reserve estimation and six wells were produced brief Pod B facilities.

Although production rate capability of these new well won’t be known until the wells can be produced for an extended period the initial indications are encouraging. The six wells produced earlier this week produced at an aggregate rate of 3.3 million cubit feet a day or an average of about 550 Mcf per day each. All 23 wells in B Pod will be brought on as soon as the two new compressors are operational. The new Pod B gas gathering system, sales meters, water injection equipment and water injection wells have been pressure tested and run checked for a short period and are ready to start up.

Planning for the 2008 expansion is in full swing now with field supervisors in place and the selection process under way for all our major contractors, materials and equipment. The project is planned to start earlier in year 2008 than our project in 2007 and have major activities completed before the onset of the winter weather. This will decrease our costs and allow us to begin gas sales earlier in the year.

Richard Dole

Now I’d like to introduce to you Steve Degenfelder our Vice President of Land and ask him to provide an additional update of our projects.

Steve Degenfelder

As most of you probably read in the press announcement that came out I’ll just reiterate most of that information. In 2007 Double Eagle received permits for and drilled 33 CBM wells in the Atlantic Rim area. We also participated in 52 wells that Anadarko drilled and completed. Looking forward into 2008 Double Eagle plans to drill between 24 and 48 wells in the Catalina unit and Anadarko anticipates drilling 152 total wells in the Sun Dog Doty Mountain and other federal exploratory units they have in the Atlantic Rim.

Both of those figures, Double Eagles’ and Anadarko’s are predicated on permitting and also weather delays that we might experience. There are some figures that might change by year end. Overall, as you’ve been told the EIS allowed the drilling of 1,800 CMB wells in the Atlantic Rim area. If this was fully developed on 80 acre spacing Double Eagle has estimated that it would be involved in 680 [inaudible] wells and 282 [inaudible] wells. However, I forewarn you that’s assuming full development of the project area.

Proceeding on with our Pinedale area, in 2007 we participated in 18 wells, however because of single pad drilling those wells were not able to be completed as they were drilled and so Queststar, the operator of those wells will commence completion of those wells beginning in May of ’08. In addition, we’ve been advised by Queststar that 16 additional wells on our Pinedale properties will be drilled. We expect that more AFE’s from Queststar as the area is now receiving approval for five acre spacing before we had expected 10 acre spacing and now for areas outside the Mesa unit Queststar has received the permitting from the oil and gas commission for five acre spacing.

As you know, because we are in a unit we are exempt from that spacing and so therefore Queststar had the ability to drill on five acre spacing inside the Mesa unit before. As usual the PAB which we are participant working interest in has the only state section on the Mesa are of the Pinedale Anticline. Therefore continues to be the place to go for Queststar when weather or wildlife stipulations impede their progress elsewhere.

Those two properties made up 80% of our proved developed and total proved reserves and so that’s the reason why I focused on those. I’ll quickly go over though a couple of exploration projects that we are working on currently. Both the Christmas Meadows prospect as you know is temporarily abandoned, well bore that we drilled in 2006 and 2007 and we showed this prospect at NAPE entered that well and deepen it to 82,000 feet to test another target in the well we received good responses from industry and are currently following up on those leads.

In Nevada where we have a considerable lease hold we also showed that to several companies at the North American prospect expo in Houston in February and received favorable responses. We are following up on those and in Nevada we are also awaiting the results of several drilling projects in the area that will occur this summer. The Cow Creek Mad Number One well was evaluated for zones that we had penetrated in the well and were found to be uneconomic and therefore we’ve started the application process to convert the well to an injection well to aid our operation.

The Cow Creek Unit Number Two well we are still evaluating the possible targets deeper in the well. If the well is deepened as well as potential zones we penetrated in the current drilling of the well bore which is just below 9,000. Our south Filmore area which includes both the PH state and the SJC well which is operated by GMT has been affected by the same severe weather that we’ve enjoyed at Cow Creek this past winter and therefore we are waiting on GMT to install a pipeline to see if commercial production can be sustained at the SJC well.

If that is a sustainable production then we will likely look at the PH state for re-completion of that well to initiate some production. Right now that concludes the part of the presentation I have.

Richard Dole

I’d like to finish up with some of the items that may not be readily apparent from our public disclosures. There are several areas that I believe Double Eagle management team has created strategic advantage more obvious than others and some shorter term in the history of our operations and some huger than our operations. We’ve had a proactive and strategic view of the regulatory process, that’s allowed Double Eagle to move faster, generally more efficiently and more economically than many of our competitors.

