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[STK] NASDAQ-NMS:FXEN
[IN] OIL UTI GAS
[SU]
TO BUSINESS, AND ENERGY EDITORS:
FX Energy to Test Seventy Meter Gas Interval at Tuchola-4K Well
SALT LAKE CITY, April 15, 2014 /PRNewswire/ -- FX Energy, Inc.
(NASDAQ: FXEN) reported that the Tuchola-4K well reached its primary
objective, the lower Zechstein Ca1 formation at 2,740 meters,
approximately 60 meters high to last year's Tuchola-3K well. The
Tuchola-4K well was then cored and drilled to 2,810 meters, its
current depth, with strong gas shows observed throughout. This 70
meter interval was then logged, showing gas saturation throughout. The
gas includes components up to C2 ethane and C3 propane. Logs and cores
both show very good porosity.
"The cores have visible intergranular porosity and extensive
fracturing," said Andy Pierce VP of Operations. "The well logs show
excellent porosity and gas saturation throughout the entire 70 meter
zone. Data from the Tuchola-4K well up to this point exceeds our
expectations."
The Company now plans to set 7" casing to the top of the Ca1, then run
a drill stem test of the full 70 meter open interval. Results of the
drill stem test are expected in about one week. Following the DST the
well will be drilled to total depth in the Upper Devonian and logged.
If this zone encounters good reservoir properties it will also be
tested.
The Tuchola-4K is an appraisal well of the Tuchola-3K discovery made
in 2013. In the area surrounding these wells the Company is evaluating
220 square kilometers of 3D seismic data to identify the next drill
site. FX Energy expects to start drilling another well later this year
based on this seismic work. 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.
FX Energy also reported on the status of the latest discoveries in the
Fences License area.
Lisewo-2K Testing of the Lisewo-2K well is complete and production is
expected to begin in the third quarter of 2014. The initial
production rate from the well is planned at 3 million cubic feet of
gas per day.
Komorze-3 The Komorze-3 well is currently producing approximately
350,000 cubic feet of gas per day.
Szymanowice-1 Syzmanowice-1 is undergoing remediation work to enhance
production. Additional information will be provided once the work is
complete.
All three of these wells located in the Fences License area are 51%
owned and operated by the Polish Oil and Gas Company (PGNiG). FX
Energy owns the remaining 49%.
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- 04/15/2014
/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.; Polish Oil and Gas Company
ST: Utah
IN: OIL UTI GAS
PRN
-- LA05509 --
0000 04/15/2014 12:26:00 EDT http://www.prnewswire.com
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