U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
    (Mark One)
        x         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    --------           OF THE SECURITIES EXCHANGE ACT OF 1934


For Quarterly period ended                                     Commission File
November 30, 2001                                               Number 0-6529

                  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    --------          OF THE SECURITIES EXCHANGE ACT OF 1934

         For the transition period from               to
                                        --------------   --------------

                           DOUBLE EAGLE PETROLEUM CO.
         ---------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           MARYLAND                                              83-0214692
 ------------------------------                               -----------------
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                        777 Overland Trail, P.O. Box 766
                              Casper, Wyoming 82602
                     --------------------------------------
                    (Address of principal executive offices)

                                  307-237-9330
                            -------------------------
                           (Issuer's telephone number)

                                 NOT APPLICABLE
         ---------------------------------------------------------------
        (Former name, former address, and former fiscal year, if changed
                               since last report)


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.

                                 Yes  X  No
                                    -----  -----

Common stock, 6,347,594 shares having a par value of $.10 per share were
outstanding as of January 4, 2002.

Transitional Small Business Disclosure format (check one):

                                 Yes     No  X
                                    -----  -----

<PAGE>


                           DOUBLE EAGLE PETROLEUM CO.


                                      INDEX

                                                                       Page
                                                                    ----------
PART I. FINANCIAL INFORMATION:

     Item 1. Financial Statements

        Balance Sheets as of November 30, 2001
           and August 31, 2001                                           I.
        Statements of Income for the three months
             ended November 30, 2001 and 2000                            II.
        Statements of Cash Flows for the three months
             ended November 30, 2001 and 2000                            III.
        Notes to Financial Statements                                    IV.

     Item 2. Management's Discussion and Analysis of
              Financial Condition and Results of
              Operations                                                 V.

PART II. OTHER INFORMATION

     Item 6. Exhibits and Report on Form 8-K                             VI.

     Signatures                                                          VII.


<PAGE>


                                     PART I





                              FINANCIAL INFORMATION


<PAGE>
<TABLE>
<CAPTION>


                                                                                            I.

                                  DOUBLE EAGLE PETROLEUM CO.
                                        BALANCE SHEETS
                             NOVEMBER 30, 2001 AND AUGUST 31, 2001

                                                                  November 30      August 31
                                                                     2001            2001
                                                                 ------------    ------------
                                                                  (Unaudited)
      ASSETS
CURRENT ASSETS
    <S>                                                          <C>             <C>
    Cash and cash equivalents                                    $    322,694    $     81,562
    Accounts receivable                                               336,079         301,284
    Prepaid expenses                                                   10,367          13,776
                                                                 ------------    ------------
           Total Current Assets                                       669,140         396,622
                                                                 ------------    ------------

PROPERTIES AND EQUIPMENT
    Undeveloped properties                                            831,959         831,959
    Developed properties                                           10,440,600       9,523,508
    Corporate and other                                               239,523         235,605
                                                                 ------------    ------------
                                                                   11,512,082      10,591,072
      Less accumulated depreciation, depletion, and impairment     (3,491,571)     (3,326,881)
                                                                 ------------    ------------
           Net Properties and Equipment                             8,020,511       7,264,191
                                                                 ------------    ------------

OTHER ASSETS                                                           11,125          11,125
                                                                 ------------    ------------

           TOTAL ASSETS                                          $  8,700,776    $  7,671,938
                                                                 ============    ============

           LIABILITIES
CURRENT LIABILITIES
    Accounts payable                                             $    940,367    $    888,587
    Accrued production taxes                                          201,327         220,777
                                                                 ------------    ------------
           Total Current Liabilities                                1,141,694       1,109,364
                                                                 ------------    ------------

DEFERRED INCOME TAXES                                                    --            26,407

LONG-TERM DEBT                                                      2,000,000       1,000,000
                                                                 ------------    ------------
              Total Liabilities                                     3,141,694       2,135,771
                                                                 ------------    ------------

           STOCKHOLDERS' EQUITY
Common stock, $.10 par value; 10,000,000 shares authorized;
  issued and outstanding 5,201,734 shares as of November 30,
  2001 and 5,106,534 shares as of August 31, 2001                     520,173         510,653
Capital in excess of par value                                      4,341,168       4,146,040
Retained earnings                                                     697,741         879,474
                                                                 ------------    ------------
           Total Stockholders' Equity                               5,559,082       5,536,167
                                                                 ------------    ------------

           TOTAL LIABILITIES AND
             STOCKHOLDERS'  EQUITY                               $  8,700,776    $  7,671,938
                                                                 ============    ============


                       See accompanying notes to financial statements.
</TABLE>

<PAGE>

                                                                             II.