I’d like to give you just a few examples of things that occurred. We were the earliest first application for drilling permits to be approved. The wildlife stipulations we got waivers in ’08 because of the weather and we got the first waivers and the waivers were for twice as long as our other competitors. We’ve streamlined the preparation reports to BLM and other regulatory agencies and they become more concise less time consuming and less costly.

We are the only company that has untreated water discharge allowed in the Atlantic Rim which is 4,300 barrels per day. We are the only company that has a permit for treated water discharge at 20,000 barrels a day in that Atlantic. We are the only company to bring three phase power to the area. We filed 205 drilling permits with BLM in anticipation of a change of their regulations whereby they implemented the $4,000 permit fee.

By filing those in advance on a preempted basis we saved nearly $1 million. That’s the fortunate part; the unfortunate part is some of the operators who we participate in didn’t do that so we’ll be paying our share of their $4,000 cost per fee application. Another important area that’s emerging is we are creating strategic opportunities that I think will become unique to Double Eagle by controlling and owning our mid-stream assets.

We made some conscious decisions to control the infrastructure and the transportation in an effort to provide us not only competitive advantage but additional options. We have 13 miles of pipeline, we’ve got the compressors and gathering systems and just recently we’ve been approved for water treatment facility and we are the only one that’s being allowed at this point in time to pilot that process. Ownership of that process could become very valuable as the Atlantic Rim continues to develop.

Some other things that we’ve done that we are doing and continuing to work on is we are empowering and strengthening our business processes so we can plan Atlantic Rim development. What that means is that we’ve created processes that are being managed by our management committee which is comprised of all of our vice presidents and our main contractors. What it allows us to do is implement management tools and provide additional oversight over both the process and the decision making process. It’s working quite well.

We are also emphasizing our investment in stakeholder relations. We’ve focused on our employees and we are making sure that we are competitive in their in their wage scales that the incentives are there both financial and non-financial incentives. The board will be conducting some additional studies to make sure that we are within market range. We want the best employees, I think we have some of the best employees and we want to continue that.

We are focusing on our joint venture partners. We had a whole series of meeting with the operators in the area to try and get best practices implemented not only from what they’ve learned on their properties they operate but to give them the best practices on the properties that we operate. The reason we think that we can be helpful is we’ve been able to establish higher rates of production in the Atlantic Rim overall on a well by well basis by our operational techniques.

We’ve always been pretty good at this to continue to invest in the relationships with regulatory entities important to our success. I expect from all of these, what I would call soft cost investments that the shareholders will have a significant return on those efforts. With that I would like to turn it over to questions and comments.

Question-and-Answer Session

Operator

Your first question comes from the line of David VanTreuren – Moloney Securities.

David VanTreuren – Moloney Securities

I have a number of questions but I’ll just ask a couple. We had a nice increase in reserves you said 73 billion. What would you suggest that if you can attempt to guess the end of 2008 reserve figure might be?

Richard Dole

I guess that would be way beyond my authority for forward looking information. I will tell you that the ultimate recoverable reserves for these wells because it’s a fairly new play are areas for significant improvement. While its way to early to take the results of the drilling program in 2007 and extrapolate it what we are finding is we are meeting in some cases typically in exceeding the expectations that we had based on what the reserve estimates were based on. I can’t give you a real answer but I can tell you we are headed in the right direction.

David VanTreuren – Moloney Securities

What would you say the daily production is now and what percent are we hedged at this point?

Kurtis Hooley

The current production we are seeing now is the 9.2 Mfc per day gross on the wells that we have up and running which is the original 14 plus the seven new drilled this year. We did have an opportunity to initial the productions on six of the new Pod B’s that were 3.3 Mfc per day so right now we are flowing about 9.2 to the sales line.

David VanTreuren – Moloney Securities

What about Pinedale, you’re not including that?

Kurtis Hooley

That does not include Pinedale. Pinedale right now we are seeing approximately 3.3 Mfc per day out of both Pod B and Pod C. That’s the latest numbers we have. Obviously we are not an operator in that area, but that’s the latest estimates we’ve got off a nomination to date. Right now off current, the December production we were hedged 64%. I think that’s probably relatively close on a net basis and that’s about where we are at on the fixed price contracts.

David VanTreuren – Moloney Securities

When do those hedges come off?

