FX Energy, Inc. has entered into a Letter of Intent with the Polish Oil and Gas Company ("POGC") to jointly explore FX Energy's Warsaw South concession. Under terms of the Letter of Intent, POGC will earn a 49% interest in the Company's 880,000 acre Warsaw South concession. In the first phase the Parties agreed to acquire 273 kilometers of 2D seismic and to drill one exploration well in the Warsaw South concession to the depth of approximately 3800 meters during 2011. FX Energy will be operator of the joint works.
"We are currently acquiring seismic over a number of leads in the Warsaw South concession," said David Pierce, president of FX Energy. "Our expectation is that this seismic will provide at least the first two drill sites for our Warsaw South wells in 2011. We are pleased to expand our relationship with POGC to include drilling in this acreage," said Pierce.
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