                           DOUBLE EAGLE PETROLEUM CO.
                              STATEMENTS OF INCOME
              FOR THE THREE MONTHS ENDED NOVEMBER 30, 2001 AND 2000


                                                         2001           2000
                                                     -----------    -----------
REVENUES
    Sales of oil and gas                             $   357,066    $   613,142
    Other income                                           3,387             92
                                                     -----------    -----------
           Total                                         360,453        613,234

COSTS AND EXPENSES
    Production costs                                      83,731         81,301
    Production taxes                                      42,760         73,722
    Exploration expenses                                  36,009         32,402
    Write-offs and abandonments                             --            2,166
    General and administrative                           220,277        112,270
    Depreciation and depletion                           164,690        108,993
                                                     -----------    -----------
           Total                                         547,467        410,854
                                                     -----------    -----------

(LOSS) INCOME FROM OPERATIONS                           (187,014)       202,380

OTHER INCOME (EXPENSE)
    Interest income                                           66          3,136
    Interest expense                                     (21,192)       (17,086)
                                                     -----------    -----------
                Total                                    (21,126)       (13,950)
                                                     -----------    -----------

(LOSS) INCOME  BEFORE INCOME TAXES                      (208,140)       188,430

INCOME TAX CREDIT (EXPENSE)                               26,407           --
                                                     -----------    -----------

NET (LOSS) INCOME                                    $  (181,733)   $   188,430
                                                     ===========    ===========

NET (LOSS) EARNINGS PER COMMON SHARE - BASIC         $     (0.04)   $      0.04
                                                     ===========    ===========

NET (LOSS) EARNINGS PER COMMON SHARE - DILUTED       $     (0.04)   $      0.03
                                                     ===========    ===========
AVERAGE SHARES OUTSTANDING - BASIC                     5,137,561      4,838,244
                                                     ===========    ===========

AVERAGE SHARES OUTSTANDING - DILUTED                   5,137,561      5,927,022
                                                     ===========    ===========


                See accompanying notes to financial statements.

<PAGE>
<TABLE>
<CAPTION>

                                                                                   III.

                               DOUBLE EAGLE PETROLEUM CO.
                                STATEMENTS OF CASH FLOWS
                  FOR THE THREE MONTHS ENDED NOVEMBER 30, 2001 AND 2000


                                                                 2001           2000
                                                             -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   <S>                                                      <C>            <C>
    Net (loss) income                                        $  (181,733)   $   188,430
    Charges to income not requiring cash:
        Depreciation and depletion                               164,690        108,993
        Abandoned properties                                        --            2,166
        Deferred income tax credit                               (26,407)          --
    Decrease (increase) in operating assets:
        Accounts receivable                                      (34,795)      (183,556)
        Prepaid expenses                                           3,409          1,479
    Increase (decrease) in operating liabilities:
        Accounts payable                                          51,780       (176,462)
        Accrued production taxes                                 (19,450)        13,000
                                                             -----------    -----------
           Net cash (used in) operating activities               (42,506)       (45,950)
                                                             -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Acquisitions and development of producing properties        (917,092)      (211,114)
    Acquisitions of corporate and non producing properties        (3,918)        (7,832)
                                                             -----------    -----------
           Net cash (used in) investing activities              (921,010)      (218,946)
                                                             -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Issuance of common stock                                     204,648         54,710
    Net borrowings under line of credit arrangement            1,000,000        250,000
                                                             -----------    -----------
           Net cash provided by financing activities           1,204,648        304,710
                                                             -----------    -----------

INCREASE  IN CASH AND CASH EQUIVALENTS                           241,132         39,814

CASH AND CASH EQUIVALENTS
    Beginning of period                                           81,562        141,641
                                                             -----------    -----------

    End of period                                            $   322,694    $   181,455
                                                             ===========    ===========

SUPPLEMENTAL DISCLOSURES OF CASH AND
  NON-CASH TRANSACTIONS
    Cash paid during the period for interest                 $    17,337    $    17,086
                                                             ===========    ===========


                     See accompanying notes to financial statements.
</TABLE>

<PAGE>


                                                                             IV.

