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
March 31, 2003                                                 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, 6,703,518 shares having a par value of $.10 per share were,
outstanding as of May 9, 2003.

Transitional Small Business Disclosure format (check one):
                                                       Yes         No   X
                                                         ---------  -----------


<PAGE>



                           DOUBLE EAGLE PETROLEUM CO.


                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----
PART I. FINANCIAL INFORMATION:

     Item 1. Financial Statements

        Balance Sheets as of March 31, 2003 (Unaudited), December 31, 2002
           (Unaudited) and August 31, 2002                                    I.
        Statements of Operations for the three months
             ended March 31, 2003 (Unaudited) and 2002 (Unaudited)           II.
        Statements of Cash Flows for the three months
             ended March 31, 2003 (Unaudited) and 2002 (Unaudited)          III.
        Notes to Financial Statements                                        IV.

     Item 2. Management's Discussion and Analysis of
              Financial Condition and Results of
              Operations and Critical Accounting Policies and Estimates       V.

     Item 3.  Controls and Procedures

PART II. OTHER INFORMATION

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

     Signatures                                                              IX.

     Certifications



<PAGE>






                                     PART I





                              FINANCIAL INFORMATION







<PAGE>
<TABLE>
<CAPTION>

                                                                                                                   I.


                                         DOUBLE EAGLE PETROLEUM CO.
                                              BALANCE SHEETS
                 March 31, 2003 (Unaudited), December 31, 2002 (Unaudited) and August 31, 2002

                                                                      March 31         December 31         August 31
                                                                          2003             2002               2002
                                                                    ------------       ------------      ------------
                                                                     (Unaudited)        (Unaudited)        (Audited)
                                               ASSETS
<S>                                                                <C>                  <C>              <C>
Current Assets
    Cash and cash equivalents                                       $     79,289       $    132,748             89,342
    Accounts receivable                                                  785,579            873,894            518,553
    Prepaid expenses                                                      33,056             25,166              8,524
                                                                    ------------       ------------       ------------
           Total Current Assets                                          897,924          1,031,808            616,419
                                                                    ------------       ------------       ------------

Properties and Equipment
    Undeveloped properties                                               961,486            942,118            877,360
    Developed properties                                              17,139,606         16,655,447         14,458,308
    Corporate and other                                                  301,932            299,568            286,563
                                                                    ------------       ------------       ------------
                                                                      18,403,024         17,897,133         15,622,231
      Less accumulated depreciation, depletion and impairment         (7,332,292)        (6,985,842)        (6,484,574)
                                                                    ------------       ------------       ------------
           Net Properties and Equipment                               11,070,732         10,911,291          9,137,657
                                                                    ------------       ------------       ------------

Other Assets                                                              11,125             11,125             11,125
                                                                    ------------       ------------       ------------

           TOTAL ASSETS                                             $ 11,979,781       $ 11,954,224          9,765,201
                                                                    ============       ============       ============


                                        LIABILITIES
Current Liabilities
    Accounts payable                                                $    526,557       $  1,201,570            953,783
    Accrued expenses                                                        --               65,421               --
    Accrued production taxes                                             213,801            145,244            184,345
                                                                    ------------       ------------       ------------
           Total Current Liabilities                                     740,358          1,412,235          1,138,128
                                                                    ------------       ------------       ------------

Long-Term Debt                                                         4,250,000          4,250,000          2,250,000
                                                                    ------------       ------------       ------------
              Total Liabilities                                        4,990,358          5,662,235          3,388,128
                                                                    ------------       ------------       ------------

                         STOCKHOLDERS' EQUITY
Common stock, $.10 par value; 10,000,000 shares authorized;
  Issued and outstanding 6,701,018 shares as of
  March 31, 2003, 6,521,518 shares as of
  December 31, 2002 and
  6,500,518 shares as of August 31, 2002                                 670,102            652,152            650,052
Capital in excess of par value                                         8,314,818          7,786,183          7,765,579
Accumulated deficit                                                   (1,995,497)        (2,146,346)        (2,038,558)
                                                                    ------------       ------------       ------------
           Total Stockholders' Equity                                  6,989,423          6,291,989          6,377,073
                                                                    ------------       ------------       ------------

           TOTAL LIABILITIES AND
             STOCKHOLDERS'  EQUITY                                  $ 11,979,781       $ 11,954,224          9,765,201
                                                                    ============       ============       ============





                                            See accompanying notes to financial statements.

<PAGE>


                                                                                              II.


