FX Energy is a natural gas producer in Poland with over 2 million acres under concession. Poland has significant untapped natural gas resources and a strong gas market due to its reliance on imports from Russia. FX Energy benefits from Poland's attractive production economics, including low taxes, royalties, and lifting costs compared to the US. FX is increasing its drilling activity with the goal of significant reserve and production growth.

1. POLAND
A Unique Play on the Strong European Gas Market
March 2013 1

2. FX Energy Corporate Information
• NASDAQ Symbol: FXEN Corporate Headquarters
• Market Cap: $210 million @ $4.00/sh FX Energy, Inc.
3006 Highland Drive
• 50 day avg. volume 280,000 shares/day
Salt Lake City, UT 84106
• 52 week price range $3.32 - $8.77 Ph: (801) 486-5555
• Institutional ownership 42% website: www.fxenergy.com
• Officer/director ownership 5.5% (7.6% fully diluted) Contact
Scott Duncan
• Shares outstanding 53.2 million VP Investor Relations
• Fully diluted 54.5 million 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.
NASDAQ: FXEN Prepared: March 14, 2013; Printed: March 14, 2013
2

3. Corporate Overview
Major Institutional Shareholders as of 12/31/2012 Financial Information as of 12/31/2012
Number of Shares % Holding
BlackRock Fund Advisors 2,881,369 5.3% Balance Sheet Audited Audited Income Audited
Vanguard Group, Inc. 2,866,230 5.3% Data ($mm) 12/31/12 12/31/11 Statement Data
Erste Asset Management 1,360,785 2.5% ($mm) Audited 2012 2011
Current assets $47.1 $60.2
Clear Harbor Asset Management LLC 1,229,282 2.3%
Total revenues $36.6 $35.4
Jennison Associates LLC 1,219,246 2.2% Property, net 57.1 47.9
Odey Asset Management LLP 1,100,998 2.0%
BMO Asset Management Corp. 972,196 1.8% Other assets 1.8 2.1
SSgA Funds Management 915,568 1.7% Operating Costs 5.2 8.3
Wellington Shields & Co. 846,747 1.6% Total assets $106.0 $110.2
Northern Trust Investments 783,042 1.4% Exploration Costs 23.8 16.6
ING Investments Management 665,590 1.2%
Current liabilities $16.7 $10.4 Non-cash expenses 9.2 5.2
BZ WBK Asset Management 604,572 1.1%
BlackRock Advisors 506,449 0.9% G&A 8.4 8.4
Long term debt 33.0 40.0
Tom Lovejoy 951,216 1.7%
David Pierce 687,304 1.3% Other long term 1.4 1.2 Total Costs 46.6 38.5
Ordinary Shares Outstanding 53,246,620
Options 1,275,299 Shldrs Equity 54.9 58.6
Fully Diluted Shares 54,521,919 Operating inc. (loss) $(10.0) $(3.1)
Total $106.0 $110.2
Shareholder Split – Shares Outstanding
Ownership by Shareholder Category 2013 Liquidity Sources (millions)
(fully diluted) 7.6%
$15
Retail Cash
Institutional 50.5% Cash Flow $40
Officer and Director 41.9% Bank Facility
$25
Cash flow is after G&A but before exploration and development
NASDAQ: FXEN
3

4. Oil & Gas Concessions in Poland
 FX is producing and exploring for
conventional fields with high value
• One of only two producers in Poland Tornquist Line
• Balanced portfolio of low and high
risk prospects
• Gas production benefits from
favorable european prices Shale gas only
 FX has “first mover” advantage in
conventional exploration in Poland
Fences Concession
• Built an interactive database of nearly PGNiG; FX Energy Poland
2000 wells along with 2D/3D seismic
Conventional gas
 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
NASDAQ: FXEN
4