                           DOUBLE EAGLE PETROLEUM CO.
                          NOTES TO FINANCIAL STATEMENTS


1.   Summary of Significant Accounting Policies

     Refer to the Company's annual financial statements for the year ended
     August 31, 2001, for a description of the accounting policies which have
     been continued without change. Also, refer to the footnotes included in
     those annual statements for additional details of the Company's financial
     condition, results of operations, and cash flows. The details in those
     notes have not changed except as a result of normal transactions in the
     interim.

2.   Management's Representation

     In management's opinion, all adjustments necessary for a fair presentation
     are reflected in the interim financial statements. Such adjustments are of
     a normal recurring nature.

3.   Interim Results of Operations

     The results of operations for the period ended November 30, 2001 are not
     necessarily indicative of the operating results for the full year.

4.   Common Stock and Warrants

     At November 30, 2001, there were 1,031,450 outstanding warrants, each
     entitling the holder to purchase one share of the Company's common stock at
     a price of $3.00 per share on or before December 17, 2001. Also outstanding
     were 65,300 Underwriter's Warrants, each entitling the holder to purchase,
     for $1.50 per Underwriter's Warrant, one share of the Company's common
     stock and one warrant to purchase one share of common stock at a price of
     $3.00 on or before December 17, 2001. During the period from November 30,
     2001 to December 17, 2001, holders of all 65,300 Underwriter's Warrants
     paid $1.50 per Underwriter's Warrant to purchase one share of common stock
     and one warrant. Also prior to December 17, 2001 and subsequent to November
     30, 2001, 1,017,260 of the previously outstanding warrants as well as all
     65,300 warrants previously underlying the Underwriter's Warrants (a total
     of 1,082,560 warrants) were exercised, with the Company receiving proceeds
     in the amount of $3,247,680.


<PAGE>


                                                                              V.


                           DOUBLE EAGLE PETROLEUM CO.
                 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS
---------------------

Current quarter as compared to previous quarter
-----------------------------------------------

A decrease in natural gas pricing led to a $72,000 decrease in oil and gas sales
as compared to the previous quarter. The decrease in oil and gas sales was
offset by a $72,000 decrease in production costs, taxes and exploration
expenses. Additional reductions in expenses included a $36,000 decrease in
non-producing properties abandonments. Overall the $181,733 net loss the Company
experienced during the current quarter was $57,514 less than the $239,247 net
loss the Company experienced during the previous quarter.

Current quarter as compared to the corresponding quarter of one year ago
------------------------------------------------------------------------

The Company experienced a net loss of $181,733 as compared to net income of
$188,430 for the corresponding quarter of one year ago. Oil and gas sales
decreased by $256,000, due primarily to a $2.00 per mcf decrease in the average
price received for natural gas. General and administrative expenses increased by
$108,000, due primarily to legal fees incurred to protect the Company's share of
production in the Pinedale Anticline project. Depreciation and depletion
increased by $56,000, due to an increase in production.


FINANCIAL CONDITION
-------------------

During the current quarter, the Company expended $917,000 towards the
development of its oil and gas properties, primarily the development of the Cow
Creek and Mesa fields. The Company continues to complete wells in these
projects, increasing the Company's natural gas production volumes. The Company
utilized an additional $1,000,000 of its operating line of credit to fund these
operations. Another $205,000 was made available through the issuance of common
stock. Overall, the Company's working capital position improved by $240,000.

During December 2001, which was subsequent to this reporting period, the Company
received $3,247,680 from the proceeds of the exercise of warrants for the
purchase and issuance of 1,082,560 shares of common stock. This enabled the
Company to pay off the $2,000,000 balance outstanding on its operating line of
credit that was outstanding at the end of the current quarter.

<PAGE>


                                                                             VI.


                           PART II. OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORT ON FORM 8-K


(a)  EXHIBITS

Exhibit No.                            Description
-----------                           ------------

3              Certificate of Correction filed with the Maryland Secretary of
               State on December 6, 2001, concerning the Articles of
               Incorporation.

(b)            No reports on Forms 8-K were filed during the period covered by
               this report.


<PAGE>


                                                                            VII.


                                   SIGNATURES





In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                            DOUBLE EAGLE PETROLEUM CO.
                                                  (Registrant)



                                            By:  /s/  Stephen H. Hollis
                                               --------------------------------
                                                      Stephen H. Hollis
                                                      Treasurer and Principal
                                                      Financial Officer


Date: January 11, 2002