SALT LAKE CITY, Oct. 22, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) issued an update on two wells currently drilling in Poland. Kutno-2 Well The Kutno-2 well has been drilled to a total depth of 6,577 meters. The next planned operation is to run a drill stem test ("DST") through the zones that had the best gas shows and porosity based upon drilling and log data from the wellbore. The DST is expected to begin within the next two to three weeks. Kutno-2 is being drilled together with the Polish Oil and Gas Company (PGNiG). PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well. Frankowo-1 Well The Frankowo-1 well has been drilled to a current depth of approximately 2,100 meters. A DST in the top 28 meters of the Rotliegend sandstone reservoir, the primary target in the well, recovered gas cut brine and no free gas. The Company plans to continue drilling and coring the well to a total depth of 2,200 meters to determine the thickness and reservoir properties of the Rotliegend. This data will be critical to the Company's near term exploration plans for the 241,000 acre Block 246, where the Company holds a 100% interest. After final coring and logging, the Company plans to plug the Rotliegend, then prepare and run a DST in the Main Dolomite, where a 149 foot thick section of gas saturated reef with good fracture and matrix porosity was encountered. "We are fortunate to have the opportunity to explore Block 246," said Jerzy Maciolek, Vice President of International Exploration. "We selected this block because a large portion of it is unexplored and appears to have good hydrocarbon potential in the Main Dolomite, Rotliegend and Carboniferous. The Frankowo-1 well has given us encouraging data from both the Main Dolomite and the Rotliegend. Of course we are disappointed that the Rotliegend does not trap at this location, but hopeful about our upcoming test of the Main Dolomite." The Frankowo-1 well is located on the Company's 100% owned Block 246 concession.
Investors considering a purchase of FX Energy Inc. shares, but cautious about paying the going market price of $1.42/share, might benefit from considering selling puts among the alternative strategies at their disposal.