5. FX Energy Today
 Significant assets
• 2.7 million gross (2.0 mm net) acres (over 8,000 net km2) in Poland – 14 licenses
• $243 million NAV at 12/31/12 (P50 pre-tax reserves(1)); $4.56/share NAV before prospect and acreage value
 High European gas prices
• $8.51/mmbtu(2) ($317/Mcm) FX 2012 full year average wellhead price
 Strong and growing 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: 14.0 Mmcfe/d (375 Mcme/d) net to FX 1Q2013 forecast; Lisewo facility scheduled to start 2H13
 Major increase in drilling activity – potential for significant discoveries
• 2012 E&P spending: $36 million, plus $20 more for ops running over year end
• 2013 E&P commitments anticipated to be $60-70 million
• Two-thirds focused on increasing reserves and production in core area (Fences)
• One-third focused on finding new production areas (Edge, Block 229, Warsaw South, Block 246)
• Tuchola-3 (Edge concession) started drilling 12/2012; Mieczewo (Fences) started drilling 1/2013
• 2013: 2-3 additional wells planned for Fences Lisewo area; 2-4 more non-Fences wells
Note: (1) As per RPS Energy and Hohn Engineering as of 12/31/2012
NASDAQ: FXEN (2) Based on $1=pln3.26 avg. for full year 2012; at 3/14/2013 $1 ≈ PLN 3.20
5

6. WHY POLAND?
Sound economy; rule of law
Untapped conventional resources
Strong gas market
Attractive economics
6

7. Poland: Stable & Growing in the EU
 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 grow steadily
despite recession in the rest of the EU
NASDAQ: FXEN
7

8. Untapped Resources in Poland
 Poland has significant hydrocarbon
potential North
• Geology doesn’t stop at the border; Poland European
is just under-explored Permian Basin
• Permian Basin extends across Europe:
Permian (Rotliegend) gas fields in Poland
FX
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
60 Tcf 150 Tcf 40 Tcf 5 Tcf
• The North Sea was (and is) explored by 1.6 Tcm 4.0 Tcm 1.1 Tcm 0.1 Tcm
dozens of companies
NASDAQ: FXEN
8

9. Gas Supply is Tight
 Europe imports 1/2 of its gas supply from Russia
 Poland imports 2/3 of its gas supply from Russia/Gazprom
• Domestic production: 430 Mmcf/day; 156 Bcf/year (11,500 mcm/day; 4.2 bcm/year)
• Imports: 1.0 Bcf/day; 377 Bcf/year; (27,000 mcm/day; 10.1 bcm/year)
 Russian gas exports get interrupted or withheld
• Politics, limited infrastructure, and tough business practices are common reasons
 Russian gas prices are tied to oil
 LNG is too small to shift the balance
Nord Stream now operational
NASDAQ: FXEN
9

10. Gas Prices Are High and Holding
 Natural gas in Europe is near $12 per Mcf ($448/Mcm)
• European gas prices are much higher than US Henry Hub – reflecting dependence on Russia
• European prices are heavily linked to oil
 Long term growth factors point to increasing Polish gas consumption – if supply available
• Natural gas in Poland is only 13% of primary energy vs. 23% in US and 24% in EU
• Coal provides more than 60% of primary energy in Poland vs. 22% in the US and 18% in the EU
• EU environmental mandates call for gas to replace coal
Polish High Methane Gas Tariff - PLN/1000m3 Polish Gas Price vs US Henry Hub ($/mcf)
1,400 zł
$16.00
1,200 zł $14.00 Poland
1,000 zł $12.00 US
800 zł $10.00
$8.00
600 zł
$6.00
400 zł
$4.00
200 zł $2.00
0 zł $0.00
Jan-03
Jul-05
Jun-07
Jan-10
Mar-06
Mar-13
Feb-08
Aug-03
Dec-04
Nov-06
Sep-10
Dec-11
Aug-12
Apr-04
Oct-08
May-09
Apr-11
Jul-12
Jan-03
Jul-05
Jun-07
Jan-10
Mar-06
Mar-13
Feb-08
Aug-03
Nov-04
Sep-08
Aug-10
Dec-11
Apr-04
Oct-06
May-09
Apr-11
NASDAQ: FXEN
10

