FX Energy Reports Karmin-1 Well Discovery to be Completed for Production

SALT LAKE CITY, Oct. 13, 2014 /PRNewswire/ -- FX Energy, Inc. FXEN, today reported that drilling, coring and logging of the Karmin-1 well have been completed. Results of these operations show 30 meters of gas-saturated Rotliegend sandstone with porosity of up to 30%. The well flowed at a rate up to 6.7 mmcfg/d on a 22/64" choke with no water. It will now be completed for production and is expected to start producing early in 2016. PGNiG, the operator and 51% owner of the well, is running a full production test to determine flow rates and reserves. The test is expected to be completed on October 14, 2014. FX Energy owns a 49% interest in the Karmin-1 well. Baraniec-1 well The Baraniec-1 well, which began drilling last month, has run casing to a depth of 3,894 meters at the base of the Zechstein. The well is a planned test of a Rotliegend sandstone structure. If successful, Baraniec-1 will be connected to the production facility at Lisewo and could be in production by year-end 2015. Both the Karmin-1 and Baraniec-1 wells are located in the Fences license where the Polish Oil and Gas Company (PGNiG) is the operator and owns 51% of the working interest; FX Energy owns 49%. Angowice-1 well The Company also reported that the drill rig is in position on the Angowice-1 well location and drilling is expected to start in the next few days. The Angowice-1 well targets a 3-D defined Devonian reefoidal buildup at a projected depth of 3,084 meters. The target is similar to the productive horizon at the Tuchola field approximately 12 kilometers to the southeast. If the Angowice-1 well is successful it could share production facilities with the Tuchola wells. The Angowice and Tuchola wells are located in the Edge license, where the Company is the operator and owns 100% of the working interest.