DENVER, March 25, 2014 /PRNewswire/ -- Double
Eagle Petroleum Co. (the "Company") (NASDAQ: DBLE)
announced today that Charles F.
Chambers has been appointed Chairman and Chief Executive
Officer, effective as of April 1,
2014, succeeding Richard D.
Dole who will become Vice Chairman of the Board. As
part of the transition the Company is changing its name to Escalera
Resources Co. The Company also announced a private placement
of its common stock for $4,825,000,
the net proceeds of which will be used to fund working capital
needs and for other general corporate purposes.
New Chief Executive Officer
Mr. Chambers has spent 40 years in the upstream oil and gas
business. From March 2012 to
November 2013, he was the Managing
Director of Castleton Commodities International LLC's Oil & Gas
Business, responsible for managing upstream business activities
with a focus on building a domestic natural gas portfolio.
From 2005 to 2008, Mr. Chambers held various positions at Rosetta
Resources Inc., including Chief Executive Officer. Prior to
Rosetta Resources Inc., Mr. Chambers served as Executive Vice
President of Calpine Corporation and managed its acquisition
efforts. Prior to joining Calpine, Mr. Chambers held
positions at C&K Petroleum, Chambers Oil & Gas, Sheridan
Energy and Grand Gulf Production. In addition to serving as Chief
Executive Officer, Mr. Chambers will also serve as Chairman of the
Company's Board of Directors.
The search for a new Chief Executive Officer was led by Mr. Dole
on behalf of the Board and was focused on finding deep industry
expertise to focus on new project generation and gaining greater
access to industry talent and capital markets. "Mr. Chambers
brings significant experience in the energy industry to Double
Eagle and superb deal-making experience and skills," Mr. Dole
said.
"I found Double Eagle to be a perfect platform to bolt on new
opportunities for substantial growth. We are already in discussions
with several top industry players to join the company and support
our growth and are already focusing on several potential new
projects," Mr. Chambers said.
Mr. Dole has agreed to work with the Company on transition
activities and new project development. Mr. Dole will become Vice
Chairman of the Board, will be a consultant to the Company and will
assist the Chief Executive Officer on transition matters and the
Company's acquisition activities.
Appointment of President for Company's New Subsidiary Escalera
International Co. LLC
Dr. Erkan (Eric) Icsel has been
appointed President of Escalera International Co. LLC, effective as
of April 1, 2014, to focus on
upstream and midstream international opportunities, first in
Central Asia and later in
Africa.
Dr. Icsel is a seasoned energy and international business
executive with over 41 years of development experience in
international energy projects. He has successfully negotiated
contracts, concessions, and corporate privileges at the highest
levels of government and industry in countries such as Turkey, Russia, Kazakhstan, Azerbaijan, Kyrgyzstan, and several African nations.
Mr. Chambers, Mr. Dole and Dr. Icsel will office in Houston, and the Company's finance,
administration and Rocky Mountain operations will remain in
Denver.
Company to Change Name to Escalera Resources Co.
In connection with Mr. Chambers' appointment as Chief Executive
Officer, the Company is changing its name to Escalera Resources
Co. The new trading symbol for its common stock will be ESCR,
and the Company's preferred stock will trade under the symbol
ESCRP. The Company's new website is being constructed.
The Board of Directors felt the name change was an essential step
in the repositioning of the Company for future growth as we look to
expand beyond our traditional role of onshore, domestic natural
gas. This name change will be effective April 1, 2014.
Sale of Common Stock
The Company issued a total of approximately 2,019,000 shares of
common stock at a price of $2.39 per
share for total gross proceeds of $4,825,000. The offering was effected
through a private placement transaction with primarily individual
investors. The net proceeds of the private offering will be
used to fund working capital needs, capital expenditures,
acquisitions of interests in oil and natural gas assets, and for
general corporate purposes. Petrie Partners Securities, LLC
served as placement agent for the Company.
About Escalera Resources Co./Double Eagle Petroleum
Co.
Escalera Resources Co. will have offices in Houston, Texas, Denver, Colorado and Casper, Wyoming. The Company has historically
explored and developed natural gas and crude oil properties in the
Rocky Mountain region. The Company currently has development
activities and opportunities in its Atlantic Rim coalbed methane
and in the Pinedale Anticline in Wyoming. Also, exploration
potential exists in its Niobrara
acreage in Wyoming and
Nebraska, which totals over 70,000
net acres, and over 6,000 net acres in Nevada. New focus areas include international
and midstream opportunities that are currently being actively
pursued.
This release may contain forward-looking statements regarding
the Company'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. The Company 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
www.dble.com
SOURCE Double Eagle Petroleum Co.