11. Attractive Production Economics
 Lower costs in Poland than in US
Production Economics - Poland v. US
• Low taxes: 19% vs. 40% $8.00
• Low lifting costs: $0.25 vs. $1.84
• Low royalties: 1% vs. 19% $7.00 $0.51
• FX 8 year F&D costs = $2.92/Mcfe
 Tax rise talks: not now $6.00
Cash
• Proposal to increase royalty to @10% - if $2.87 Margin
$3.33
$5.00
commercial production from shale play F&D
• Proposal to increase “all in” tax rate to
Taxes
40% on hydrocarbons “in 10 to 15 years” $4.00
LOE
 FX wellhead price (2012 full year) $3.00
$0.34
• $8.51/mmbtu ($317/Mcm) Royalty
$2.92 $1.77
• $6.81/mcf ($254/Mcm) $2.00
• FX gas is 80% methane / 20% nitrogen
FXEN Avg. PLN Gas Price
$1.00
1000 $8
$0.67 $0.25 $1.40
900 $0.04
$7
800 $-
PLN/000m3
700 $6 FX Poland JP Morgan
$/Mcf
600 $5
(1) FX Poland 2012 (2) US Independents 2012 estimate
500
$4 a) wellhead price: $8.51/mmbtu; $6.81/Mcfe (per JP Morgan 3/18/2013)
400 b) royalty rate: 0.60% a) wellhead price: $7.35/Mcfe (44% oil)
c) LOE: $0.25/Mcfe b) royalty rate: 19%
300 $3
d) Polish income tax rate: 19% of net income c) forecast 2012 LOE: $1.77/Mcfe
NASDAQ: FXEN e) $1=PLN 3.26 average full year 2012 d) US income tax rate: 40%
11

12. Corporate Structure; Poland in-Country Team
Executive Directors Non-Executive Directors
Richard
Jerzy Maciolek Hardman Arnold Dennis H. Allen
David Pierce Tom Lovejoy
VP International Non Exec. Grundvig, Jr. Goldstein Turner
President and Executive VP
Exploration, Director, Chief Non Exec. Non Exec. Non Exec.
CEO, Director and Chairman
Director Technical Director Director Director
Advisor
In-Country Team
Eva Sokolowski
Jerzy Maciolek
Director of Zbigniew Tatys Andy Pierce Clay Newton
VP International
Operations Country Manager VP Operations VP Finance
Exploration
Administration
Production Engineering
Geology/Geophysics Drilling Accounting/Administrative
3 in Poland
10 in Poland 3 in Poland 3 in Poland
1 in UK
 Jerzy Maciolek, Director, VP International Exploration – a proven explorer in  Richard Hardman, CBE, Director – the leading figure in North Sea exploration
Poland • 40 year international exploration career; VP Exploration for Amerada
• Brilliant explorationist and the driving force behind FXEN in Poland Hess 1983-2002
• Received Gulf Oil President’s award for outstanding research • Responsible for key Amerada N. Sea discoveries – Valhall, Scott, S. Arne
• Geophysical degrees from Mining and Metallurgical Academy, Krakow, • Awarded CBE; served as: Chairman, PESGB; Pres., Geological Society;
Poland Pres., AAPG Europe
 Zbigniew Tatys, Head of Warsaw Office – proven leader with extensive  Jack Scott, Consulting Petroleum Engineer – analogous Rotliegend experience
production experience in Poland • Rotliegend experience with Ranger Oil (UK) and Pennzoil (Netherlands)
• 20 year career with PGNiG; former General Director of PGNiG’s • 35 years of international experience
Upstream E&P Division
NASDAQ: FXEN
12

13. PRODUCTION and
DEVELOPMENT
---
The Fences Concession
2013 Capital Allocation (est.)
35.0%
Fences
Non-Fences
65.0%
13

14. Reserves Growth Track Record
P-50 Reserves - PV-10 (pre-tax millions) P-50 Reserves vs. Production (bcfe)
$300 100 100
90
$250 Poland 80 Year-end 80
Reserves
US 70
$200 Production
60 60
$150 50
40 40
$100 30
$50 20 20
10
$0 0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
 $243 million P50 (2P) reserves pv-10 pre-tax at 12/31/2012
 $4.56/share at 12/31/2012 – before prospect and acreage
value
 Over 90% of 2012 company wide reserves come from just 9
wells (out of 12 Rotliegend structural traps drilled) in the PV-10
“Fences” concession 2012 (pre-tax
Reserves Bcfe Bcm millions)
 New 3D shows many good prospects in Lisewo area of
Fences; two already drilled with positive results P90 (1P) 48 1.3 $178
 2013 goal: drill Mieczewo plus 2-4 more wells in the Lisewo P50 (2P) 79 2.1 $243
area, plus test Plawce well; Zaniemysl-4 under consideration P10 (3P) 127 3.4 $296
Source: RPS Energy and Hohn Engineering
NASDAQ: FXEN
14

