UPDATE: BMC Initiates FX Energy at Buy

BMC is out with its report today on FX Energy

, initiating FXEN at Buy. In its report, BMC writes, "We are initiating coverage of FX Energy with a Buy rating and $9.25 target price, a 15% discount to our risked NAV of $11/share, which includes $7.00 per share for exploration upside. FX Energy is an independent oil and gas exploration and production company with production in Poland and the U.S. We like the shares at current levels as we believe that over the next two years FX will drill a dozen or more new wells in Poland, targeting the Permian Basin's Rotliegend sands, thereby unlocking significant reserve additions and adding to probable reserves." Shares of FXEN closed Friday at $4.13, down 4.40% from Thursday's close.