FX Energy Announces New Well in Edge License

August 5, 2014

FX Energy, Inc. (NASDAQ: FXEN), today announced it has selected a drill site for its third well in the Edge license.  The Company's two previous wells in the license, Tuchola-3K and Tuchola-4K, both are commercial and in development for production.  The new well, Angowice-1, targets a Devonian reefoidal buildup, similar to the productive horizon at the Tuchola field.  The Angowice-1 is located approximately 12 kilometers west of the Tuchola wells and is one of four similar prospects clustered together. 

The Angowice-1 well will be drilled to a depth of approximately 4,000 meters into the middle Devonian.  Drilling is expected to commence at the end of September, subject to required permits and contractor agreements.  If the well is commercial it will likely be tied into the production facility to be built for the Tuchola wells, approximately 12 kilometers to the east.

"The Angowice-1 well is based on the same Devonian reefoidal buildup model that we used to identify the Tuchola field," said Jerzy Maciolek, Vice President of International Exploration.  "We think this model holds a lot of potential for the Edge license.  But we need to remember this is only our third well in the license and we are at the very beginning of the learning curve."

The Angowice-1 well will test one of four prospects identified on a 3D seismic grid covering 240 square kilometers.  Several additional leads on this grid are still undergoing geophysical interpretation, which is expected to be complete early fourth quarter.  The Company plans to select one more location to begin drilling late this year.

The Edge license covers approximately 730,000 acres.  The Company operates and owns 100% of the working interest.

Source: FX Energy, 2014.