Kurtis Hooley

Those hedges expire various terms, the first one expires in May of 2009 and the last one expires October 31, 2009.

Richard Dole

We did do, I think it’s in the financial statement we did in effect take some of those fixed price contracts off between what?

Kurtis Hooley

November and March of 2008, 2009.

Richard Dole

November and March of 2008, and 2009. What that means is about 3 million a day of production will flow to market during those periods as opposed to be hooked in with the fixed price contracts.

David VanTreuren – Moloney Securities

With the Atlantic Rim and Pinedale net to Double Eagle were something over 10 million a day production.

Kurtis Hooley

That’s reasonably close, that’s about right. About 10.3 what we are seeing today.

Richard Dole

Keep in mind we don’t have a significant portion of the ’07 drilling results on sales meter yet.

David VanTreuren – Moloney Securities

The comment on drilling at 24 or 48 wells in the Atlantic Rim, what’s the question mark there whether you can get the full 48 done?

Richard Dole

There are several criteria that impact it. One is because of the severe weather the ability to evaluate the production of the wells that we drilled which will tell us where we ought to be going is somewhat limited. We need some more time for that to occur. The wildlife stipulations don’t allow us in before July 15th although we have ways that we think that we might be able to manage and improve on that but they aren’t givens, they are opportunities.

We have limitations on how much we are willing to spend and draw down our credit line. What the cash flow will look like with the pricing of gas will be and then lastly the availability of contractors and equipment and competition that exists for that. We are working on our 2008 budget more specifically over the next 30, 45 days and we’ll have a better sense on what we think will follow. Sometimes faster isn’t necessarily better. You need to know what you are doing before you do it. We are trying to not do ready, fire, aim. We are trying to do ready, aim, fire.

David VanTreuren – Moloney Securities

Did you have an estimate on the 18 Pinedale wells with Queststar what we might be getting out of that?

Bob Reiner

Not right now, depending on the area. I’d hate to create an estimate that didn’t fulfill. Many of those wells the equipment is, despite their capacity to flow at higher rates some at 10 to 15 million a day initially. Most of the operators in Queststar equip the wells at a 5 million a day capacity and choke those wells back because they know the rapid decline of the well before it levels off will create a necessity of overbuilding that equipment.

Therefore I’d look at, after those wells complete their decline and level out that they’ll all be about an average of 2 to 3 million a day.

Kurtis Hooley

Just to let you know, to see this in perspective. Mesa A and B wells for the year to date 2007 these are the established wells they did about on average net to us 1.6 million Mcf a day to us net to us about $0.5 million per day. If you take those, I don’t really like to extrapolate that to anything but that’s pretty consistent skilled due to pretty mature results.

Richard Dole

Is that 18 wells?

Kurtis Hooley

This would be all the wells that currently exist.

David VanTreuren – Moloney Securities

What’s our percentage on those 18?

Kurtis Hooley

It depends on the zone but we can give you a range in the Mesa C we have a 6.4% working interest and the Mesa B it varies depending on the depth from 8% to 12.5% but on average 8.5%.

Operator

Your next question comes from William Richey – Moloney Securities.

William Richey – Moloney Securities

I have several questions and since Pinedale was just brought up could you refresh my memory up there as far as with five acre spacing what our potential for locations in total is?

Steve Degenfelder

I just would say that the PAC is 1,000 acres in size and the PAB is 800 acres in size. Both of those we have working interest in. In the PAA its 600 acres in size and we only have overriding royalty in that and I guess I’d have to get out a map and subtract out the number of locations we already have developed.

Richard Dole

We’d be glad to call you later today with that number.

William Richey – Moloney Securities

Just a rough number.

Steve Degenfelder

Working interest, whatever 1,800 divided by five would be, 360.

William Richey – Moloney Securities

And we have roughly in the working interest anywhere from 5% to 8%.

Steve Degenfelder

Well 6.4% to 8.5% so call it 7%.

William Richey – Moloney Securities

That 6.4% is that on the Stuart Point?

Steve Degenfelder

Yes, Stuart Point otherwise known as PAC.

William Richey – Moloney Securities

We had a 10% carried through the tanks there I thought?

Steve Degenfelder

Yes, 10% carried in the old PA which 64 acres over 640 equals 10%. When the PA was enlarged to 1,000 acres the 64 carried over to the 1,000 acres therefore you got the 6.4%.

William Richey – Moloney Securities

That’s a straight working interest?

