Double Eagle Petroleum Co. (NasdaqGS: DBLE) detailed several corporate updates March 25. The company will change its name to Escalera Resources Co., has appointed Charles F. Chambers as its new chairman and CEO and has raised more than $4 million in equity through a private placement of common stock.

The new name Escalera Resources Co. will become effective April 1, Double Eagle Petroleum said, adding that a new trading symbol for common stock will be ESCR, while preferred stock will trade under ESCRP.

The board of directors viewed the name change as necessary to the company’s future growth beyond onshore domestic natural gas, the company noted.

Chambers will replace Richard D. Dole as chairman and CEO on April 1, Double Eagle Petroleum said, noting that Dole will become the board’s vice chairman.

Chambers has more than 40 years’ experience in the upstream segment, the company said, adding that most recently, from March 2012-November 2013, he had been managing director of Castleton Commodities International LLC’s oil and natural gas business.

Previously, Chambers was CEO of Rosetta Resources Inc., but also held other positions there from 2005-2008, Double Eagle Petroleum said.

"I found Double Eagle to be 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.

Recently, Double Eagle Petroleum opened a private placement of about 2,019,000 common shares at $2.39 each, the company said.

Gross proceeds were $4,825,000, the company said, noting that they will support working capital, capex, assets acquisitions and other general corporate purposes.

Petrie Partners Securities LLC was the offer’s placement agent, the company said.

Double Eagle Petroleum Corp. is based in Denver, and as Escalera Resources Co. it will have offices across the U.S. It currently operates in domestic oil, natural gas and coalbed methane.