FX Energy, Inc. (NASDAQ: FXEN), today announced that drilling has started at the Baraniec-1 well in the Company's 49% owned Fences license in west-central Poland. The well targets a 3-D defined Rotliegend sandstone structure at a depth of approximately 3,885 meters. Baraniec-1 will be the fifth well in the Lisewo area in the eastern portion of the Fences license.

Other Fences Drilling

The Company also reported that the Karmin-1 well is drilling now below 1,740 meters toward a target depth of approximately 2,460 meters. The target is a 3-D defined Rotliegend structure on trend with the Roszkow-1 and Zaniemysl-3 wells, two of the Company's highest rate producing discoveries.
Two additional wells have been approved for drilling in the Fences license: Miloslaw-4, planned to start drilling in the fourth quarter this year, and Przybyslaw-1, planned for the first quarter of 2015. Miloslaw-4 will be the first well in the Miloslaw area northwest of the Lisewo area; Przybyslaw-1 will be the sixth well in the Lisewo area.
The Fences license covers approximately 850,000 acres. The Polish Oil and Gas Company, PGNiG, is the operator and owns 51% of the working interest; the Company owns 49% of the working interest.

Edge License

The Company has selected a drilling contractor for the Angowice-1 well in the Edge license and site preparation is in progress. Angowice-1 targets a Devonian reefoidal buildup, similar to the productive horizon at the Tuchola field. The Angowice-1 is located approximately 12 kilometers west of the Tuchola wells and is one of four similar prospects clustered together. The well is expected to start drilling in approximately five to six weeks.

The Edge license covers approximately 730,000 acres. The Company operates and owns 100% of the working interest.

FX Energy is an independent oil and gas exploration and production company with production in the U.S. and Poland. The Company's main exploration and production activity is focused on Poland's Permian Basin where the gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England. The Company trades on the NASDAQ Global Select Market under the symbol FXEN.