                           DOUBLE EAGLE PETROLEUM CO.
                            STATEMENTS OF OPERATIONS
               For the Three Months Ended March 31, 2003 and 2002
                                   (Unaudited)


                                                               2003                       2002
                                                           -----------                -----------
Revenues
    Sales of oil and gas                                   $ 1,172,889                $   482,052
    Sales of non-producing leases                               34,072                       --
    Other income                                                 2,610                      4,467
                                                           -----------                -----------
           Total                                             1,209,571                    486,519

Costs and Expenses
    Production costs                                           236,037                    132,096
    Production taxes                                           145,458                     62,796
    Exploration expenses                                        30,535                     30,388
    Write-offs and abandonments                                    332                      6,810
    Cost of leases sold                                         10,711                       --
    General and administrative                                 244,065                    302,227
    Depreciation and depletion                                 346,450                    176,840
    Impairments of producing properties                           --                      304,254
                                                           -----------                -----------

           Total                                             1,013,588                  1,015,411
                                                           -----------                -----------

Income (Loss) From Operations                                  195,983                   (528,892)

Other Income (Expense)
    Interest income                                                 22                         56
    Interest expense                                           (45,156)                      --
                                                           -----------                -----------

                Total                                          (45,134)                        56
                                                           -----------                -----------

Net Income (Loss)                                          $   150,849                $  (528,836)
                                                           ===========                ===========

Net Income (Loss) Per Common Share - Basic                 $      0.02                $     (0.08)
                                                           ===========                ===========

Net Income (Loss) Per Common Share - Diluted               $      0.02                $     (0.08)
                                                           ===========                ===========

Average Shares Outstanding - Basic                           6,652,174                  6,433,557

Average Shares Outstanding - Diluted                         7,493,905                  6,433,557



                           See accompanying notes to financial statements.

<PAGE>

                                                                                                   III.


                                            DOUBLE EAGLE PETROLEUM CO.
                                            STATEMENTS OF CASH FLOWS
                            For the Three Months Ended March 31, 2003 and 2002
                                                 (Unaudited)


                                                                          2003                2002
                                                                     -----------            -----------
Cash Flows from Operating Activities:
    Net income (loss)                                                $   150,849            $  (528,836)
    Charges to net income (loss) not requiring cash:
        Depreciation, depletion and impairments                          346,450                481,094
        Abandoned properties                                                 332                  6,810
        Gain on sale of non-producing leases                             (23,361)                  --
         Directors fees paid in stock                                     24,600                 15,200
    Decrease (increase) in operating assets:
        Accounts receivable                                              122,387                 22,553
        Prepaid expenses                                                  (7,890)                 7,866
    Increase (decrease) in operating liabilities:
        Accounts payable and accrued expenses                           (740,434)               165,698
        Accrued production taxes                                          68,557                 (3,083)
                                                                     -----------            -----------
           Net cash provided by (used in) operating activities           (58,510)               167,302
                                                                     -----------            -----------

Cash Flows from Investing Activities:
    Acquisitions and development of producing properties                (484,159)            (1,046,498)
    Acquisitions of corporate and non producing properties               (32,775)               (48,279)
                                                                     -----------            -----------
           Net cash (used in) investing activities                      (516,934)            (1,094,777)
                                                                     -----------            -----------

Cash Flows from Financing Activities:
    Issuance of common stock                                             521,985                114,234
    Net borrowings under line of credit arrangement                         --                     --
                                                                     -----------            -----------
           Net cash provided by financing activities                     521,985                114,234
                                                                     -----------            -----------

Increase (Decrease) in Cash and Cash Equivalents                         (53,459)              (813,241)

Cash and Cash Equivalents
    Beginning of period                                                  132,748                855,000
                                                                     -----------            -----------

    End of period                                                    $    79,289            $    41,759
                                                                     ===========            ===========

Supplemental Disclosures of Cash and Non-Cash Transactions

    Cash paid during the period for interest                         $    44,967            $      --
                                                                     ===========            ===========

    Non-cash directors fees paid in stock                            $    24,600            $    15,200
                                                                     ===========            ===========

                                 See accompanying notes to financial statements.
</TABLE>


<PAGE>


                                                                             IV.


