FX Energy, Inc. (Nasdaq: FXEN) announced that the Company was included in the Russell 3000® Index when the broad-market index was reconstituted June 25, 2004, according to a list of additions issued by Russell Investment Group. Membership in the Russell 3000® means automatic inclusion in either the large-cap Russell 1000® Index or small-cap Russell 2000® Index. Membership in Russell's 21 U.S. equity indexes is determined primarily by market capitalization rankings and style attributes. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. More than $360 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000 Index while the remaining 2,000 companies become the widely used Russell 2000 Index.
FX Energy holds interests in five project areas in Poland:
The Fences I project area covers approximately 265,000 acres in western
Poland's Permian Basin. FX Energy holds a 49% interest except for
approximately 45,000 acres around the Zaniemysl-3 well where FX holds
24.5% and CalEnergy holds 24.5%. POGC holds 51%.
The Fences II project area covers approximately 670,000 acres in western
Poland's Permian Basin. FX Energy has a 49% interest in Fences II and
POGC holds 51%.
The Fences III project area covers approximately 770,000 acres in
western Poland's Permian Basin. FX Energy holds a 100% interest.
The Wilga project area covers approximately 250,000 acres in central
Poland; FX Energy holds a 45% interest.
The Pomerania project area covers approximately 2.2 million acres in
western Poland's Permian Basin. FX Energy holds a 100% interest in the
Pomerania project area except for one block of approximately 225,000
acres, where its interest is 85% and POGC holds 15%. FX will drop the
Pomerania project area this year.