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FX Energy To Complete Szymanowice-1 Well For Production

Stocks in this article: FXEN

SALT LAKE CITY, Dec. 31, 2013 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) reported that the Szymanowice-1 well is commercial and will be completed for production. Logs and lab analysis of the cores from a 33.5 meter section of the top Rotliegend sandstone indicate a gas reservoir with porosity of up to 18%. The Szymanowice-1 well will be completed and tested at the end of the first quarter and is scheduled to begin commercial production early in 2015.

Gas from the Szymanowice-1 will be produced into the Lisewo gas facility located approximately 2 kilometers northwest of the Szymanowice-1 well.  Szymanowice-1 will be the fourth well to be serviced by the Lisewo gas facility.  Lisewo-1 began production in early December 2013, Komorze-3 is scheduled to start producing first quarter 2014, Lisewo-2 is scheduled to begin production in the second half of 2014 and Szymanowice-1 is scheduled to begin producing in the first quarter of 2015.

"We are gratified to announce our fourth straight commercially successful well in the Lisewo area," said David Pierce, president of FX Energy. "The Lisewo area gas facility is producing from the original discovery well and we now have three more wells to bring on line over the next 15 months. We expect to see a positive impact on our reserves and production numbers from these wells in the next quarter and over the next several quarters. And there is much more to come. We have seven additional undrilled 3-D defined structures in the Lisewo area, implying an even bigger resource. We have already scheduled the next two of these structures for drilling next year, and the confidence boost from Szymanowice-1 may even encourage more drilling."

All of the Lisewo area wells are located in the Fences concession where the Polish Oil and Gas Company (PGNiG) is the operator and owns 51% of the working interest; FX Energy owns 49%.

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