                           DOUBLE EAGLE PETROLEUM CO.
                          NOTES TO FINANCIAL STATEMENTS


1.    Summary of Significant Accounting Policies

     The financial statements have been prepared by the Company without audit
     pursuant to the rules and regulations of the Securities and Exchange
     Commission. Certain information and footnote disclosures normally included
     in the financial statements prepared in accordance with generally accepted
     accounting principles have been condensed or omitted as allowed by such
     rules and regulations, and management believes that the disclosures are
     adequate to make the information presented not misleading. These financial
     statements include all of the adjustments, which, in the opinion of
     management, are necessary to a fair presentation of financial position and
     results of operations. All such adjustments are of a normal and recurring
     nature only. The results of operations for the interim periods are not
     necessarily indicative of the results to be expected for the full fiscal
     year. These financial statements should be read in conjunction with the
     audited financial statements at August 31, 2002 included in the Company's
     Form 10-KSB.

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 periods ended March 31, 2003 and 2002 are
     not necessarily indicative of the operating results for the full year.

<PAGE>


                                                                              V.


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


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

Quarter ended March 31, 2003 as compared with the quarter ended December 31,
2002
--------------------------------------------------------------------------------

An increase in oil and gas pricing, partially offset by an 11% decrease in
production, as measured by thousand cubic feet equivalents (Mcfe's), resulted in
a $149,000 increase in oil and gas sales as compared to the previous quarter
ending December 31, 2002. The decrease in oil and gas production is attributed
to a gas balancing arrangement resulting in the Company's receiving 60,000 mcf
less in production at Mesa, offset by increased production of 35,000 mcf at Cow
Creek. Production costs and exploration expenses decreased proportionately in
relation to the decrease in production. Depreciation and depletion expenses
decreased due to reserve additions in Mesa and Cow Creek.

Quarter ended March 31, 2003 as compared with the quarter ended March 31, 2002
--------------------------------------------------------------------------------

Continued successful development drilling at the Mesa and Cow Creek Units
resulted in a 44% increase in the Company's production during the first quarter
of 2003 as compared to the first quarter of 2002. Daily production averaged
3,645 mcfe during the first quarter of 2003 as compared to 2,536 mcfe for the
same period in 2002. The increase in total production is substantially
attributable to production increases at Cow Creek and Mesa. The increase in
production resulted in an increase in sales from $482,000 to $1,173,000. The
increase in production also resulted in corresponding increases in production
costs, taxes, and depreciation and depletion expenses. Overall the Company
generated income from operations of $196,000 as compared to an operating loss of
($529,000) for the corresponding quarter of one year ago. Net cash used in
operating activities was ($59,000) in the first quarter of 2003, as compared to
net cash provided by operations of $167,000 in the corresponding quarter of one
year ago. The difference is primarily attributable to the payment of a
significantly larger amount of accounts payable and accrued expenses in the
first quarter of 2003, which was partially offset by increases in net income and
accounts receivable, and by a decrease in depreciation, depletion and
impairments, as compared to the prior year quarter.

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

During the quarter ended March 31, 2003, the Company expended $484,000 towards
the development of its oil and gas properties, primarily the development of the
Cow Creek Unit. The funds for these expenditures were provided by proceeds from
the exercise of stock options. The Company continues to complete wells in this
project, increasing the Company's natural gas production volumes. The Company
has an additional $1,000,000 available on its operating line of credit, with an
interest rate currently at 4.25%, for use in the development of its oil and gas
properties. Overall, the Company's working capital position improved by $538,000
resulting in a positive working capital position of $158,000.




<PAGE>

                                                                             VI.


                           DOUBLE EAGLE PETROLEUM CO.
                   CRITICAL ACCOUNTING POLICIES AND ESTIMATES

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
------------------------------------------

We believe the following critical accounting policies affect our more
significant judgments and estimates used in the preparation of our Financial
Statements.

Reserve Estimates:

     Our estimates of oil and natural gas reserves, by necessity, are
     projections based on geological and engineering data, and there are
     uncertainties inherent in the interpretation of such data as well as the
     projection of future rates of production and the timing of development
     expenditures. Reserve engineering is a subjective process of estimating
     underground accumulations of oil and natural gas that are difficult to
     measure. The accuracy of any reserve estimate is a function of the quality
     of available data, engineering and geological interpretation and judgment.
     Estimates of economically recoverable oil and natural gas reserves and
     future net cash flows necessarily depend upon a number of variable factors
     and assumptions, such as historical production from the area compared with
     production from other producing areas, the assumed effects of regulations
     by governmental agencies and assumptions governing future oil and natural
     gas prices, future operating costs, severance and excise taxes, development
     costs and workover and remedial costs, all of which may in fact vary
     considerably from actual results. For these reasons, estimates of the
     economically recoverable quantities of oil and natural gas attributable to
     any particular group of properties, classifications of such reserves based
     on risk of recovery, and estimates of the future net cash flows expected
     there from may vary substantially. Any significant variance in the
     assumptions could materially affect the estimated quantity and value of the
     reserves, which could affect the carrying value of our oil and gas
     properties and/or the rate of depletion of the oil and gas properties.
     Actual production, revenues and expenditures with respect to our reserves
     will likely vary from estimates, and such variances may be material.


