June 17, 2008

Double Eagle Petroleum Co. Set to Join the Russell 2000 and Russell 3000 Indexes

DENVER, June 17 /PRNewswire-FirstCall/ -- Double Eagle Petroleum Co. an exploration and development oil and gas Company, which is focused on expanding developmental natural gas properties in Wyoming, Utah and the central Rockies, is pleased to announce that it is set to join the broad-market Russell 2000(R) and 3000(R) Indices when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27, 2008, according to a preliminary list of additions posted Friday on http://www.russell.com/. Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, 2008, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion for Double Eagle Petroleum in the small-cap Russell 2000(R) Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Richard Dole, Double Eagle's Chairman commented: "We are pleased that we will be included in the Russell Indexes as one of the nation's leading small-cap companies. We believe our inclusion in the Russell indexes provides the Company with greater visibility to investors and funds, as well as providing for potential expansion of our exposure to institutional shareholder base."

About Double Eagle

Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company's current major development activities are in its Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming.

This release contains forward-looking statements regarding Double Eagle's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Double Eagle undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

    Company Contact:    John Campbell, IR    (303) 794-8445    http://www.dble.us/  

Double Eagle Petroleum Co.

CONTACT: John Campbell, IR of Double Eagle Petroleum Co.,+1-303-794-8445

Web site: http://www.dble.us/http://www.russell.com/