Dallas, Texas 11/07/2013 (Financialstrend) – The struggling micro cap oil and gas company Double Eagle Petroleum Co. (NASDAQ:DBLE) reported its third quarter results yesterday. Through the day the stock kept shedding value to end the day at $2.31 yesterday. The stock was down 8.7% compared to its previous day close. The firm called out net loss of $2.7 million from its third operations. This was well below the $4.4 million loss it had notched up during 3Q12. The narrowing of the gap between revenue generation and operational expenses was accomplished primarily due to 6% in the realized price of gas the firm was able to manage. This increase in revenue was in spite of 11% dip in production in 3Q compared to 3Q12. The main reason for the downward trend in production was due to the 16% dip in daily production at its Catalina Unit largely attributed to equipment break down and down time due to emergency maintenance. The firm has accumulated debt of $47.45 million for which it is paying interest of 3.3% while it managed to generate cash flow of $3.5 million.
The oil and gas firm has its HQ in Denver and is engaged in exploration and production of oil and gas in the high potential Rocky Mountain region. The firm has accumulated net loss of $15.2 million in the past 12 months and total sales of $38.9 million over the same period. While its sales has steady picked up during the last two quarters, its production capacity has been erratic. After the selloff yesterday, the share price of the stock is trading at levels which are closer to its 52 week low pricing of $2.41 per share. The stock has been a perennial underperformer with a 17.5% dip in its market value during trading last week and by a 54% in the last 12 months.