Many factors will affect actual net cash flows, including:

          o    the amount and timing of actual production;

          o    supply and demand for natural gas;

          o    curtailments   or  increases  in   consumption   by  natural  gas
               purchasers; and

          o    changes in governmental regulations or taxation.



<PAGE>


                                                                            VII.


                           DOUBLE EAGLE PETROLEUM CO.
             CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Continued)

Property, Equipment and Depreciation:

     We follow the successful efforts method of accounting for oil and gas
     properties. Under this method all productive costs incurred in connection
     with the exploration for and development of oil and gas reserves are
     capitalized. These capitalized costs include lease acquisition, geological
     and geophysical work, delay rentals, drilling, completing and equipping oil
     and gas wells, including salaries, benefits and other internal salary
     related costs directly attributable to these activities. Costs associated
     with production and general corporate activities are expensed in the period
     incurred. Interest costs related to unproved properties and properties
     under development also are capitalized to oil and gas properties. If the
     net investment in oil and gas properties exceeds an amount equal to the sum
     of (1) the standardized measure of discounted future net cash flows from
     proved reserves, and (2) the lower of cost or fair market value of
     properties in process of development and unexplored acreage, the excess is
     charged to expense as additional depletion. Normal dispositions of oil and
     gas properties are accounted for as adjustments of capitalized costs, with
     no gain or loss recognized. As a result, we are required to estimate our
     proved reserves at the end of each quarter, which is subject to the
     uncertainties described in the previous section.

ITEM 3.

CONTROLS AND PROCEDURES

     (a) Evaluation of disclosure controls and procedures

     Based on an evaluation carried out under the supervision and with the
participation of the management of the Company, including the Chief Executive
Officer and the Principal Financial Officer, during the 90 day period prior to
the filing of this report, the Company's Chief Executive Officer and Principal
Financial Officer believe the Company's disclosure controls and procedures, as
defined in Securities Exchange Act Rules 13a-14 and 15d-14, are, to the best of
their knowledge, effective.

     (b) Changes in internal controls

     Subsequent to the date of this evaluation, the Chief Executive Officer and
Principal Financial Officer are not aware of any significant changes in the
Company's internal controls, including any corrective actions with regard to
significant deficiencies and material weakness, or in other factors that could
significantly affect these controls to ensure that information required to be
disclosed by the Company, in reports that it files or submits under the
Securities Act of 1934, is recorded, processed, summarized and reported within
the time periods specified in Securities and Exchange Commission rules and
regulations.






<PAGE>



                                                                           VIII.


                           PART II. OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORT ON FORM 8-K

During the period covered by this report, an announcement on Form 8-K concerning
the change in the Company's fiscal year end, was filed by the Company on
February 11, 2003.

During the period covered by this report, a Current Report on Form 8-K
concerning a press release was filed by the Company on March 12, 2003.

(a) EXHIBITS

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

99.1     Certification of Chief Executive Officer and Chief Financial Officer
         Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906
         of the Sarbanes-Oxley Act of 2002, filed herewith.



<PAGE>



                                                                             IX.




                                   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/ David C. Milholm
                                                            -------------------
                                                                David C. Milholm
                                                   Vice President of Finance and
                                                   Chief Financial Officer
                                                   (Principal Financial Officer)
Date:  May 15, 2003



<PAGE>


                                 CERTIFICATIONS

     I, Stephen H. Hollis, certify that:

     1.   I have reviewed this quarterly report on Form 10-QSB of Double Eagle
          Petroleum Company;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officers and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent functions):

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal controls; and

     6.   The registrant's other certifying officers and I have indicated in
          this quarterly report whether there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


Date:  May 15, 2003                               /s/ Stephen H. Hollis
                                                  -----------------------
                                                  Stephen H. Hollis
                                                  Chief Executive Officer



<PAGE>



     I, David C. Milholm , certify that:

     1.   I have reviewed this quarterly report on Form 10-QSB of Double Eagle
          Petroleum Company;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officers and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent functions):

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal controls; and

     6.   The registrant's other certifying officers and I have indicated in
          this quarterly report whether there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


Date:  May 15, 2003                          /s/ David C. Milholm
                                                 ----------------------------
                                                 David C. Milholm
                                                 Principal Financial Officer