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FX Energy Inc.


FX Energy Inc. is an independent oil and gas company focused on Poland. The company believes Poland's hydrocarbon-producing areas are underexplored because the country was closed to competition from foreign exploration companies for many decades. FX Energy has accumulated a large land position in known productive areas, assembled a sophisticated technical team and generated a number of attractive gas prospects. It expects to approve projects with a cost of $60–70M.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Joe Reagor, ROTH Capital Partners (8/12/14) "FX Energy Inc. reported its financial and operating results for Q2/14. Oil field services revenue was above expectations, helping to offset unexpected maintenance. We continue to view the Edge Concession as FX's biggest growth driver and anticipate results from the first of two additional wells by Q1/15. We are reiterating a Buy rating and $5.25/share price target."

The Mining Report Interview with Jocelyn August (7/22/14) "We're tracking a production start catalyst for FX Energy Inc.'s Lisewo-2K well in Poland. The company successfully completed production testing on that well and we're expecting production to begin in Q3/14. If you go to, there is a section where you can look at the top 10 positive and negative catalysts for the year. FX Energy has a couple of entries in both the positive and the negative. There's a lot of volatility with FX Energy." More >

Joe Reagor, ROTH Capital Partners (7/21/14) "FX Energy Inc. released a revised drill schedule that includes two additional wells in the Edge concession, which we view as a positive step towards this asset reaching commercial production. . .we are maintaining our Buy rating."

MTF Investing, Seeking Alpha (5/13/14) "FX Energy Inc. recently saw its stock take off due to the successful drilling and positive tests of the Tuchola-4K well. . . the company is participating in an uncrowded gas exploration business in Poland. While the Polish regulation and taxation issues remain, the company has been able to drill producing wells and has positive prospects."

The Energy Report Interview with Joe Reagor (5/1/14) "FX Energy Inc. is now drilling a new well on a 100%-owned piece of land. It will not be an overnight game changer if successful, but it will allow the firm to develop a second situation like the Fences. The Edge Concession play could slowly develop into a second source of natural gas production in Poland for the company. The nice thing about natural gas in Poland is that it gets $8/Mcf, compared to the roughly $4.5–5/Mcf that gas goes for in the U.S. today. That depression of prices caused by the shale boom in the U.S. has not taken hold in Europe. And since no one has been successful with the Polish shale plays, natural gas prices in Poland have remained strong." More >

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Joe Reagor, ROTH Capital Partners (4/21/14) "FX Energy Inc. announced a successful test of the Tuchola-4k well, which exceeded our prior expectations. The announcement continues to support our view that the company is a junior natural gas producer with significant growth potential."

Joe Reagor, ROTH Capital Partners (1/3/14) "We are initiating coverage of FX Energy Inc. with a Buy rating. . .we view the company as a natural gas producer on the cusp of significant production and reserve growth. We anticipate the majority of this growth to come from the Fences concession, but FX Energy has significant potential to expand into other areas in the long run."

Kim Pacanovsky, Imperial Capital (12/20/13) "We are initiating coverage of FX Energy Inc. . .we believe Poland is underexplored for both conventional oil and gas assets, and that much opportunity exists for the company. . .FX Energy is moving in the right direction of a more active drilling schedule with more operated production, which is likely the only way it will be able to lessen the impact of delays and maintenance downtime."

Joel Musante, Euro Pacific Canada (12/12/13) "FX Energy Inc. initiated production from its Lisewo 1 well in the Fences area in Poland. The well came on at a gross production rate of 5 MMcf/d. . .production at Lisewo is a meaningful event as it indicates that production facilities are online and could be utilized for a number of other projects the company is developing in the area, including the Komorze-3 well that is scheduled to come online in Q1/14, the Lisewo 2 acceleration well that is scheduled to come online in the second half of 2014 and the Szymanowice-1 exploration well, if this turns out to be a successful discovery."

Glenn Williams, Sidoti & Company (11/8/13) "To us, FX Energy Inc.'s current valuation is supported solely by its production within the Fences region, an area drilled in conjunction with state operator Polish Oil & Gas Co. We contend, however, that investors are remiss to ignore the company's activity outside of the Fences region, where it holds a 100% working interest (versus 49% in the Fences). Investors will need to be patient, however, as drilling outside Fences requires significant evaluation of seismic data to ensure successful drilling. . .as we await additional testing results outside the Fences, we are confident that the company will maintain its current production within the Fences region, where itmaintains 70% drilling success."

Joel Musante, Euro Pacific Canada (8/8/13) "We reiterate our Buy rating and $5 price target for FX Energy Inc., which is supported by our NAV of $5.05. The company is gearing up to drill several exploration wells, which should create more excitement in the stock."

