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TheStreet Open House

FX Energy Sets Intermediate Casing At Kutno

Stocks in this article: FXEN

SALT LAKE CITY, July 11, 2012 /PRNewswire/ --  FX Energy, Inc. (NASDAQ: FXEN) today announced it has drilled into the top of the Zechstein formation at the Kutno-2 well at 4,912 meters and  successfully set and cemented the intermediate casing. The next operations in the well will be to run a cement bond log and continue drilling to penetrate the Zechstein, which is expected to be approximately 1,150 meters thick. Once the base of the Zechstein is reached, a 7" liner will be set and cemented through the section. Thereafter, drilling is planned to continue to core and test the Rotliegend target reservoir. Kutno-2 well is being drilled together with the Polish Oil and Gas Company ("PGNiG").

"This is a major milestone in drilling the Kutno well," said Andy Pierce, VP of Operations for FX Energy.  "We have now reached a point where some of the most difficult drilling should be behind us."

Kutno-2 targets a massive Rotliegend structure. Unknown reservoir and gas quality, along with depth, make this a very high risk well. PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well.

KSK Pipeline Completed

The pipeline bottleneck at KSK was eliminated on June 28th, and all three wells (Sroda, Kromolice 1 & 2) are now producing at a combined rate of approximately 13.0 MMCFD (6.4 MMCFD net to the Company's 49% interest). The Company's total net daily production rate at June 30, 2012 was approximately 14.8 MMCFD.

Other Drilling Operations

Komorze-3

The Komorze-3 well has reached a depth of 3,950 meters at the base of the Zechstein and a 7" liner will be set and cemented.  Drilling into the Rotliegend is expected later next week.  Komorze-3 targets a satellite structure located less than 3 kilometers from the Company's 2011 Lisewo-1 Rotliegend gas discovery. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.

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