1. 1
A Unique Play on the Strong European Gas Market
October 2013
POLAND
2. NASDAQ: FXEN
2
Corporate Headquarters
FX Energy, Inc.
3006 Highland Drive
Salt Lake City, UT 84106
Ph: (801) 486-5555
website: www.fxenergy.com
Contact
Scott Duncan
VP Investor Relations
scottduncan@fxenergy.com
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to potential
and probable reserves, cash flow, value, risked value, timing of drilling and exploration activities and revenue projections. These statements relate to future events or to
future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond our control and that might materially affect actual results, levels of activity, performance or achievements.
For example, exploration, drilling, development, construction or other projects or operations may be subject to the successful completion of technical work;
environmental, governmental or partner approvals; equipment availability, or other things that are or may be beyond the control of the Company. The Company’s
exploration or development operations that are anticipated, planned or scheduled may be changed, delayed, take longer than expected, fail to accomplish intended
results, or not take place at all. In carrying out exploration it is necessary to identify and evaluate risks and potential rewards. This identification and evaluation is
informed by science but remains inherently uncertain. Subsurface features that appear to be possible traps may not exist at all, may be smaller than interpreted, may not
contain hydrocarbons, may not contain the quantity or quality estimated, or may have reservoir conditions that do not allow adequate recovery to render a discovery
commercial or profitable. Forward looking statements about the size, potential or likelihood of discovery with respect to exploration targets are certainly not guarantees
of discovery or of the actual presence or recoverability of hydrocarbons, or of the ability to produce in commercial or profitable quantities. Estimates of potential
typically do not take into account all the risks of drilling and completion nor do they take into account the fact that hydrocarbon volumes are never 100% recoverable.
Such estimates are part of the complex process of trying to measure and evaluate risk and reward in an uncertain industry.
Other factors that could materially affect actual results, levels of activity, performance or achievement can be found in the Company’s Annual Report on Form 10-K
filed on March 14, 2013 and in the documents incorporated therein by reference. If any of these risks and uncertainties develop, or if any of our underlying assumptions
prove to be incorrect, out actual results, levels of activity, performance or achievement may vary significantly from what we projected. Any forward looking statement
contained in or made during this presentation reflects the Company’s current views with respect to such future events and is subject to these and other risks,
uncertainties and assumptions. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new
information, future events or developments or otherwise.
FX Energy – Forward Looking Statements
Prepared: October 2, 2013; Printed: October 2, 2013
3. NASDAQ: FXEN
3
FX Energy Today
Drilling activity way up
• 2013 E&P commitments anticipated to be $60-70 million vs. $36 million 2012 capex
• 2013: 2 wells drilled earlier this year, 2 more now drilling, 2 more planned to start this year
Strong European gas prices
• $8.85/mmbtu(1) ($312/Mcm) FX average wellhead price 1H2013
Solid production and revenues
• 2011: 12 Mmcfe/d (322 Mcme/d) net to FX; net revenues of approx. $26mm
• 2012: 13.1 Mmcfe/d (354 Mcme/d) net to FX; net revenues of approx. $31mm
• 2013: 13.1 Mmcfe/d (354 Mcme/d) net to FX 1H2013; Lisewo facility scheduled to start 2H2013
Significant assets
• $243 million NAV at 12/31/12 (P50 pre-tax reserves(2)); $4.56/share NAV before prospect and acreage value
• 2.7 million gross (2.0 mm net) acres (over 8,000 net km2) in Poland – 14 licenses
Note: (1) Based on $1=pln3.26 avg. for full year 2012; at 10/2/2013 $1 ≈ PLN 3.10
(2) As per RPS Energy and Hohn Engineering as of 12/31/2012
4. NASDAQ: FXEN
