Double Eagle Petroleum Co. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, total revenues were approximately $10,866,000, as compared to $14,006,000 in the third quarter of 2008. Production-related revenue, which excludes the non-cash hedging loss of $800,000 and other income, decreased 15% to approximately $11,580,000, as compared to the third quarter of 2008. During the period, the company's average realized gas price decreased 32% to $4.27, compared to $6.27 in the same 2008 period. The company benefited from its hedging program, as the average Colorado Interstate Gas price for the quarter decreased 52% compared to the third quarter of 2008. The third quarter of 2009 was another solid quarter for Double Eagle, with year over year production growth, positive cash flow from operations, and disciplined spending. For the quarter, pre-tax income was $376,000 compared to $4,464,000 for the same period a year ago. Net income was $416,000 compared to $2,907,000 for the same period a year ago. Net loss attributable to common stock was $514,000 or $0.05 per diluted share against net income attributable to common stock was $1,977,000 or $0.22 per diluted share for the same period a year ago. Clean earnings were $3.0 million or $0.29 per share compared to the clean earnings of $4.2 million or $0.46 per share for the same period a year ago. For the nine months, pre-tax income was $1,662,000 compared to $12,596,000 for the same period a year ago. Net income was $1,181,000 compared to $8,042,000 for the same period a year ago. Net loss attributable to common stock was $1,611,000 or $0.17 per diluted share against net income attributable to common stock was $5,250,000 or $0.57 per diluted share for the same period a year ago. Total revenues were $31,946,000 compared to $35,109,000 for the same period a year ago. Net cash provided by operating activities was $19.5 million compared to $15.1 million for the same period a year ago. Clean earnings were $11.6 million or $1.21 per share compared to the clean earnings of $9.3 million or $1.01 per share for the same period a year ago. For the quarter, the company reported Impairment of properties and surrendered leases of $82,000.

Double Eagle Petroleum Co. expected to Report Fiscal Year 2009 Results on March 8, 2010. This event was calculated by Capital IQ (Created on October 29, 2009).

Double Eagle Petroleum Co., Q3 2009 Earnings Call, Oct 29 2009