EXHIBIT 99.1


                         Double Eagle Petroleum Company
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     P. O. Box 766 o Casper, WY 82602 o 1-307-237-9330 o Fax: 1-307-266-1823



FOR RELEASE AT 6:00 AM, EST
Date: November 3, 2006

Double Eagle Petroleum Reports Project Update

Casper, Wyoming - Double Eagle Petroleum Co. (NASDAQ:"DBLE") reported progress
on its South Fillmore Prospect and its Christmas Meadows Prospect Table Top Unit
#1 well.

At the PH State 1-16 well in South Fillmore Prospect, the necessary testing
equipment is planned to be on location today and the fourteen day test is
scheduled to begin by November 5. Double Eagle has 100% working interest in the
PH State 1-16. Our working interest in the first offset well will be 100% before
payout and 60% after payout.

At Christmas Meadows, the Table Top Unit #1 well has been drilled and cased to a
depth of 6,015 feet. An intermediate 13 5/8 inch string has been set and we plan
to drill a 12 1/2 inch hole to 11,000 feet and set the next string of
intermediate casing. We believe that we have been drilling in inverted Weber and
Phosphoria beds that are part of the overturned limb of the Uinta Mountain North
Flank fault. We expect that we will reach the beds in the Hogsback Thrust plate
within the next two thousand feet. These beds tested 1,000 barrels of oil in the
Sohio Petroleum Co. Christmas Creek 35-B well that is located four miles to the
northeast of our location. The Christmas Creek 35-B well, drilled in 1983,
produced 12,119 barrels of oil before being plugged and abandoned in 1986. Our
main target is in the Green River Basin plate that we believe is at a depth of
11,000 feet. At 11,000 feet, we plan to log the well and conduct velocity
surveys that will help evaluate our seismic coverage of the anticipated
anticline.


About Double Eagle

Founded in 1972, Double Eagle Petroleum Co. explores for, develops, and sells
natural gas and crude oil, with natural gas constituting more than 90% of its
production and reserves. The Company's current development activities are in its
Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming. Its
current exploration activities involve the Christmas Meadows Prospect in
northeastern Utah.

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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
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.

Company Contact:
Steve Hollis, President                            John Campbell
(307) 237-9330                                     (303) 794-8445