FX Energy Reports Initial Production from Winna Gora Well; Updates Drilling
Progress on Tuchola-3K and Mieczewo-1K Wells
SALT LAKE CITY, Feb. 4, 2013
SALT LAKE CITY, Feb. 4, 2013 /PRNewswire/ --FX Energy, Inc. (NASDAQ: FXEN)
today reported that production has started from the Winna Gora production
facility. The well is currently producing at a rate of 1.5 mmcf/d. The Winna
Gora well is located in the 850,000 acre Fences concession, where the Polish
Oil and Gas Company (PGNiG) is the operator and holds a 51% interest; the
Company holds a 49% interest.
FX Energy also reported that the Tuchola-3K well has been drilled to the
Zechstein formation immediately above the projected Ca2/Main Dolomite target
reservoir. Current depth of the well is 2,583 meters. The well will be
logged and casing will be set and cemented prior to coring into the Main
Dolomite. If the Main Dolomite has gas shows and apparent porosity, a drill
stem test (DST) will be runin the top 10-15 meters.
The Tuchola-3K well is planned to test the Main Dolomite target and an
independent Devonian oil target at a depth of 3,180-3,820 meters. The
Tuchola-3K well is located on one of four blocks that comprise the 880,000
acre Edge concession area in northern Poland. FX Energy holds a 100% interest
and operates the Tuchola-3K well and the Edge concession area.
The Mieczewo-1K exploration well is currently drilling below 2,000 meters.
The well is a planned test of a Rotliegend structure at a projected depth of
3,360 meters. The Mieczewo-1K well is also located in the western part of the
850,000 acre Fences concession, where PGNiG is the owner of the concession and
operator and holds a 51% interest; the Company holds a 49% interest.
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 Select Market under the
symbol FXEN. Website www.fxenergy.com.
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. Actual production over
time may be more or less than estimates of reserves, including proved and P50
or other reserve measures.
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.
Contact: Scott J. Duncan, FX Energy, Inc., +1-801-486-5555, fax,
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