Double Eagle, Petrosearch Energy sign merger agreement

Tue. March 31, 2009; Posted: 09:45 AM

Mar 31, 2009 (Datamonitor via COMTEX) -- PTSG | Quote | Chart | News | PowerRating -- Double Eagle Petroleum has entered into a merger agreement with Petrosearch Energy, a US-based crude oil and natural gas exploration and production company.

The board of directors and the special committee unanimously approved the merger agreement and the stock-for-stock merger whereby Petrosearch shall become a wholly-owned subsidiary of Double Eagle.

Under the terms of the merger agreement, Petrosearch stockholders, including the holders of preferred stock on an as-converted basis, are expected to receive 0.0433 shares of Double Eagle common stock for each share of Petrosearch common stock they own, or a total of 1.74 million shares, subject to closing adjustments.

Assuming the foregoing exchange ratio, the Petrosearch preferred stockholders will receive a total of 52,067 shares of Double Eagle common stock.

The transaction is subject to Petrosearch shareholder approval and other customary closing conditions. It is anticipated that the closing of the merger will occur in the second or third quarter of 2009.

Following the merger, Richard Dole will continue to serve as chairman of the board, president and CEO of Double Eagle. The board of directors of Double Eagle will consist of five directors, four existing directors of Double Eagle and one future director to be designated by Petrosearch.

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