Escalera Resources (ESCR) 8-K Double Eagle Petroleum Reports 3rd Quarter Results

Exhibit 99.1

Double Eagle Petroleum Company

P. O. Box 766 · Casper, WY 82602 · 1-307-237-9330 · Fax: 1-307-266-1823

From the desk of Steve Hollis, President

FOR RELEASE AT 6:00 AM, EST
Date: November 15, 2005

Double Eagle Petroleum Reports 3rd Quarter Results

Casper, Wyoming — Double Eagle Petroleum Co. (NASDAQ: DBLE)today reported quarterly revenues, earnings and production for the third quarter ended September 30, 2005. Production volumes increased 18% from the comparable prior year quarter. Oil and gas revenues increased 61% to $5,233,000 as net income increased 27% to $975,000. Net income per share increased 22% to $0.11 basic and fully diluted.

For the nine months ended September 30, 2005, production volumes increased 27% from the prior year period. Oil and gas revenues increased 60% to $14,131,000. The increases were due to additional development wells on line in Cow Creek and Mesa Units and higher prices for natural gas and oil. Net income decreased 12% for the nine months ended September 30, 2005 to $2,575,000. Similarly, net income per share decreased 12% to $.30 from $.34 basic and fully diluted.

Double Eagle’s daily production volumes increased 7.3% in the third quarter compared with the second quarter due primarily to increased production from new drilling at the Mesa B Unit in the Pinedale Anticline earlier this year. Operations have been suspended on the deep test on the Pinedale Anticline until May 2006 because of wildlife restrictions. No additional drilling is expected on Double Eagle acreage this year at the Mesa Unit.

The Cow Creek Unit continues to produce over 6 million cubic feet per day with sales of 5.5 million. Drilling on the Mad #1 well, which is projected to drill to 12,250 feet, began in October. Construction of our twelve mile pipeline has begun with completion anticipated in December. We are waiting for a drilling rig to become available on our South Fillmore Prospect.

Partners have been obtained for the drilling of our Christmas Meadows Prospect that is expected to continue drilling operations in the summer of 2006. A contract for a rig has not been secured, however we are still diligently pursuing one.

Double Eagle CEO Stephen H. Hollis commented: “ Finally, in the fourth quarter of the year we are getting to complete some of the projects that I believe could, if successful, make significant contributions to the Company’s financials. We will keep you posted.”

Third Quarter 2005 Earnings Release Conference Call:

November 15 at 2:30 pm, mst: Dial in Number: US/Canada (877) 844-7358, Conference ID: 2446482

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended September 30,								Nine Months Ended September 30,
	%Change			2005		2004			%Change			2005			2004
Revenues
Oil and gas sales		61	%		5,233		3,259			60	%		14,131			8,828
Sale of lease					—		46						—			46
Other Income					14		14						38			52
					5,247		3,319						14,169			8,926
Expenses
Lease operating expenses					930		589						2,691			1,275
Production taxes					683		393						1,645			1,011
Exploration expense					304		41						390			140
Gross Margin		45	%		3,330		2,296			45	%		9,443			6,500
General and administrative					740		388						2,105			1,089
Interest (income)/ expense					12		(6	)					(1	)		(12	)
Write-offs, abandonments, cost of leases sold					3		101						44			131
Depletion, depreciation, amortization, impairments					1,098		872						3,393			2,201
Other					—		—						—			—
Pre-tax income		57	%		1,477		941			26	%		3,902			3,091
Provision for income taxes					502		175						1,327			175
Net Income		27	%		975		766			-12	%		2,575			2,916
Net Income per share
Basic & Diluted					0.11		0.09						0.30			0.34
Weighted average shares outstanding
Basic					8,576		8,483						8,558			8,464
Diluted					8,764		8,600						8,633			8,597

SUMMARY BALANCE SHEET
(in thousands, except price data)

	% Change			September 30, 2005		September 30, 2004
Total assets		41	%	$	37,542	$	26,692
Total long-term debt		N/A			0		0
Stockholders’ equity		20	%		28,191		23,535

Summary Operational Data

	Three Months Ended							Nine Months Ended
	September 30							September 30
	%Change			2005		2004		%Change			2005		2004
Total production
(Mcfe per day)		18	%		8,643		7,342		27	%		8,556		6,729
Average price per Mcfe		36	%		6.58		4.83		26	%		6.05		4.79

About Double Eagle

Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells crude oil and natural gas. The Company’s current areas of exploration and development focus on Southwestern Wyoming, the Powder River Basin and the Wind River Basin in Wyoming.

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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 success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Company Contact:
Steve Hollis, President
(307) 237-9330