SALT LAKE CITY, Dec. 29, 2010 /PRNewswire/ -- FX Energy,
Inc. (Nasdaq: FXEN) today announced the start of production
from its KSK production project in Poland. The KSK production project serves
three wells: Sroda-4, Kromolice-1 and Kromolice-2. The Sroda-4 well
is providing the initial production, and is expected to produce
approximately 4 million cubic feet of gas per day (mmcfg/d) gross
during an initial plateau production phase of several years.
Production from the two Kromolice wells is scheduled to begin in
approximately 60 days at a rate of approximately 10 mmcfg/d gross.
FX Energy owns 49% interest in all three KSK wells; the Polish Oil
and Gas Company (PGNiG) operates and owns 51%.
"It is gratifying to see the start of production from our KSK
project. This is a terrific event for us as a company and for our
expanding exploration and development program. We expect our 49%
share of the estimated 14 mmcfg/d gross production from these three
wells will boost our company-wide production by more than 60%. We
also expect these production rates will be sustained over a several
year plateau phase. This will provide important and sustainable
support for our exploration and development program over the next
several years," said David Pierce,
president of FX Energy.
FX Energy also reported that the Company's Lisewo well in
western Poland is currently
drilling at a depth of 3,708 meters. Total depth of the well
is planned for 3,950 meters. FX Energy owns a 49% interest in
the well; PGNiG operates and owns 51%
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.
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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. 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.