2009-03-31-2009-03-31-2009-08-06

Bought company, gaining 1.66 MMBOE proved in TX Panhandle waterflood project.

Double Eagle Petroleum Co., Denver, (Nasdaq: DBLE) has closed its acquisition of Petrosearch Energy Corp., Houston, (OTCBB: PTSG) in a stock-for-stock merger valued at approximately $9 million. As of year-end 2008, Petrosearch had 1.66 million barrels of oil equivalent in proved reserves. Its primary asset is a 100% working interest in 1,755 acres in Quinduno Field in Roberts County in the Texas Panhandle in the Anadarko Basin. The property is undergoing water-flooding. It also holds minor interests in Oklahoma and North Dakota. Petrosearch becomes a subsidiary of Double Eagle. Double Eagle paid 0.0433 share per Petrosearch share for a total of 1,740,673 shares and cash consideration of $0.0211 per share. Following the merger, Petrosearch shareholders own 16.3% of Double Eagle. Double Eagle spokesman John Campbell says the company is looking to diversify its nearly 100% gas weighting to include oil. Richard Dole continues to as chairman, president and chief executive. KeyBanc Capital Markets Inc. wasadvisor to Double Eagle. Double Eagle operates primarily in the Atlantic Rim and Pinedale anticline in Wyoming.