double eagle petroleum co (DBLE) Key Developments
Double Eagle Petroleum Co. Reports Cash Dividend on its Series A Cumulative Preferred Stock, Payable on December 31, 2013
Dec 9 13
Double Eagle Petroleum Co. reported that its Board of Directors declared a cash dividend on its 9.25% Series A Cumulative Preferred Stock (Series A Preferred Stock) in the amount of $0.578125 per share, payable on December 31, 2013 to shareholders of record as of December 20, 2013.
Double Eagle Petroleum Co. Amends Bylaws
Dec 4 13
On November 30, 2013, the board of directors of Double Eagle Petroleum Co. approved an amendment to the company’s second amended and restated bylaws effective immediately.
Double Eagle Petroleum Co. Announces Management Changes
Dec 3 13
Double Eagle Petroleum Co. announced the election of Roy Cohee, a company director since 2001, as chairman of the board of directors of the company, replacing Richard Dole. Mr. Dole will continue to serve as the company's President and Chief Executive Officer and on the board of directors of the company. The board determined that separating the offices of Chairman of the Board and Chief Executive Officer will facilitate the board's active engagement in reviewing and setting the strategic direction of the company. Sigmund Balaban will replace Mr. Cohee as chairman of the Compensation Committee of the Board. Mr. Cohee is President of C & Y Transportation Co. Mr. Cohee served in the Wyoming Legislature from 1999 through 2010 in a variety of positions, including chairman of House Revenue, House Transportation and Highways, Select Committee on Local Government Finance, Capital Finance and Investments, Majority Floor Leader and Speaker of the House. The company has also commenced a search for a Chief Financial Officer of the company. Kurtis Hooley, the company's Chief Operating Officer, assumed the position of Chief Financial Officer upon the resignation of the prior Chief Financial Officer in August 2013. The company believes that it needs to engage a new Chief Financial Officer so that Mr. Hooley can focus on operations. Mr. Hooley will work with the Chief Executive Officer of the company in identifying and hiring his successor as Chief Financial Officer.
Double Eagle Petroleum Co. Announces Consolidated Unaudited Earnings Results for Third Quarter and Nine Months Ended Sept. 30, 2013
Nov 6 13
Double Eagle Petroleum Co. announced consolidated unaudited earnings results for third quarter and nine months ended Sept. 30, 2013. For the quarter, the company reported total revenues of $9,141,000, pre-tax loss of $2,798,000, net loss attributable to common stock of $2,782,000 or $0.25 per basic and diluted share compared to the total revenues of $5,901,000, pre-tax loss of $5,723,000, net loss attributable to common stock of $4,498,000 or $0.40 per basic and diluted share for the same quarter a year ago. The 29% decline in earnings is primarily related to lower production volumes, higher production costs and taxes, which have been offset by its higher realized prices.
For the year to date, the company reported total revenues of $28,155,000, pre-tax loss of $10,134,000, net loss attributable to common stock of $9,459,000 or $0.84 per basic and diluted share, net cash provided by operating activities of $10,283,000 compared to the total revenues of $24,187,000, pre-tax loss of $11,308,000, net loss attributable to common stock of $10,057,000 or $0.89 per basic and diluted share, net cash provided by operating activities of $13,630,000 for the same period a year ago. For the nine months ended September 30, 2013, the company used $7.7 million in investing in properties from the generated $10.3 million from operations.
Double Eagle Petroleum Co. Announces Executive Appointments
Nov 5 13
On October 30, 2013, the Board of Directors of Double Eagle Petroleum Co. appointed Taylor Simonton and John Schaeffer as independent directors for a term to expire at the Company's Annual Meeting of Stockholders in 2014, subject to reelection by the company's shareholders at such time. Neither Mr. Simonton nor Mr. Schaeffer was selected pursuant to any arrangement or understanding with any person. Mr. Simonton will serve as the Chairman of the Audit committee and also as a member of the Nominating and Governance committee of the Board. Mr. Schaeffer will serve on the Audit committee and Nominating and Governance committee of the Board. Both directors will be compensated for their service on the Board pursuant to the existing compensation arrangements for non-employee directors described in detail in the company's proxy statement dated April 4, 2013 for the company's Annual meeting of Stockholders. Mr. Simonton spent 35 years at PricewaterhouseCoopers LLP, including 23 years as an audit partner in the firm's Accounting and Business Advisory Services practice before retiring in 2001. During his career at PwC, he served as the engagement partner on the audits of several energy companies, including Total Petroleum (North America) Ltd. Hanover Petroleum Corporation, Amoco Colombia S.A. and Calvin Exploration Inc. Mr. Simonton currently serves as the audit committee chair of Zynex Inc., and also serves as director and audit committee chair of Keating Capital Inc. From 2005 to May 2013, Mr. Simonton served as a director of Red Robin Gourmet Burgers Inc. Mr. Schaeffer served as Managing Director and head of the Oil and Gas Group at GE Energy Financial Services. He developed the unit's investment strategies upon joining GE Energy Financial Services in 1993, and managed the unit's activities. Prior to joining GE Energy Financial Services, Mr. Schaeffer spent 12 years with Chemical Bank, New York where he was involved in oil and gas finance both domestically and internationally.