FX's Q4 Loss Shrinks
FX Energy, Inc. on Tuesday announced financial results for its fourth quarter and the full year of 2006.
Total revenue for the quarter was $3.2 million, up 100% from revenues of $1.6 million for the fourth quarter of 2005. The fourth quarter of 2006 had a net loss of $5.8 million, or $0.16 per share. This compares to a net loss of $6.6 million, or $0.19 per share, for the fourth quarter of 2005. As of December 31, 2006, the Company had combined cash and marketable securities totaling $15.1 million.
Total revenue for the full year of 2006 was $8.2 million, up 39% from revenues of $5.9 million for the full year of 2005. Fiscal 2006 had a net loss of $13.8 million, or $0.39 per share. This compares to a net loss of $11.4 million, or $0.33 per share for fiscal 2005.
The Company also announced that the SEC PV-10 value of its reserves at December 31, 2006 was $63.8 million, an increase of 52% over the December 31, 2005 value of $41.9 million.
FX Energy, Inc. holds a land position of 250,000 acres around its Wilga discovery and over 2.8 million acres in western Poland's Permian Basin. The Permian Basin's gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England, and represents a largely untapped potentially significant gas resource.
- FX Energy is Reading Szymanowice-1 Well for Production (Dec 31)
- FX Energy Tests Poland Tuchola-3K Well (Apr 29)
- FX Energy 'Disappointed' over Polish Mieczewo Well (Apr 08)