DENVER, Sept. 8 CO-DBLE-new-CEO-Board
DENVER, Sept. 8 /PRNewswire-FirstCall/ -- Double Eagle Petroleum Co.
(Nasdaq: DBLE) announced today that its Board of Directors has completed the
management transition that started in December 2007. The Board has elected
Richard Dole as CEO and President. Mr. Dole is also the Chairman of the
Board, and has served as a Director of the Company since 2005. He served as
Chairman of the Audit Committee from 2005 until his election as CEO and has
been in the energy and finance businesses for nearly 40 years.
Mr. Dole is Chairman, CEO and President of Petrosearch Energy Corporation
and has been in this position since 2004. Previously, he served as Vice
President and Chief Financial Officer for Burlington Resources International,
and as a Director, member of the Audit Committee and a designated financial
expert of Westport Resources Corporation. He also was with
PricewaterhouseCoopers (formerly Coopers & Lybrand) where he served as
Assurance and Business Advisory Partner for nearly 20 years. During that
period he served in numerous senior management roles, including as National
Chairman for the Energy and Natural Resources Industry practices for over 15
years and as the Vice Chairman for the U.S. Process Management business unit.
He also was the National Partner-in-Charge of Business Process Solutions at
KPMG.
Mr. Dole has worked in most sectors of the energy industry including
exploration, production, transportation and marketing, both domestically and
internationally. He also has broad functional knowledge in strategy, business
processes, and finance -- with significant experience in leading business
units, working with capital markets, evaluating alternative financings, risk
management programs, economic analysis, acquisitions and divestitures, and
corporate mergers.
In addition, Brent Hathaway has been appointed to the Board of Directors
of the Company and will serve as Chairman of the Audit Committee and a member
of the Compensation Committee. He currently serves as Dean of the College of
Business at the University of Wyoming and has had various leadership
responsibilities at the University since 2001.
Mr. Hathaway was previously Vice President of Marketing and Sales,
Aerospace Services (a $2.5 billion business unit of Honeywell International)
and served as Director of Marketing, Agricultural Equipment, and President and
General Manager for Concord Inc., (a Case Corporation business unit). Prior
to Case Corporation, he served as Branch Manager and Regional General Manager
over field sales, service, and support operations for a technology company, as
well as consulting to that industry for 5 years.
Mr. Hathaway has a Bachelors degree from Utah State University, a Masters
degree from Purdue University and a PhD from the University of Illinois.
Mr. Hathaway commented: "I look forward to serving the shareholders of
Double Eagle. I believe there is a very strong leadership team now in place,
and I will work hard to complement the existing board members with my unique
experiences and skills. A primary reason for my decision to accept the board
position was the Board of Director's exciting and visionary plans for the
future of the Company."
Mr. Dole added: "The management transition process has resulted in two
senior VP's, two new VP's, and a new CEO. All the officers of the Company
possess significant knowledge of the Company, its assets, and deep industry
and functional experience. In addition, the Company has added a valuable
resource to the Board of Directors with the appointment of Brent Hathaway."
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's current major development activities are in its
Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming.
This release contains forward-looking statements regarding Double Eagle's
future plans and expected performance based on assumptions the Company
believes to be reasonable. A number of risks and uncertainties could cause
actual results to differ materially from these statements, including, without
limitation, the success rate of exploration efforts and the timeliness of
development activities, fluctuations in oil and gas prices, and other risk
factors described from time to time in the Company's reports filed with the
SEC. In addition, the Company operates in an industry sector where securities
values are highly volatile and may be influenced by economic, environmental
and other factors beyond the Company's control. Double Eagle undertakes no
obligation to publicly update these forward-looking statements, whether as a
result of new information, future events or otherwise.
Company Contact:
John Campbell, IR
(303) 794-8445
http://www.dble.us
SOURCE Double Eagle Petroleum Co.
