FX Energy Begins Production from Komorze-3 Well; Updates Drilling Progress on Tuchola-4K Well

[STK] NASDAQ-NMS:FXEN

[IN] OIL UTI

[SU]

TO BUSINESS EDITORS:

FX Energy Begins Production from Komorze-3 Well; Updates Drilling

Progress on Tuchola-4K Well

SALT LAKE CITY, March 3, 2014 /PRNewswire/ -- FX Energy, Inc. (NASDAQ:

FXEN) reported that production has started at the Company's Komorze-3

well in the Fences concession in Poland. The well is currently

producing at a rate of 1.1 million cubic feet of gas per day gross.

The gas is being processed at the Lisewo gas facility, which began

operation in December 2013 with production from the Lisewo-1 well.

The next well to be connected to the Lisewo facility will be the

Lisewo-2 well. First production from Lisewo-2 is expected in the third

quarter of 2014. Production from the Szymanowice-1 well, the

Company's most recent discovery, is planned to commence through this

facility in early 2015. Both of these wells were completed for

production in December 2013.

All four of these wells are located in the Fences concession where the

Polish Oil and Gas Company (PGNiG) is the operator and owns 51% of the

working interest; FX Energy owns 49%.

"With the additional production from Komorze-3, our Company-wide net

production is now approximately 14 million cubic feet of gas

equivalent per day, with two more wells yet to come on line," said

David Pierce, president of FX Energy. "Gas prices remain strong in

Poland and with our increased production we are better able to fund a

growing exploration and development program. Following last year's

record capital spending, we expect to have another robust exploration

program this year, including up to four wells in the Fences concession

and up to three wells in our Edge and Block 246 Concessions."

Tuchola-4K Drilling Progress

The Tuchola-4K well is currently at a depth of 1073 meters, drilling

toward total depth of approximately 3,452 meters. The primary

objective of the well is the lower Zechstein Ca1 formation at a depth

of approximately 2,700 meters. The well has both shallower and deeper

secondary targets, in the middle Zechstein Ca2 and in the Upper

Devonian. Tuchola-4K is an offset location to the Company's

Tuchola-3K discovery drilled in 2013. The Company expects Tuchola-4K

drilling and testing to be completed during the first half of 2014.

The Company also is working on a 220 kilometer 3D seismic project to

identify possible additional targets in the area surrounding the

Tuchola wells. The Tuchola wells are located in the Company's Edge

concessions in northern Poland, and are 100% owned and operated by FX

Energy.

About FX Energy

FX Energy is an independent oil and gas exploration and production

company with production in the US and Poland. The Company's main

exploration and production activity is focused on Poland's Permian

Basin where the gas-bearing Rotliegend sandstone is a direct analog to

the Southern Gas Basin offshore England. The Company trades on the

NASDAQ Global Market under the symbol FXEN. Website www.fxenergy.com

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements. Forward-looking

statements are not guarantees. For example, exploration, drilling,

development, construction or other projects or operations may be

subject to the successful completion of technical work; environmental,

governmental or partner approvals; equipment availability, or other

things that are or may be beyond the control of the Company.

Operations that are anticipated, planned or scheduled may be changed,

delayed, take longer than expected, fail to accomplish intended

results, or not take place at all.

In carrying out exploration it is necessary to identify and evaluate

risks and potential rewards. This identification and evaluation is

informed by science but remains inherently uncertain. Subsurface

features that appear to be possible traps may not exist at all, may be

smaller than interpreted, may not contain hydrocarbons, may not

contain the quantity or quality estimated, or may have reservoir

conditions that do not allow adequate recovery to render a discovery

commercial or profitable. Forward-looking statements about the size,

potential or likelihood of discovery with respect to exploration

targets are certainly not guarantees of discovery or of the actual

presence or recoverability of hydrocarbons, or of the ability to

produce in commercial or profitable quantities. Estimates of potential

typically do not take into account all the risks of drilling and

completion nor do they take into account the fact that hydrocarbon

volumes are never 100% recoverable. Such estimates are part of the

complex process of trying to measure and evaluate risk and reward in

an uncertain industry.

Forward-looking statements are subject to risks and uncertainties

outside FX Energy's control. Actual events or results may differ

materially from the forward-looking statements. For a discussion of

additional contingencies and uncertainties to which information

respecting future events is subject, see FX Energy's SEC reports or

visit FX Energy's website at www.fxenergy.com.

SOURCE FX Energy, Inc.

-0- 03/03/2014

/CONTACT: SCOTT J. DUNCAN, FX Energy, Inc., +1-801-486-5555, Fax +1-801-486-5575

/Web Site: http://www.fxenergy.com

(NASDAQ-NMS:FXEN) /

CO: FX Energy, Inc.

ST: Utah Poland

IN: OIL UTI

PRN

-- LA75284 --

0000 03/03/2014 13:18:00 EDT http://www.prnewswire.com

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Related topics