Steve Degenfelder

Its carried working interest after allowed expenses of netted out. We incurred operating expenses but not any of the drilling completion.

William Richey – Moloney Securities

Still in Pinedale, no information on any of the deep wells that have been underway or drilled or anything of that nature recently?

Steve Degenfelder

Not that I’ve seen announced.

William Richey – Moloney Securities

That’s still a possibility potentially down the road.

Steve Degenfelder

Ultra is currently using a Patterson rig out there and below any of those depths but I don’t know the exact depth of that well.

William Richey – Moloney Securities

Some of the production decreases for last year do I understand that they are not due to decline rates per se but work overs and that type of thing?

Kurtis Hooley

Yes that’s correct, the Catalina unit is still producing on average the historical rates but we had significant work over as announced in Q1 and Q2 that really impeded the production and Q1 this was just a bad weather. We also had problems the weather just really got to us and also in Pinedale the prices as you know were in the $2.00 range for a lot of the second quarter and they have the ability to shut in and they did that and they shut in a significant amount of their volumes coming out of the Pinedale Anticline. Obviously we take an interest in that and that did hurt us a little bit.

William Richey – Moloney Securities

In regard to the coal bit methane production there we still should be looking at perhaps increasing volumes as we de-water more and more.

Kurtis Hooley

I believe so, I’d hate to take the geological but Bob what do you think?

Bob Reiner

I think the total long term effect of de-watering may not be as significant as we anticipated earlier on a few years ago. Yes, in general most of those coals will be water and we should see the gas volumes as we go along.

William Richey – Moloney Securities

In regard to the B Pod that just finished drilling and completing and so forth with evaluation of the drill logs and drilling information and so forth have you seen anything that is changed your view of the area whatsoever either for better or for worse or does it look and appear to be much the same as what the A Pod has been and therefore we have expectations that they should be essentially the same or better or worse?

Bob Reiner

I anticipated that going into B Pod development that there would be some draw down in pressures out there and that we would be putting more of the wells on pump initially. That didn’t manifest itself and we completed several wells flowing without pumps. I don’t know how long they’ll continue to flow until we need to pump them but that’s a positive sign. Several of our wells in the B Pod had more and thicker coal sections than the average well in A Pod that allowed us to do ore frack work and I think accounts for some of the positive for good results we’ve seen from initial short term tests of those wells.

William Richey – Moloney Securities

From what experience which is limited on my part it seems like these are performing spectacularly well considering typical coal bed.

Rob Reiner

I think so. That’s a good word to use. They are doing really well.

William Richey – Moloney Securities

Therefore I guess why are we not just racing like racehorses to do 48 more of them?

Richard Dole

As I said there are four or five factors that enter into what you can do. One, not the least of is your financial resources. Also the wildlife stipulations, making sure that what we saw in the initial production sustains itself in a meaningful way. Of course, availability of contractors and services and rigs. We are trying to balance all of those and we are focused on every one of those issues so we will do as many as those limiting factors will allow us to do.

William Richey – Moloney Securities

In regard to reserves on the Atlantic Rim, Catalina have the engineers increased the per well reserve basis at this point?

Richard Dole

Yes they did, probably not as much as we would have liked but they did it. It’s still early in the evolution.

William Richey – Moloney Securities

What’s the current number that they are giving you?

Kurtis Hooley

It varies around but we are looking at on average, if you take the total number of reserves they gave us divided by the number of wells, I’m talking PDP right now. You are looking at about 870,000 Mcf per well.

William Richey – Moloney Securities

Is that up about 100,000 from the past?

Kurtis Hooley

That’s a good approximation.

Richard Dole

One of the things we are going to do but we are also thinking of expanding it as well. We are going to have 2P and 3P reserves. We had it done in ’05 as I recall. We are going to have those looked at so we can get a better sense of how far this thing will run. The other thing that we may do, depending on the timing of the production from B Pod and A Pod wells that aren’t on. We might consider doing a mid year revision of our reserves if it gets different.

Operator

That is the last question in the queue.

Richard Dole

Thank you all very much, I appreciate you attending and if you have any follow up questions John Campbell is our IR guy and you can call, actually Kurtis is a good point man and he can make sure that calls get directed appropriately. Thank you all for your time and let’s have a good 2008.

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Source: Double Eagle Petroleum Co. F4Q07 (Qtr End 12/31/07) Earnings Call Transcript
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