The Energy Report Interview with Jocelyn August (7/30/13) "FX Energy Inc. can have large-moving catalysts, whether positive or negative. FX had a positive catalyst in May. Good news on production tests at the Tuchola-3K well put it up almost 19%. . .we're looking for more drill-test results in the Fences area, where these are located, including those for the Lisewo-2 and Szymanowice-1 wells. We're also looking for results this quarter from a couple of its wells in Poland." More >

Joel Musante, Euro Pacific Canada (7/9/13) "While FX Energy Inc.'s Plawce 2 test was disappointing, we believe the selloff of shares is overdone; the shares are now trading at just above proved PV-10 value of ~$2.80/share after adjusting for balance sheet items at March 31, 2013. At these levels, FX Energy's shares reflect virtually no credit for exploration potential of the company's Lisewo satellite prospects or the Tuchola-3K discovery; while still exploratory in nature, the Lisewo satellite prospects are in the vicinity of the Lisewo discovery and have a good chance of becoming discoveries."

The Energy Report Interview with Jeff Grampp (6/6/13) "On the gas side, we like FX Energy Inc., which has assets in Poland. It has several large exploratory blocks and recently announced a very solid production test on an exploration well in a 100%-owned block outside of its Fences concession. The Fences concession has been one of FX Energy's more successful blocks and news of the company's drilling success outside of the Fences concession is particularly positive. FX Energy plans to drill more wells near this most recent find after it acquires three-dimensional seismic data and there is good potential in 2013 for FX Energy to capitalize on its recent success.

Most of Poland's natural gas is supplied by Russia, with natural gas prices in Poland being quite high given its lack of domestic production. FX Energy's strategy has been to take advantage of the localized natural gas pricing dynamic. In the long term, it would not be out of the question for Polish imports of LNG to impact natural gas prices in Poland, but it seems unlikely to have a major impact over the next couple of years. For the time being, these guys are producing natural gas in the right place given that they receive nearly $7 per Mcf." More >

Joel Musante, Euro Pacific Canada (5/31/13) "We are initiating coverage of FX Energy Inc. with a Speculative Buy rating and a $5.50 price target. . .outside the Fences area, a recent positive production test of the company's Tuchola 3-K well raises the possibility of a new development area in the Edge concession in Poland. Currently, FX Energy produces about 12.4 MMcf/d in Poland from seven wells and a 2P reserve base of 79 Bcf. . .attractive natural gas price realizations of nearly $7/Mcf and low operating costs have made discoveries very profitable."

Jeff Grampp, C.K. Cooper & Co. (5/22/13) "FX Energy Inc. reported an encouraging production test from its Tuchola-3K well in its 100%-owned Edge concession. The well flowed gas at rates of 3.8–5.5 MMcfpd, with no associated water production. . .due to the impressive results from the production test, the company plans to complete the well as a commercial discovery. . .we are encouraged by the success of the Tuchola-3K well and reiterate our Buy rating and $7 price target."

Jeff Grampp, C.K. Cooper & Co. (5/10/13) "FX Energy Inc. is in discussions to obtain a new credit facility, which will likely include a larger borrowing base to provide liquidity for the company to continue its aggressive exploration program. FX Energy has plans for two Fences wells in the Lisewo area in 2013 that could be quickly connected to existing infrastructure, if successful, and also plans to acquire additional seismic data on its non-Fences concessions to better identify future exploration well locations that will likely be drilled in 2014."

Jeff Grampp, C.K. Cooper & Co. (4/29/13) "FX Energy Inc. provided an encouraging update on its Tuchola-3K well in its 100%-owned Edge concession in Poland. . .the company reported that a drill stem test from a dolomite section in the Ca1/Upper Devonian flowed gas at a rate of ~5 MMcfpd with traces of condensate. The positive results have led the company to initiate a full production test of the well. . .the news of a solid flow rate from the well is a promising development for future exploration activities in the Edge concession. . .we reiterate our Buy rating and price target of $7."

Kim Pacanovsky, MLV & Co (4/29/13) "The 5 MMcf/d drill stem test flow rate from the Upper Devonian dolomite in FX Energy Inc.'s Tuchola-3K well increases our optimism on the stock. The company is initiating a full production test, from which we hope to see steady pressure and a strong commercial rate. . .FX could have multiple additional targets next to the Tuchola-3K well. . .we are optimistic, and believe the shares will respond favorably to this news."

Jeff Grampp, C. K. Cooper & Company (4/8/13) "FX Energy Inc. provided an update on the Plawce-2 tight gas well in the Fences concession. . .recall, logs, cores and a drill stem test on the Plawce-2 well exhibited encouraging gas shows with no water. . .a number of exploration wells planned this year represent potentially catalytic events for FX Energy. . .we reiterate our Buy rating."

Kim Pacanovsky, MLV & Co (3/20/13) "We estimate that FX Energy Inc. will grow production 10.8% YOY, producing an average 14.5 MMcfe/d in 2013. We note that the company is in strong financial shape—we expect it to generate $26M in cash flow for 2013."

Kim Pacanovsky, MLV & Co (3/15/13) "FX Energy Inc. reported higher-than-expected Q4/12 production/revenues than the street anticipated. . .EPS came in at ($0.01), versus the street's $0.01; CFPS of $0.12 beat consensus by $0.05. . .the company expects production from Lisewo-1 and Komorze-3 in H2/13. . .management anticipates FY13 cash flow of $75M and will approve a budget of $60–$70M. . .we remain enthusiastic about the potential in the Fences area. We are maintaining our Buy rating."

Jeff Grampp, C. K. Cooper and Company (3/13/13) "FX Energy Inc. has a number of exploratory wells in its queue that could have a meaningful impact on the company. . .we continue to have a positive outlook on FX Energy as the company has a solid pipeline of near-term exploration targets and focuses on drilling wells in the Lisewo area near previous discoveries that could be quickly connected to infrastructure, if successful."

Chad Mabry, KLR Group (2/27/13) "FX Energy Inc. remains encouraged by the potential of the reef trend on the Edge concession and plans to continue its exploration efforts in the near-term. . .FX Energy has a number of lower-risk prospects on the near-term horizon that should yield more positive results; it also has an intriguing oil prospect with near-term results expected. . .we like the risk/reward at these levels and are maintaining our Accumulate rating."

Raymond Deacon, Brean Capital (2/27/13) "FX Energy Inc.'s Devonian oil test at Tuchola and the Mieczewo test in the Fences both are likely to have news within a month. Lisewo-2 should start drilling in the second quarter, along with the Plawce-2 frac and test. . .three or four additional Lisewo wells are planned for 2013. . .with the Tuchola Main Dolomite result, the company can now use seismic to look for porosity on seismic rather than with the drill bit—that's likely to occur very soon. . .our $8/share target price is equal to 85% of our risked NAV."

Raymond Deacon, Brean Murray Carret & Co. (2/6/13) "FX Energy Inc.'s Tuchola 3K exploratory well has reached its first objective and testing results could provide a boost to the shares given that the company owns 100% of the 880,000 acre Edge concession. Mieczewo-1K results are likely within six weeks is our sense; each of these tests could be material because the company holds 100% working interest in the Tuchola well and 49% interest in the Mieczewo well."

Kim Pacanovsky, MLV & Co (2/5/13) "FX Energy Inc.'s Winna Gora is now up and producing at 1.5 Mmcf/d gross, bringing our Q1/13 production estimate up to 12.8 Mmcf/d. . .at Mieczewo-1 (in the Fences concession), drilling is underway (and below 2,000m). . .the company has been quite successful within Fences and this well is considered to be relatively low risk."

Raymond Deacon, Brean Capital (11/13/12) "The market is likely not giving much credit to the FX Energy Inc.'s upcoming drilling catalysts which we estimate could add ~$6/share to our NAV estimate, even assuming a low probability of success. Production in Q3/12 was a record for the company at 13.2 MMcfe/d, and the Winna Gora well will begin production during Q4/12 which should enable production to reach 14 MMcfe/d, a 15% increase over Q4/11."

Chad Mabry, KLR Group (11/12/12) "While Kutno could have been a game-changing event for the stock, FX Energy Inc. still has a number of prospects in its inventory that could be quite meaningful. We think the correction has offered a nice opportunity for longer-term investors and see shares trading higher over the next ~12 months as its drilling program is carried out."

Jason Gammel, Macquarie Capital Markets (11/12/12) "We expect that the absence of news flow from FX Energy Inc.'s exploration drilling could hold the stock back in the near term; however, we do believe that the production ramp provides a near-term catalyst. Further, we see good value in the stock, which is now trading below the value of discovered resource and cash (US$5.90/share)."

Joel Musante, Euro Pacific Canada (11/12/12) "While the Kutno-2 well was disappointing, FX Energy Inc. currently has a number of exploratory prospects in its queue that could have a meaningful impact on the firm. . .the company also has 2-D and 3-D seismic surveys underway, which will help in determining future exploration targets. We reiterate our Buy rating and price target of $8."

Joel Musante, C.K. Cooper & Co. (11/6/12) "FX Energy Inc. announced results of a drill-stem test at the Frankowo-1 well in the Block 246 concession. . .the well was tested from the upper 5m of a 45m pay section in the Main Dolomite at ~1,550m and flowed at a rate of 2 MMcfg/day. . .it is quite likely that the well is capable of producing at a higher rate, given the favorable porosity of the rock. . .the company may achieve commercial development of the Main Dolomite if it were to tie a number of discoveries into one centralized production facility. . .we reiterate our Buy rating and maintain our price target of $8."

