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Double Eagle Petroleum Co. (Nasdaq: DBLE) is about to shake things up, starting with its name.
On April 1, the company will be known as Escalera Resources Co. with common stock trading under the ticker ESCR and preferred stock under the symbol ESCRP.
The change coincides with the appointment of industry veteran Charles F. Chambers as chairman and CEO. He succeeds Richard D. Dole, who will become vice chairman of the board.
“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,” the company said in a statement.
The company said it also has new interest internationally and with midstream opportunities that are currently being actively pursued. The company’s international subsidiary will focus on upstream and midstream international opportunities, first in Central Asia and later in Africa.
Although Double Eagle had an encouraging Sandwash Basin well in February 2013?believed to be the first Niobrara production within 20 miles?the company has some challenges ahead.
Production in 2013 totaled 9.2 billion cubic feet equivalent (Bcfe), a 12% decrease from 2012.
Denver-based Double Eagle also reported March 12 a net loss attributable to common stock of $16.79 million, or $1.48 per share for 2013 compared with a net loss of $14.05, or $1.25 per share for 2012. For the year, revenues decreased 2.6% from the sale of oil and gas.
The company recorded impairment charges, related to its Niobrara exploration well, totaling $4,812,000 during the year ended Dec. 31, 2013.
On March 25, the company 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 other general corporate purposes.
Chambers said Double Eagle is 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,” Chambers said.
Chambers has worked in the upstream oil and gas industry for 40 years. Most recently, he was the managing director of Castleton Commodities International LLC’s oil and gas business, where he was responsible for managing upstream business activities with a focus on building a domestic natural gas portfolio. He previously held various positions at Rosetta Resources Inc., including CEO.
Escalera will have offices in Houston, Denver and Casper, Wyo.
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