EXHIBIT 99.1


                           Double Eagle Petroleum Co.
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     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 4:30 PM, EST
Date: July 26, 2004

Double Eagle Petroleum Provides Project Update

Casper, Wyoming-Double Eagle Petroleum Co. (NASDAQ: DBLE) announced today that
the Company will be making the following company presentations: (1) talking to
investors with the Diligence Group on the evening of July 26, (2) speaking with
investors and industry participants at a breakfast meeting on August 4 at the
Enercom Oil & Gas Conference in Denver, (3) speaking to investors and industry
participants at a presentation at the same conference on August 5, and (4)
meeting with investors and industry participants at a breakfast meeting on
August 11 at the Colorado Oil and Gas Association Conference in Denver. The
following updated data will be presented concerning the Pinedale and Cow Creek
Projects at these meetings.

Pinedale Anticline: Questar Corp. has received approval from the Wyoming Oil and
Gas Conservation Commission to drill its Pinedale Anticline acreage on twenty
acre spacing. Questar previously was drilling this acreage on forty acre
spacing. This affects Double Eagle's interest in the Mesa Unit. Double Eagle
Petroleum Co. owns a small overriding royalty interest in the Mesa "A"
Participating Area, where there could be as many as 30 wells on twenty acre
spacing. In the Mesa "B" Participating Area, where the Company has working
interests ranging from 8% to 12.5%, we could be involved in 40 wells. In the
Mesa "C" Participating Area, where the Company owns an after-payout 10% carried
working interest, we could be involved in 50 wells. The eight wells currently
producing in the Mesa "C" Participating Area reached payout in March 2004 when
they were producing an aggregate of over 25 million cubic feet per day.
Questar's accounting shows Double Eagle due approximately $150,000 for the
post-payout portion (approximately 77 percent) of March. Double Eagle believes
its account should have been in a post-payout paying status for at least April
and May. If new drilling is done and money spent, then Double Eagle will revert
back to a non-paying status until those expenditures are repaid from production
proceeds.

Cow Creek: Double Eagle is working to expand the Cow Creek Unit to cover 19,610
acres. The Company could thereby drill and operate as many as 245 coal bed
methane wells in this unit, if they are drilled on each eighty acres in the
unit. This would be 112.5 net wells, or an average 45.9 percent working
interest, to Double Eagle. The current fourteen Cow Creek coal bed methane wells
are producing an average of over 400,000 cubic feet of gas per well per day,
with Double Eagle having an average net revenue interest of 80 percent in this
production.



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 include the Southwestern Wyoming 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