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FX Energy Reports Frankowo-1 Well Flows Gas; Updates Operations

Stocks in this article: FXEN

SALT LAKE CITY, Nov. 5, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) today reported it has completed a drill stem test in the upper five meters (1542-1547) of a 45 meter pay zone in the Main Dolomite in the Frankowo-1 well.

The test was limited to three short flow periods with one initial shut-in period for pressure measurements.  Gas flowed at a rate of approximately 2MMcfg/d with a small amount of condensate in the third flow period. The flow rate was achieved without any cleanout or stimulation of the well.  The Company kept flow periods brief because the Main Dolomite contains hydrogen sulfide (H2S), as is often the case with oil or natural gas.  The gas includes approximately 22% hydrocarbons, including liquids, and approximately 78% inerts. "We only needed to ascertain that the well would flow sufficient quantities of gas and condensate to confirm the potential for commercial production," said Andy Pierce, VP of Operations.  "The presence of H2S, as expected in the Main Dolomite, requires more expensive than usual production facilities. We plan to assess the potential for more Main Dolomite accumulations which might be tied into a larger, regional production facility. We have identified more than a dozen additional Main Dolomite leads on existing seismic data, which should make this area an attractive exploration and development project going forward."

Data from the Frankowo-1 well are encouraging in terms of exploration potential in the Company's 240,000 acre Block 246 in both the Rotliegend and Main Dolomite.  In the Rotliegend the well encountered 38 meters of good sand with 17% average porosity and approximately 77-78% methane content, but did not trap at the target location.  "We have discovered a Rotliegend trend with good quality gas and porosity; the challenge now is to shoot seismic and identify structural traps similar to the Fences wells," said Pierce.  The Company plans to acquire regional and prospect specific 2-D seismic this winter with a view to drilling one or more prospects in either or both of the Rotliegend and Main Dolomite during 2013.

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