This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FX Energy Reports Core And Log Results For Kormoze-3K Well

SALT LAKE CITY, Aug. 6, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) reported that the coring and logging of the Kormoze-3K well has been completed.  Results of these operations show 36 meters (31.5 meters TVD) of gas-saturated Rotliegend sandstone with porosity of up to 22.4%.  In the most highly gas-saturated zone the average porosity is 20%.  PGNiG, the operator and 51% owner of the well, will run a full production test to determine flow rates and reserves.  The test is expected to be completed before the end of August.  FX Energy owns a 49% interest in the Kormoze-3K well.

"Given the height of the gas column and porosity, this well should be slightly better than the Lisewo-1 discovery," said Andy Pierce, VP of Operations for FX Energy.  "Kormoze-3K is the first of five 3-D defined targets that surround the Lisewo-1 discovery that we plan to drill with PGNiG.  The success at Kormoze-3K will help us to determine the size of the Lisewo production facility which is scheduled to be completed in 2013."

FX Energy also updated the status of the following projects in Poland.
  • Kutno-2: Currently drilling at 6,199 meters in the Zechstein; expected to reach planned total depth of 6,450 meters in 3Q12. The well is owned and operated by FX Energy; PGNiG will earn a 50% interest in the Kutno concession through its participation in the well.
  • Frankowo-1 (Block 246 concession): Site preparation complete; waiting on final approval from the Mining Authority; expected to spud in August. Rotliegend target at approximately 2,000 meters. The well is 100% owned and operated by FX Energy.
  • Plawce-2 (Fences concession): Contractor selection for fracking and testing the well is expected in August; field work is anticipated to start before the end of 3Q12. PGNiG operates and owns 51%; FX Energy owns 49%.
  • Mieczewo-1 (Fences concession): Tender documents waiting on PGNiG approval; expected to spud 3Q12. PGNiG operates and owns 51%; FX Energy owns 49%.
  • Tuchola-3 (Edge concession): Currently preparing rig and drilling services tender documents; expected to spud 4Q12. Ca1 gas target at 2,550 meters.  Devonian oil target at 3,180 meters. The well is 100% owned and operated by FX Energy.
  • Lisewo-2 (Fences concession): Expected to spud late 2012. PGNiG operates and owns 51%; FX Energy owns 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 Select Market under the symbol FXEN. Website


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs