FX Energy Spuds Ostrowiec Well in Western Poland

FX Energy reported today that drilling is underway on the Ostrowiec well in western Poland. The well is planned to test a Ca2 target at a depth of 3,800 meters and a potential Rotliegend target at a depth of 4,100 meters. The Ostrowiec well is being drilled on 2D seismic data and is operated and owned 51% by FX Energy. The Polish Oil and Gas Company (POGC) owns 49%.

The well is drilling on FX Energy's 1.36 million acre Northwest concession. By paying the drilling costs POGC will earn a 49% interest on 212,000 acres and FX Energy will continue to hold 100% interest in the remainder of the Northwest concession acreage. The nearest field is located approximately 20 kilometers south of the Ostrowiec drillsite and is owned and operated by POGC.

"Ostrowiec is a high risk wildcat," said Andy Pierce, Vice President of Operations for FX Energy. "However, very large prospects like this are a big part of why we came to Poland. If successful, the Ostrowiec prospect could be very significant for the Company and its shareholders."