New ReleaseDouble Eagle Petroleum Reports Christmas Meadows Update
CASPER, Wyo., Oct. 19 /PRNewswire-FirstCall/ --
Double Eagle Petroleum Co. (Nasdaq: DBLE) reported today that the Table Top Unit #1 well at the Christmas Meadows Prospect, was at 4,666 feet and tripping for a bit at 8 AM on October 18, 2006. Previously, at approximately 3,700 feet we penetrated the North Flank Fault of the Uinta Mountains. We now appear to be drilling in the Paleozoic beds in the Hogsback Thrust Sheet of the Rocky Mountain Thrust Belt. An intermediate string of 13 5/8 inch casing is planned at 6,000 feet. The Hogsback Thrust is expected at a depth of 11,000 feet and then we expect to be in the Green River Basin plate where we believe that there is a large seismic defined anticline.
Double Eagle has 24.89% working interest and is the operator. After payout, Double Eagle's working interest would increase to 30.30%. The 15,750 foot wildcat is scheduled to take 100 days to drill. It was spudded on September 8, 2006.
Stephen H. Hollis, CEO of Double Eagle, commented: 'The drilling of Christmas Meadows is progressing. Thus far, we have a very straight well and we plan to use directional tools to help us keep it straight. We have drilled through the beds in the pre-Cambrian metasediments and we are drilling Paleozoic beds. Current drilling rates are approximately five minutes per foot. Operations are going well. '
SOURCE Double Eagle Petroleum Co.
Source: PR Newswire (October 19, 2006 - 5:00 AM EST)
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