Major Institutional Shareholders as of 6/30/2013 Financial Information as of 6/30/2013
Shareholder Split – Shares Outstanding
6.4%
35.4%
58.2%
Ownership by Shareholder
Category
Officer and
Director
Institutional
Retail
Number of Shares % Holding
BlackRock Fund Advisors 3,656,551 6.7%
Vanguard Group, Inc. 1,525,998 2.8%
Wellington Shields & Co. 1,258,285 2.3%
Clear Harbor Asset Management LLC 1,209,474 2.2%
Odey Asset Management LLP 1,101,691 2.0%
SSgA Funds Management 875,061 1.6%
Northern Trust Investments 762,505 1.4%
National Asset Management, Inc. 709,643 1.3%
Jennison Associates LLC 662,843 1.2%
ING Investments Management 615,800 1.1%
Erste Asset Management 555,419 1.0%
BMO Asset Management Corp. 481,269 0.9%
Schroder Investment Management, Inc. 410,274 0.8%
Tom Lovejoy 911,291 1.7%
David Pierce 617,435 1.1%
Ordinary Shares Outstanding 53,412,433
Options 1,269,085
Fully Diluted Shares 54,681,518
4
Financial Overview
Balance Sheet
Data ($mm)
Unaudited
6/30/13
audited
12/31/12
Current assets $30.5 $47.1
Property, net 56.7 57.1
Other assets 1.5 1.8
Total assets $88.7 $106.0
Current liabilities $11.1 $16.7
Long term debt 33.0 33.0
Other long term 1.5 1.4
Shldrs Equity 43.1 54.9
Total $88.7 $106.0
Income
Statement Data
($mm) Audited
unaudited audited
1H13 1H12
Total revenues $17.7 $17.2
Operating Costs 2.0 2.8
Exploration Costs 10.2 5.0
Non-cash expenses 9.5 3.0
G&A 4.6 4.3
Total Costs 26.3 15.1
Operating inc. (loss) $(8.6) $2.1
Cash flow is after G&A but before exploration and development
(fully diluted)
$40
$25
$15
Liquidity Sources (MM) as of
1/1/2013
Cash
Cash Flow
Bank Facility
NASDAQ Symbol: FXEN
Market Cap: $185 mm @ $3.50/sh
50 day avg. volume: 375,000 shares/day
52 week price range: $2.48 - $7.58
Note: Bank facility increased by $10 MM 3Q2013
5. NASDAQ: FXEN
5
Oil & Gas Concessions in Poland
FX is producing and exploring for
conventional fields with high value
FX has “first mover” advantage in
conventional exploration in Poland
• Built an interactive database of nearly
2000 wells along with 2D/3D seismic
New players in Poland over the last
few years came to investigate
unconventional shale gas potential –
lack of commercial results have
prompted some to leave
(ExxonMobil, Marathon, Talisman)
Shale gas?
Conventional gas
Tornquist Line
Fences Concession
PGNiG; FX Energy Poland
X
X
X
7. NASDAQ: FXEN
Poland has significant hydrocarbon potential
• Geology doesn’t stop at the border; Poland is just under-explored
• Permian Basin extends across Europe: Permian (Rotliegend) gas fields in Poland are direct analogs to
those found in the UK and Dutch sectors of the Southern North Sea and onshore Holland and Germany
• Only one company (state owned) was exploring Poland during the Iron Curtain decades
• The North Sea was (and is) explored by dozens of companies
7
Untapped Resources in Poland
North
European
Permian Basin
150 Tcf
4.0 Tcm
40 Tcf
1.1 Tcm
60 Tcf
1.6 Tcm
5 Tcf
0.1 Tcm
FX
8. 0 zł
200 zł
400 zł
600 zł
800 zł
1,000 zł
1,200 zł
1,400 zł
Jan-03
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Aug-04
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Sep-08
Jul-09
Apr-10
Feb-11
Dec-11
Oct-12
Jul-13
Polish High Methane Gas Tariff - PLN/1000m3
Nord Stream now operational
$0
$5
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$20
Jan-03
Oct-03
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Jul-13
Polish Gas Price vs US Henry Hub ($/mcf)
Poland
US
8
Strong Gas Prices
NASDAQ: FXEN
Europe imports 1/2 of its gas supply, mostly from Russia
Poland imports 2/3 of its gas supply, mostly from Russia/Gazprom
• Domestic production: 440 Mmcf/day; 160 Bcf/year (4.3 bcm/year)
• Natural Gas Imports: 1.1 Bcf/day; 400 Bcf/year (10.9 bcm/year)
Russian gas prices are still tied to oil; shale gas remains elusive in
Europe; LNG moves toward high demand/price in Japan/China
9. NASDAQ: FXEN
$0.04
$1.54$0.26
$1.95
$0.73
$0.52
$2.92
$3.31$3.13
$0.78
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
FX Poland JP Morgan
Cash
Margin
F&D
Taxes
LOE
Royalty
Production Economics - Poland v. US
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
$6.00
$6.50
$7.00
$7.50
$8.00
300
400
500
600
700
800
900
1000
PLN/000m3
FXEN Avg. PLN Gas Price FXEN Avg. USD Gas Price
9
