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[STK] NASDAQ-NMS:FXEN
[IN] OIL UTI
[SU]
TO BUSINESS, AND ENERGY EDITORS:
FX Energy Reports Successful Production Test at Tuchola-4K Well
SALT LAKE CITY, April 21, 2014 /PRNewswire/ -- FX Energy, Inc.
(NASDAQ: FXEN) reported today that it has completed a successful
production test of the Tuchola-4K well. With 70 meters of the well
open, gas was allowed to flow on three different chokes for several
hours each, concluding with a twelve-hour flow. The three chokes were
selected to limit production rates to approximately 5 million, 7.5
million and 10 million cubic feet of gas per day, respectively. At the
conclusion of the final flow period the well was producing more than
11 million cubic feet of gas per day from a 28/64ths inch choke.
The Company's technical team is analyzing the flow and pressure data
from the test to estimate potential production rates and recoverable
reserves. These internal estimates, along with gas composition details
and a drilling update, are expected to be released when available.
Photos of this weekend's flare test are available on the Company's
website.
"We are anxious to see the final test report so we can begin putting
some numbers to this new discovery," said Andy Pierce, VP of
Operations. "Certainly it appears that the Tuchola-4K well, like the
Tuchola-3K discovery well, support our exploration concept for the
Edge License. This is very important because we hope to open up a
significant new exploration play where we hold 100% interest and can
control the pace of exploration and development. Meanwhile, our
operational attention right now is on drilling the next couple of
hundred meters into the next potential pay zone."
The production test was conducted over a 70 meter open interval in the
lower Zechstein Ca1 formation from 2,740 to 2,810 meters. The Company
now plans to drill and core below 2,810 meters to examine a secondary
target in the Upper Devonian.
The Tuchola-4K is an appraisal of the Tuchola-3K discovery announced
eleven months ago. Both wells serve as "proof of concept" of
exploration ideas generated by the Company's technical team. The
Company's exploration plans for the Edge License now will focus on 240
square kilometers of new 3D seismic acquired since last year's Tuchola
discovery. This seismic data covers the area surrounding the Tuchola
wells and currently is being processed and interpreted to identify
other targets and select the next drill sites. The Company expects to
start drilling another well in the area later this year.
The Tuchola wells are located in the Company's 730,000 acre Edge
License in north central Poland. FX Energy operates and holds a 100%
working 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 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- 04/21/2014
/CONTACT: SCOTT J. DUNCAN, FX Energy, Inc., 3006 Highland Drive, Suite 206, Salt Lake City, Utah 84106, +1-801-486-5555, Fax, +1-801-486-5575, www.fxenergy.com
/Web Site: http://www.fxenergy.com
(NASDAQ-NMS:FXEN) /
CO: FX Energy, Inc.
ST: Utah Poland
IN: OIL UTI
PRN
-- LA08842 --
0000 04/21/2014 12:15:00 EDT http://www.prnewswire.com
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