Double Eagle Petroleum Co. (Nasdaq:DBLE) announced proved oil and gas reserves totaled more than 115 Bcfe, a 25% increase over 2009 year-end proved reserves. The 22.8 Bcfe net increase is a result of a 32.0 Bcfe increase in the Company's proved reserves offset by the 2010 production of approximately 9.2 Bcfe. This represents a reserve replacement ratio of approximately 350%. The increase in the quantity of proved oil and gas reserves contributed to an increase of over 58% in the present value of Double Eagle's proved reserves, discounted at 10%, (PV-10 Value), which totaled $143.7 million at year-end 2010. See "Explanation of Non-GAAP Financial Measures" found at the end of this release.
Double Eagle Petroleum Co., an energy company, engages in the exploration, development, production, and sale of natural gas and crude oil primarily in the Rocky Mountain Basins of the western United States.
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