15. Production Growth
 Strong production growth from wells already drilled and tested
• 2011: 12.0 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. $31mm
• 2013: 14.0 Mmcfe/d (375 Mcme/d) net to FX 1Q2013 forecast; Lisewo facility scheduled to start in 2H13
 In a “no-success” case on all future drilling, FX still generates significant net revenue from
existing wells
Estimated Future Net Revenues from Producing
P90 Production Forecast - avg. daily Properties P50 Reserves ($millions)
20.0 600
$45
500 $40
16.0 WG / Lisewo1 / K-3K
$35
Existing Gas 400 $30
Mmcfe/day
Mcm/day
12.0
$25
Existing Oil 300
$20
8.0
200 $15 12-31-2012 Reserve Report
$10
4.0 100 $5
0.0 0 $0
2003 2005 2007 2009 2011 2013 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Above chart is actual through 2012; 2013-2014 forecast from Above chart is from the FX Energy 12/31/2012 independent
12/31/2012 independent reserve reports as filed with the SEC(1), reserve reports as filed with the SEC(1), but excludes Lisewo-2 and
excluding Lisewo-2 and Zaniemysl-4 Zaniemysl-4. Based on $6.60/mcf first-day-of-month average 2012
wellhead gas price held constant.
NASDAQ: FXEN Note: (1) As per RPS Energy and Hohn Engineering
15

16. Long Lived Wells
Average Fences Well - Production Profile Economics: Average of 9 Fences Wells (100%)*
6.0 180
160 Well cost (current estimated) $10 mm
140
Mmcfe/day
4.0 120
Mcme/day
100 Facilities cost (current estimated) $5 mm
P50 Production
80
2.0 Forecast 60 Pre-tax 1P/2P value (PV-10) (avg.) $58/$72 mm
P90 Production 40
Forecast 20
- - 1P/2P cumulative undiscounted net cash $75/$112 mm
1 2 3 4 5 6 7 8 9 10 11 12 flow (avg.)
Year
Pre-tax 1P/2P reserves (avg.) 15/21 Bcf
(0.4/0.6 Bcm)
Zaniemysl Well - Daily Production (Mmcfd) Initial production rate (avg.) 5.0 Mmcf/d
12.0 (134 Mcm/d)
Actual Production
10.0
2006 Y/E P50 Forecast Royalty (current) $0.04/mcf
8.0
Mmcf/day
2006 Y/E P90 Forecast
6.0 *NOTES: Averages based on 2012 SEC reserve report for 9
4.0 Fences wells: Kleka, Zaniemysl-3, Sroda-4, Winna Gora,
2.0 Roszkow, Kromolice-1, Kromolice-2, Lisewo-1 and
Komorze-3
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 Figures include only reserves in wells already drilled
Year All figures are for 100% working interest
NASDAQ: FXEN
16

17. Fences Concession – FX Core Area
PGNiG’s Paproc field
267 Bcf (7.2 Bcm)
disc. 1982
Fences
Fences
FX 49%
PGNiG’s Radlin field
390 Bcf (10.5 Bcm)
FX 24.5% disc. 1985
 Rotliegend gas potential
• Rotliegend gas fields from the Block 246
1980’s showed area potential FX 100%
• 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 concession: 850,000 acres (3,440 km2) surrounding
• Fences: FX earned 49%; PGNiG
PGNiG’s 390 Bcf (10.5 Bcm) Radlin Gas Field
holds 51% and operates
NASDAQ: FXEN
17