Jason Gammel, Macquarie Capital Markets (10/31/12) "We retain our Outperform recommendation on FX Energy Inc. . .we are expecting further drilling updates before year-end from the Frankowo-1 well, where the company is flow testing the secondary gas zone (shallower dolomite), and from the Plawce-2 well, where fracing operations are ongoing. Additionally, we expect the company to spud the Tuchola-1 and the Mieczewo-1K well in Q4/12. . .we still see upside from the ongoing exploration drilling and, with the stock trading at a 40% discount to our revised $9/share target price, we think that weakness in the stock today will offer potential for an entry point ahead of further news flow before year-end."

Kim Pacanovsky, MLV & Co (10/31/12) "FX Energy Inc. has a host of strong prospects, with several new production additions in 2013. . .this is an exploration company, and one with a strong record. . .the company is still able to fund a strong program next year, with $20M in cash flow, $45M in cash on the June 30 balance sheet and ample bank-line liquidity."

Andrzej Kubacki, ING Securities (10/22/12) "FX Energy Inc.'s Komorze discovery has a good chance of being commercial, with potential reserves beating our initial expectations (24Bcf) by 44%; in addition, the good porosity levels observed at Komorze improve the chances of greater-than-expected discoveries at the remaining four Lisewo satellite structures. . .we expect the company to test three more wells over the next six months: Tuchola, Mieczewo-1K and Plawce 2, with potential recoverable reserves of up to 247 Bcf of gas. Given the company's past track record, we expect additional value to be uncovered as a result. . .we upgrade our target price to US$7.60 and change our recommendation to Buy (from Hold)."

Joel Musante, Euro Pacific Canada (10/10/12) "FX Energy Inc. provided an operational update on several exploratory wells in Poland, most notably the high-impact Kutno-2 well and the Komorze-3 well; the company reported that the Kutno well encountered gas shows in the target Rotliegend formation, but the reservoir appears to have lower porosity when compared with other wells drilled in this formation. The company will continue to drill the well to perform a drill stem production test, which should be a more conclusive measure of commerciality."

Kim Pacanovsky, Imperial Capital (10/10/12) "FX Energy Inc. announced that it encountered good gas shows throughout the Rotliegend in the Kutno (9 tcf predrill prospect) with porosities lower than the shallow Rotliegend in Fences, which is what one would expect due to depth; while the well is further tested, the waiting game continues. . .the good news, and the impetus behind the release, was early results on Frankowo; gas saturation and good porosity has been found in the Main Dolomite—encountered while drilling through the Zechstein on the way to the Rotliegend in the Frankowo (100% WI)."

The Energy Report Interview with Kim Pacanovsky (10/9/12) "My favorite company is FX Energy Inc., which operates almost exclusively in Poland. . .the advantages [to operating in Poland] include a very high realized natural gas price. . .that takes out a lot of the commodity risk you have here in the U.S. Poland has low taxation and royalties because it wants to encourage natural gas investment. . .because Poland was behind the Iron Curtain for so long, the actual number of wells drilled was so much lower than in the non-Eastern Bloc countries that host the same formation, called the Rotliegend sandstone, which is the primary target of FX Energy in Poland. So, this gave FX an opportunity to bring in the best science and drilling practices, resulting in drilling 8 out of 11 wells successfully.

For 2012, we're looking at production of about a little more than 13 MMcf/d growing to 15 MMcf/d in 2013. But there's a significant well that's coming on-line at the end of 2013. So the production in the fourth quarter of 2013 should be closer to 19 MMcf/d at over $8 per Mcf. . .for next year we're expecting around $43 million ($43M) in revenue and $0.08 in earnings and $0.40 in cash flow. . .the biggest prospect is called Kutno, which is a 9-Tcf prospect. . .it's very high risk. . .but if it's not dry, it's going to be big for the company. . .up until last year, FX was drilling one or two wells per year and didn't have the funding and the prospects to drill at its current pace. We predict it could have six or seven well results per year starting in 2013, which is very exciting." More >

Kim Pacanovsky, MLV & Co (9/13/12) "We continue to believe several potentially high-impact catalysts are on the horizon. . .if Kutno is successful, FXEN Energy Inc. could see an oil and gas major come in and further evaluate/develop the well as the cost of development is beyond the means of FX. If this were to occur, we expect a special dividend could be paid out, the company would continue to test other high impact prospects, and then the ultimate exit strategy down the road is the sale of the company."

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