Double Eagle Petroleum Co. Announces Expiration of Consent Solicitation and Receipt of Requisite Consents
DENVER, Dec. 11, 2012 /PRNewswire/ -- Double Eagle Petroleum Co. (NASDAQ: DBLE) (the "Company") announced today that its consent solicitation with respect to proposed amendments to the Articles Supplementary of 9.25% Series A Cumulative Preferred Stock was approved by a majority of outstanding preferred shareholders. The consent solicitation expired at 5:00 p.m., Mountain Time, on December 10, 2012 and as of that time, holders of 52.64% of the 9.25% Series A Cumulative Preferred Stock had validly delivered a duly executed consent for the proposed amendments.
As a result of the approval of the proposed amendments, the Company will amend the Articles Supplementary of 9.25% Series A Cumulative Preferred Stock to modify the circumstances under which the Preferred Stock will be subject to mandatory redemption following a "Change of Ownership or Control". The approved amendments also provide for the extension of the date upon which to the Company can exercise its right to redeem the Preferred Stock (subject to an earlier "Change of Ownership or Control") from June 30, 2012 to September 30, 2013.
About Double Eagle
Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company currently has development activities and opportunities in its Atlantic Rim coal bed methane and in the Pinedale Anticline in Wyoming. Also, exploration potential exists in its Niobrara acreage in Wyoming and Nebraska, which totals over 74,000 net acres.
This release may contain forward-looking statements regarding Double Eagle Petroleum Co.'s future and expected performance based on assumptions that the Company believes are reasonable. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties 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 gas and oil production, the timeliness, costs and results of development and exploration activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's Forms 10-K and 10-Q and other reports filed with the Securities and Exchange Commission. Double Eagle undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Double Eagle Petroleum Co.