SOURCE: FX Energy, Inc.

August 05, 2008 09:09 ET

FX Energy Provides Drilling Update on Kromolice-1 Well

SALT LAKE CITY, UT--(Marketwire - August 5, 2008) - FX Energy, Inc. (NASDAQ: FXEN) today provided an update on the Kromolice-1 well currently drilling in western Poland. Two additional cores have been taken and another drill stem test has been completed successfully. Based on this additional testing, the Kromolice North structure appears likely to be a commercial accumulation. Plans call for one further core before drilling to total depth and logging. Log results are expected in the next week and details will be provided at that time.

"We expect to run logs on the Kromolice-1 well, and have that data available in the next week to ten days. At that time we will be able to provide information on porosity, thickness of the pay zone and other reservoir parameters," said Andy Pierce, VP of Operations for FX Energy. The Polish Oil and Gas Company is the operator and owns 51%; FX Energy owns 49% of the working interest.

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 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

This report contains forward-looking statements. Forward-looking statements are not guarantees. For example, exploration, drilling, development, construction or other projects or operations may be subject to the successful completion of technical work; environmental, governmental or partner approvals; equipment availability, or other things that are or may be beyond the control of the Company. Operations that are anticipated, planned or scheduled may be changed, delayed, take longer than expected, fail to accomplish intended results, or not take place at all.

In carrying out exploration it is necessary to identify and evaluate risks and potential rewards. This identification and evaluation is informed by science but remains inherently uncertain. Subsurface features that appear to be possible traps may not exist at all, may be smaller than interpreted, may not contain hydrocarbons, may not contain the quantity or quality estimated, or may have reservoir conditions that do not allow adequate recovery to render a discovery commercial or profitable. Forward-looking statements about the size, potential or likelihood of discovery with respect to exploration targets are certainly not guarantees of discovery or of the actual presence or recoverability of hydrocarbons, or of the ability to produce in commercial or profitable quantities. Estimates of potential typically do not take into account all the risks of drilling and completion nor do they take into account the fact that hydrocarbon volumes are never 100% recoverable. Such estimates are part of the complex process of trying to measure and evaluate risk and reward in an uncertain industry.

Forward-looking statements are subject to risks and uncertainties outside FX Energy's control. Actual events or results may differ materially from the forward-looking statements. For a discussion of additional contingencies and uncertainties to which information respecting future events is subject, see FX Energy's SEC reports or visit FX Energy's website at www.fxenergy.com.

Contact Information

  • Contact:
    Scott J. Duncan
    FX Energy, Inc.
    3006 Highland Drive, Suite 206
    Salt Lake City, Utah 84106
    (801) 486-5555
    Fax (801) 486-5575
    www.fxenergy.com