FX Energy (FXEN)

http://www.fxenergy.com/ FX Energy, Inc., is an independent oil and gas company focused on Poland. We believe Poland’s hydrocarbon producing areas are underexplored because the country was closed to competition from foreign exploration companies for many decades. FX Energy has accumulated a large land position in known productive areas, assembled a strong technical team, and matured a large number of attractive gas prospects. FX Energy has the cash to fund an active exploration and development program into 2008. We hold a large acreage position in the Rotliegend play in Poland, a direct analog to the Rotliegend play in the UK Southern North Sea (SNS) where over 50 companies have participated in the discovery and development of over 40 Tcf of gas in an open and competitive environment. In the process they have developed more advanced geophysical tools with direct applicability in Poland. Using seismic expertise drawn from the UK SNS experience, we have drilled seven wells to date, four of them commercial, in the process confirming our geophysical approach. We have encountered good reservoir rock, a good seal and trapped gas in all of our wells in the Fences area, confirming the hydrocarbon potential of this land. We are about to move into the development stage on a portion of our core area and we are continuing a steady pace of exploration on the remainder.