This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

FX Energy Begins Drilling Tuchola-4K Well

Stocks in this article: FXEN





SALT LAKE CITY, Feb. 19, 2014 /PRNewswire/ --  FX Energy, Inc. (NASDAQ: FXEN) announced today that drilling is underway on the Company's Tuchola-4K well.  The well is located approximately 800 meters west of the Company's Tuchola-3K discovery that was completed in 2013.  That well tested at a rate of approximately 5 million cubic feet per day with traces of condensate from a dolomite section in the Ca1 Zechstein formation at a depth of approximately 2,700 meters.

The primary objective of Tuchola-4K is the Ca1 Zechstein formation, the same Permian age formation found in the Tuchola-3K well.  The well is also planned to test a deeper secondary target in the Upper Devonian.  Total depth of the well is planned at 3,452 meters.  Drilling time for the well is estimated at approximately three months, but this could vary significantly due to coring and testing decisions, weather and other factors.

The Tuchola-4K well is one of two wells planned for 2014 in the Edge concession. The Company is also conducting a 220 km 3D seismic acquisition program to identify more targets in its acreage surrounding the Tuchola-3K discovery. Costs of the two wells along with the seismic program are included in the Company's 2014 capital budget; existing working capital and credit lines are more than sufficient to fund these costs.

"Data from the Tuchola-3K well, supported by the admittedly sparse regional data, suggest the possibility of a significant new exploration play," said David Pierce, President of FX Energy.  "A successful test of the Tuchola-4K, or of the next well planned for this year, would support this play concept and could sufficiently de-risk this area to warrant a major exploration effort here."

The Edge concessions, which cover 730,000 gross and net acres in northern Poland where the Tuchola wells are located, are 100% owned and operated by FX Energy.

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

FORWARD-LOOKING STATEMENTS

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs