FX Energy, Inc. issued an operational update on the company’s oil and gas exploration and development activities in the United States and Europe.
FX Energy has a number of different prospects in Europe and recently spud a well on the 700,000 acre Kutno concession in Poland. The company believes that this concession contains several productive hydrocarbon formations that can be commercially developed.
The Kutno-2 well is targeting the Rotliegend sandstone at an approximate depth of 21,000 feet. FX Energy is using the Kutno-2 well to test a 35,000 acre section of the Kutno concession. The company is the operator and 50% owner of the Kutno-2 well, with the Polish Petroleum and Gas Mining Company owning the balance.
FX Energy reached total depth of approximately 13,800 feet on the Plawce-2 well, which is testing a tight gas formation on the Fences concession. The company found natural gas pay and is currently analyzing core samples and logs from the well. FX Energy expects the Plawce-2 well to be completed as a vertical well after a determination of the water content of the Rotliegend reservoir.
FX Energy owns a 33% working interest in 75,000 net acres in the Alberta Basin in Montana. The company is testing the Bakken formation here and has drilled two wells. The company plans two more wells before the end of 2011.
For more information on the company, go to www.fxenergy.com
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