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FX Energy’s Polish Oil and Gas Reserves Increase 87%


Published Sep 6, 2007
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FX Energy provides operations update-Spotlight

FX Energy, Inc. today released reserves data for its two newest gas discoveries: Winna Gora-1 and Roszkow-1. The two wells, both drilled in 2007, contain gross proved reserves of 36.6 Bcf. The Company holds a 49% interest in the wells and its net share of reserves is 17.9 Bcf.

The new reserves represent an 87% increase to the Company’s existing proved reserves in Poland, which stood at 20.5 Bcfe as of January 1, 2007. FX Energy’s total company-wide reserves were 22.8 Bcfe as of January 1, 2007, before addition of the new wells.

Our last four discovery wells in Poland, Zaniemysl-3, Sroda-4, Winna Gora-1 and Roszkow-1, have averaged over 18 Bcfe per well in initial proved reserves,” said Andy Pierce, Vice President of Operations. “These initial proved reserves are about ten times larger per well than typical U.S. onshore gas wells. Results like these make exploration in Poland very attractive. We plan to expand our exploration efforts in Poland and hope to repeat this success.”

The Company also reported the net present value of estimated discounted future cash flows (PV- 10% value) of $42.3 million ($1.13 per share) net to its interest from the two new wells as of January 1, 2007. This figure also represents a significant addition to the Company’s existing proved reserves value, which was $63.8 million at that date.




   

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