Lower costs in Poland than in US
• Low taxes: 19% vs. 40%
• Low lifting costs: $0.26 vs. $1.95
• Low royalties: 1% vs. 19%
• FX 8 year F&D costs = $2.92/Mcfe
FX wellhead price (2013 first half)
• $8.85/mmbtu ($312/Mcm)
• $7.08/mcf ($250/Mcm)
• FX gas is 80% methane / 20% nitrogen
(2) US Independents 2013 estimate
(per JP Morgan 8/29/2013)
a) wellhead price: $8.09/Mcfe (48% oil)
b) royalty rate: 19%
c) LOE: $1.95/Mcfe
d) US income tax rate: 40%
(1) FX Poland 1H2013
a) wellhead price: $8.85/mmbtu; $7.08/Mcfe
b) royalty rate: 0.60%
c) LOE: $0.26/Mcfe
d) Polish income tax rate: 19% of net income
e) $1=PLN 3.18 average 1H2013
Attractive Economics
NASDAQ: FXEN
10. NASDAQ: FXEN
10
Size: 312,000 sq. km (120,000 sq. mi.);
comparable to Germany - or New Mexico
Population: 38 million people; well
educated, multi-lingual, culturally
homogeneous; (Germany has 80 million;
France and UK have 60 million each)
Political stability: Poland is a member of the
European Union (EU) and NATO; it has a
long history of adhering to the rule of law
Economy:
• Poland is Europe’s sixth largest economy
• Poland has its own currency (zloty) and its
own central bank
• Poland’s GDP has continued to see growth
despite recession in the rest of the EU
Poland: Sound Economy; Rule of Law
11. NASDAQ: FXEN
David Pierce
President and
CEO, Director
Jerzy Maciolek
VP International
Exploration,
Director
Arnold
Grundvig, Jr.
Non Exec.
Director
Dennis
Goldstein
Non Exec.
Director
Richard
Hardman
Non Exec.
Director, Chief
Technical
Advisor
Tom Lovejoy
Executive VP
and Chairman
11
Corporate Structure; Poland in-Country Team
H. Allen
Turner
Non Exec.
Director
Executive Directors Non-Executive Directors
In-Country Team
Zbigniew Tatys
Country Manager
Geology/Geophysics
10 in Poland
Drilling
3 in Poland
Production Engineering
3 in Poland
1 in UK
Accounting/Administrative
3 in Poland
Jerzy Maciolek, Director, VP International Exploration – a proven explorer in
Poland
• Brilliant explorationist and the driving force behind FXEN in Poland
• Received Gulf Oil President’s award for outstanding research
• Geophysical degrees from Mining and Metallurgical Academy, Krakow,
Poland
Zbigniew Tatys, Head of Warsaw Office – proven leader with extensive
production experience in Poland
• 20 year career with PGNiG; former General Director of PGNiG’s
Upstream E&P Division
Richard Hardman, CBE, Director – the leading figure in North Sea exploration
• 40 year international exploration career; VP Exploration for Amerada
Hess 1983-2002
• Responsible for key Amerada N. Sea discoveries – Valhall, Scott, S. Arne
• Awarded CBE; served as: Chairman, PESGB; Pres., Geological Society;
Pres., AAPG Europe
Jack Scott, Consulting Petroleum Engineer – analogous Rotliegend experience
• Rotliegend experience with Ranger Oil (UK) and Pennzoil (Netherlands)
• 35 years of international experience
Jerzy Maciolek
VP International
Exploration
Andy Pierce
VP Operations
Clay Newton
VP Finance
Eva Sokolowski
Director of
Operations
Administration
13. NASDAQ: FXEN
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$4.56/share = P50 (2P) reserves
$243 million = P50 (2P) reserves pv-10 pre-tax at 12/31/2012
Over 90% of 2012 Company wide reserves come from just 9
wells in the “Fences” concession
2 more Fences wells underway (one drilling, one rigging up);
currently permitting 10 more wells
NASDAQ: FXEN
Reserves Growth Track Record
2012
Reserves Bcfe Bcm
PV-10
(pre-tax
millions)
P90 (1P) 48 1.3 $178
P50 (2P) 79 2.1 $243
Source: RPS Energy and Hohn Engineering
$0
$50
$100
$150
$200
$250
$300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
P-50 Reserves - PV-10 (pre-tax millions)
Poland
US
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
P-50 Reserves vs. Production (bcfe)
Year-end
Reserves
Production
14. NASDAQ: FXEN
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Production Growth
In a “no-success” case on all future drilling, FX still generates significant net revenue
from existing wells beyond 2022
Production growth set for 2013 and 2014 from wells already drilled, tested and completed
Above chart is from the FX Energy 12/31/2012 independent
reserve reports as filed with the SEC(1), excluding undrilled wells.
Based on $6.60/mcf held constant (SEC method: first-day-of-month
average 2012 wellhead gas price). The average wellhead price
during 1H2013 was $7.08/mcf
Note: (1) As per RPS Energy and Hohn Engineering
Above chart is actual through 2012; 2013-2014 forecast from
12/31/2012 independent reserve reports as filed with the SEC(1),
excluding undrilled wells.
0
100
200
300
400
500
600
0.0
4.0
8.0
12.0
16.0
20.0
2003 2005 2007 2009 2011 2013
Mcm/day
Mmcfe/day
P90 Production Forecast - avg. daily
WG / Lisewo1 / K-3K
Existing Gas
Existing Oil
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Estimated Future Net Revenues from Producing
Properties P50 ($millions)
12-31-2012 Reserve
Report
15. NASDAQ: FXEN
-
2.0
4.0
6.0
8.0
10.0
12.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Mmcf/day
Year
Zaniemysl Well - Daily Production (Mmcfd)
20.7 Bcf Actual Production
23.3 Bcf 2006 Y/E P90 Forecast
40.6 Bcf 2006 Y/E P50 Forecast
15
Economics: Average of 9 Fences Wells (100%)*
Well cost (current estimate) $10 mm
Facilities cost (current estimate) $5 mm
Pre-tax 1P/2P value (PV-10) (avg.) $58/$72 mm
1P/2P cumulative undiscounted net cash
flow (avg.)
$75/$112 mm
Pre-tax 1P/2P reserves (avg.) 15/21 Bcf
(0.4/0.6 Bcm)
Initial production rate (avg.) 5.0 Mmcf/d
(134 Mcm/d)
Royalty (current) $0.04/mcf
NASDAQ: FXEN
Long-Lived Wells
-
20
40
60
80
100
120
140
160
180
-
1.0
2.0
3.0
4.0
5.0
6.0
1 2 3 4 5 6 7 8 9 10 11 12
Mcme/day
Mmcfe/day
Year
Production Profile - Avg. of all 9 Fences Wells*
P50 Production
Forecast
P90 Production
Forecast
Zaniemysl Notes: Zaniemysl-3 watered out at the original downhole location and will be sidetracked to another location in the same
structure. Between 9/2007 and 7/2013 Zaniemysl-3 produced 20.7 Bcf of gas gross. Estimated ultimate recovery as of 12/31/2012 was
24.8 Bcf proved and 29.5 Bcf 2P
-
2.0
4.0
6.0
8.0
10.0
12.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Mmcf/day
Year
Zaniemysl Well - Daily Production (Mmcfd)
20.7 Bcf Actual Production
23.3 Bcf 2006 Y/E P90 Forecast
40.6 Bcf 2006 Y/E P50 Forecast
*Production Profile and Economics Notes: Averages based on
2012 SEC reserve report for all 9 Fences wells
Figures include only reserves in wells already drilled
All figures are for 100% working interest
16. NASDAQ: FXEN
Fences concession: 850,000 acres (3,440 km2) surrounding
PGNiG’s 390 Bcf (10.5 Bcm) Radlin Gas Field
16
Rotliegend gas potential
• Rotliegend gas fields from the
1980’s showed area potential
• PGNiG had moved on to other
plays (Zechstein) in Poland
• Seismic advances from the
North Sea had not been applied
• FX saw high potential with
limited “wildcat” risk
• Fences: FX earned 49%; PGNiG
holds 51% and operates
Fences
Fences Concession – FX Core Area
Block 246
FX 100%
PGNiG’s Paproc field
267 Bcf (7.2 Bcm)
disc. 1982
PGNiG’s Radlin field
390 Bcf (10.5 Bcm)
disc. 1985
Fences
FX 49%
FX 24.5%
Block 229
FX 100%
17. NASDAQ: FXEN
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NASDAQ: FXEN
Results to Date in Fences Concession
(1) P50 Estimated Ultimate Recovery
9 commercial successes out of 13 wells (69%) targeting Rotliegend structural traps
• Average well size: 21 Bcf 2P (0.6 Bcm) -- $72 million pre-tax pv10%
• Komorze-3 and Lisewo-1 to start production 4Q2013
Fences
Kromolice-1
Kromolice-2
Zaniemysl Lisewo-1
Kleka-11
(depleted)
Roszkow
Winna Gora
Sroda-4
Fences Concession
Komorze-3
Commercial Discoveries
Gross P50 Reserves(1) /well
Kleka-11 3 bcf 0.1 bcm
Zaniemysl 30 bcf 0.8 bcm
Sroda-4 25 bcf 0.7 bcm
Winna Gora 17 bcf 0.5 bcm
Roszkow 33 bcf 0.9 bcm
Kromolice-1 24 bcf 0.6 bcm
Kromolice-2 15 bcf 0.4 bcm
Lisewo-1 43 bcf 1.2 bcm
Komorze-3 7 bcf 0.2 bcm
Total 197 bcf 5.3 bcm
18. NASDAQ: FXEN
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NASDAQ: FXEN
2013-2014 Plans
Fences
Lisewo-1 and Komorze-3 to
start production 4Q2013
Miloslaw first
well in 2014
Lisewo-2 drilling now;
Szymanowice to start
drilling in Oct.
Fences Concession
Zaniemysl-3
sidetrack 2014
Taczanow
in 2014
2013/2014 Primary Focus: Lisewo Area
• 10 individual structures on 3D seismic in Lisewo area: 2 have been drilled successfully; 3rd structure to
start drilling in Oct; other structures to drill in 2014 and 2015
• Zaniemysl sidetrack, Taczanow, and Miloslaw wells anticipated in 2014
19. NASDAQ: FXEN
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NASDAQ: FXEN
Lisewo Area Potential
Lisewo area 3-D
• Lisewo-1 and Komorze-3
discoveries: aggregate 50 Bcf (1.3
Bcm) P50 gross; aggregate
production rate est. 6-7 mmcf/d
(161-188 Mmcm/d) gross
• production facility to start 10/2013
• Lisewo-2 drilling; Szymanowice-1
to start drilling in Oct.; 10 more
permits in process
• Aggregate additional recoverable
gas could be 200-400 Bcf (5.4 –
10.7 Bcm) gross; FX share to drill
and develop est. at $60 million
• FX holds 49%; PGNiG 51% and
operates
Przybyslaw
(Komorze-4)
Lisewo-1 discovery
Lisewo-2 drilling
Paruchow-W/E
Baraniec
Ciemierow
Tomice
Szymanowice-1 to
spud Oct. 2013
Szymanowice-S
Broniszewice
Fences Concession
Lisewo Area
Komorze-3 discovery
21. NASDAQ: FXEN
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High Impact Exploration
• High potential identified in large exploration
concessions covering over two million acres
• 2 more new wells planned for 2013 in non-
Fences concessions (of which 1 now drilling)
• High graded acreage to reduce exploration risk
FX Energy Exploration Concessions
Main gas distribution lines in red
Gross
(mm acres)
Working
Interest
Net
(mm acres)
Net
(km2)
Fences 0.85 49% 0.41 1,647
Block 229 0.23 100% 0.23 941
Block 246 0.24 100% 0.24 975
Warsaw S. 0.47 51% 0.24 976
Edge 0.88 100% 0.88 3,567
Block 287 0.01 100% 0.01 52
2.68 2.01 8,158
229
Fences
246
Warsaw S.
