FX Energy Starts Production from KSK Production Project

abarrelfullabarrelfull wrote on 30 Dec 2010 07:29
Tags: fx-energy gas poland upstream

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FX Energy, Inc. (NASDAQ: FXEN) today announced the start of production from its KSK production project in Poland. The KSK production project serves three wells: Sroda-4, Kromolice-1 and Kromolice-2. The Sroda-4 well is providing the initial production, and is expected to produce approximately 4 million cubic feet of gas per day (mmcfg/d) gross during an initial plateau production phase of several years.

Production from the two Kromolice wells is scheduled to begin in approximately 60 days at a rate of approximately 10 mmcfg/d gross. FX Energy owns 49% interest in all three KSK wells; the Polish Oil and Gas Company (PGNiG) operates and owns 51%.

“It is gratifying to see the start of production from our KSK project. This is a terrific event for us as a company and for our expanding exploration and development program. We expect our 49% share of the estimated 14 mmcfg/d gross production from these three wells will boost our company-wide production by more than 60%. We also expect these production rates will be sustained over a several year plateau phase. This will provide important and sustainable support for our exploration and development program over the next several years,” said David Pierce, president of FX Energy.
FX Energy also reported that the Company’s Lisewo well in western Poland is currently drilling at a depth of 3,708 meters. Total depth of the well is planned for 3,950 meters. FX Energy owns a 49% interest in the well; PGNiG operates and owns 51%

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.

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