Edge
22. NASDAQ: FXEN
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NASDAQ: FXEN
Edge Concession – Tuchola-3K Well
Edge
Edge concessions
Tuchola discovery
Tuchola 3-K
discovery
Apache Tuchola-2
(2001) tested gas
Edge Concessions
• 880,000 gross and net acres/3,567 km2; FX operates, holds 100%.
• Earlier this year Tuchola-3K tested commercial; raises the possibility of
opening a significant new exploration play for FX in Poland
• 110 km hi-res 3D seismic underway; 1 more well planned for later this
year; should go far in determining the size of this discovery
23. NASDAQ: FXEN
246
23
NASDAQ: FXEN
Block 246
Block 246 Concession
• 240,000 acres/975 km2; FX operates, holds 100%
• Carboniferous potential: updip from 1 Tcf (27 Bcm) Ca1 production in
Bronsko/Koscian fields
• Gorka Duchowna -1: 2,700 meter Carboniferous test well, drilling now
• Frankowo-1 well opens up Rotliegend and Ca2/Main Dolomite potential in the
southeastern portion of Block 246 at shallow depth: 1500 to 2200 meters
• 3D seismic processing now; drilling in 2014 if seismic yields good prospects
Frankowo-1
Map: Top Main Dolomite
Bronsko field
700 Bcf
Koscian field
300 Bcf
Gorka
Duchowna
Now drilling
Frankowo-1
2013 3D
seismic
24. NASDAQ: FXEN
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NASDAQ: FXEN
Block 229
229
Block 229 Concession
• 232,500 gross and net acres; 941 km2; FX operates and holds 100%
• Five reef prospects: Ca2/Main Dolomite gas potential – analog to PGNiG’s
BMB and LMG fields (reported 1 Tcfe (27 Bcme) recoverable oil and gas)
• 2D seismic planned for late 2013 to set up a 2014 well
Lead-1
Grundy 2:
23 meters of Ca2,
porosity 10-30%
Lead-1
Block 229Fences
Concession
25. NASDAQ: FXEN
W-S
25
NASDAQ: FXEN
Warsaw South Concessions
Warsaw South Concessions
• 470,000 acres/1,952 km2 gross; FX operates, holds 51% ; PGNiG earned 49%
• Terminus of the Permian Basin; prime location for trapping; Ca1/reef, Rotliegend,
Devonian and Carboniferous leads
• FX’ first well (Machnatka-2, P&A) found no trap, but did see gas shows and good
porosity (over 50 net meters above 11% average) in lower Carboniferous sands
• Drilling planned for 2014 after new seismic
Machnatka
P&A
Boglewice
prospect
Grojec
prospect
Potycz
prospect
Warsaw South
concessions
Zabienec
prospect
40kms
Machnatka
Grojec
Michrow
Major strat trap and structure potential
Boglewice
Potycz
Warsaw South
concessions
26. NASDAQ: FXEN
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FX 2012 year end reserves
• 79 Bcfe (2.1 Bcme) of 2P(P50) reserves at 12/31/2012; $243 mm pre-tax pv10%
• Each of the projects below has the potential to more than double those numbers
Fences concession: Lisewo area
• Potential up to 100-200 Bcf (2.7–5.4 Bcm) net to FX fully developed from multiple prospects on
3-D seismic (plus the Lisewo-1 and Komorze-3 discoveries)
• 1 new well drilling now; 1 more to start drilling in Oct. 2013; now permitting 10 more wells
Edge concession: Tuchola area
• Tuchola-3K tested commercial; new seismic being interpreted now
• 1 more well planned for 4Q2013 to appraise the Tuchola-3K discovery
Block 246 concession: Carboniferous area and Rotliegend area
• Gorka Duchowna, a Carboniferous test, is drilling now
• Frankowo-1 well provided data and encouragement; 3D seismic now in processing for Main
Dolomite and Rotliegend; drilling in 2014 as warranted by seismic
Block 229 concession: Main Dolomite area
• Potential up to several hundred Bcfe including oil potential; analog to PGNiG’s 1Tcfe (27
Bcme) BMB and LMG fields; drillsite seismic this winter, first well in 2014
Warsaw South: Multiple horizons
• Drilling in 2014 after new seismic; Zechstein, Rotliegend, Devonian and Carboniferous leads
Upside Potential in 5 Project Areas
27. NASDAQ: FXEN
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NASDAQ: FXEN
NAV and Forward Drilling Program
Note: estimated net value calculated at $3.07/mcf or $115/mcm; $3.07 is the average 2P (P50) pv-10 value in the Company’s 12/31/2012 reserve
report. (The 1P (P90) value is $3.81/mcf.) Development costs are not shown and may be expected to vary considerably from project to project.
Net Asset Value (NAV) Analysis
($ in millions, except per share amounts) Total per share per share
P50 reserves value pre-tax 12/31/12 $243 $4.56 $4.56
Cash at 12/31/2012 $40 $0.75 $0.75
Long-term Debt at 12/31/2012 $(40) ($0.75) ($0.75)
P-50 Net Asset Value $243 $4.56 $4.56
Undrilled Potential Potential FX Net Net Potential Est. Net Risked Unrisked Net Cost
Recoverable Interest Recoverable Chance of Value (mm) Value Value
to FX
(mm)
Prospect (Bcfe) (Bcme) after 1st well (Bcfe) (Bcme) Success * per share per share First Well
Fences - Lisewo 9 structures 225 6.0 49% 110 3.0 75% $254 $4.76 $6.35 $5
Fences - Lisewo upside 240 6.4 49% 118 3.2 20% $72 $1.35 $6.77 $5
Fences - Miloslaw 50 1.3 49% 25 0.7 20% $15 $0.28 $1.41 $5
Fences - Plawce East 875 23.5 49% 429 11.5 20% $263 $4.94 $24.70 $5
Edge - Tuchola 110 2.9 100% 110 2.9 20% $68 $1.27 $6.34 $10
Edge - Unislaw 110 2.9 100% 110 2.9 20% $68 $1.27 $6.34 $12
Block 229 Main Dolomite 450 12.1 100% 450 12.1 20% $276 $5.18 $25.92 $12
Block 246 - Gorka Duchowna 50 1.3 100% 50 1.3 20% $31 $0.58 $2.88 $6
WS - Grojec 100 2.7 51% 51 1.4 20% $31 $0.59 $2.94 $5
WS - Boglewice 200 5.4 51% 102 2.7 20% $63 $1.18 $5.88 $5
WS - Potycz 90 2.4 51% 46 1.2 20% $28 $0.53 $2.64 $5
Total Risked Potential 2,500 67.0 1,600 42.9 $1,169 $21.92 $92.16 $75
Shares Outstanding (millions) 53.3 53.3
Risked Discovery Potential and Net Asset Value Per Share $26.48 $96.72
28. Zaniemysl Production Facility
Aug. 2, 2008
Kromolice-1
rig floor during drill stem test
Aug. 22, 1995
First FX Concessions
David Pierce, Dr.
Krzysztof Szamalek,
Marek Hoffmann,
Tomasz Minkiewicz
Ostrowiec Well
Rig floor
May. 29, 2009
Aug. 7, 2003
Mar. 13, 2009
Kromolice-2
rig and production test flare
Aug. 6, 2003
Wilga Production
Facility
Zbigniew Kulczak, Clay
Newton, Tom Lovejoy,
David Pierce, Zbigniew
Tatys
Feb. 14, 2007
Winna Gora
production
test flare
Jun. 3, 2009
Roszkow Production Facility
Andy Pierce, Aleksander
Nowak
Jan. 26, 2007
Grabowka JV
Jerzy Maciolek, Zbigniew
Tatys, Eva Sokolowski, David
Pierce, Piotr Buszka
Mar. 9, 2009
Roszkow Production
Facility
Oct. 30, 2003
Zaniemysl-3 Drilling
May 29, 2009
Ostrowiec Drill Pad
Oct. 25, 2003
Zaniemysl-3 Drilling
June 2, 2009
Ostrowiec Drillsite
Henry Dytko, Andy Pierce,
Aleksander Nowak
May 29, 2009
Ostrowiec
WellOct. 1, 2008
Seismic Acquisition
Zerkow-Pleszew
Dec. 16, 2003
Zaniemysl Well
Head
May 26, 2009
Ostrowiec
Well