18. Results to Date in Fences Concession
Commercial Discoveries
Gross P50 Reserves(1) /well
Kleka-11 3 bcf 0.1 bcm Fences Concession
Zaniemysl 30 bcf 0.8 bcm
Kromolice-1
Sroda-4 25 bcf 0.7 bcm Kromolice-2
Sroda-4
Winna Gora 17 bcf 0.5 bcm
Roszkow 33 bcf 0.9 bcm Winna Gora
Komorze-3
Kromolice-1 24 bcf 0.6 bcm
Lisewo-1
Kromolice-2 15 bcf 0.4 bcm Zaniemysl
Lisewo-1 43 bcf 1.2 bcm
Komorze-3 7 bcf 0.2 bcm
Total 197 bcf 5.3 bcm
Kleka-11
(1) P50 Estimated Ultimate Recovery
Roszkow
Fences
 9 commercial successes out of 12 wells (75%) targeting Rotliegend structural traps
• 9 discoveries averaged 15/21 Bcf 1P/2P (0.4/0.6 Bcm) ($58/$72 million pre-tax pv10%)
• Now producing; Zaniemysl-3, Roszkow, Kromolice-1, Kromolice-2, Sroda-4 and Winna
Gora (Kleka-11 has been depleted)
NASDAQ: FXEN
• Lisewo-1 and Komorze-3 to start production 2H2013
18

19. 2013 Operations Plan
Plawce-2
frac/test
1H2013
Fences Concession
Fences Mieczewo
spud 1/2013
Lisewo/Komorze
production 2H2013
WG Komorze-3
Zaniemysl-4? prod
1Q2013 Lisewo-2:
1H2013
 2012 Carryover Operations
• Production: Winna Gora
facility came online 1Q2013
• Drilling: Mieczewo-1 started
drilling January 2013;
Plawce-2 frac scheduled
2Q2013; Zaniemysl-4 under
consideration
• 3-D seismic: continue
expanding 3-D coverage for
drilling targets beyond 2013  2013 Operations
• Build Production in Lisewo Area: Lisewo-1 and Komorze-3 to start production
in 2H2013, along with Lisewo-2 if successful
• Drilling in Lisewo Area: many good prospects on new 3D seismic in Lisewo
NASDAQ: FXEN
area; two are discoveries; FX goal: drill 2-4 more in Lisewo area in 2013
19

20. 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 Paruchow-W/E Komorze-3 discovery
• production facility to start 2H2013
Baraniec
• 2-4 more Lisewo area wells
planned for 2013;
Przybyslaw Ciemierow
• 8 new well locations selected by (Komorze-4)
FX/PGNiG
Lisewo-1 discovery
• Aggregate additional recoverable
Tomice
gas could be 200-400 Bcf (5.4 –
10.7 Bcm) gross Szymanowice
• FX holds 49%; PGNiG 51% and
operates
Szymanowice-S
Fences Concession
Broniszewice
Lisewo Area
NASDAQ: FXEN
20

21. HIGH POTENTIAL
EXPLORATION
---
Outside the Fences
Concession
2013 Capital Allocation (est.)
35.0%
Fences
Non-Fences
65.0%
21

22. FX Concession Strategy
 Fences Concession
• Located on Rotliegend basin edge
in the path of gas migration
• Existing Rotliegend fields mean
lower exploration risk
• Goal: build reserves and
production to fund Fences growth;
use some of the revenues to
explore other concessions
 Non-Fences Concessions
• Potentially higher upside than
Fences, but with higher risk
• Possibility of other play types not Fences
previously tested in Poland
• Opportunity to bring outside
experience to bear on the
hydrocarbon opportunity
NASDAQ: FXEN
22

23. FX Energy Exploration Concessions
 Optionality: High Impact Exploration
• High potential identified in large exploration
concessions covering over two million acres
• 2-3 new wells planned for 2013 in non-Fences
concessions Edge
• Edge: Tuchola-3 drilling now
• Block 229: large Ca2/Main Dolomite targets
• Block 246: Frankowo-1 well results
encouraging for 3D seismic focused on
Rotliegend and Main Dolomite targets Warsaw S.
• Warsaw S: three large Carboniferous leads
• High graded acreage to focus exploration 246 229
Gross Working Net Net Fences
(mm acres) Interest (mm acres) (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
Main gas distribution lines in red
NASDAQ: FXEN
23

24. Edge Concession – Tuchola-3K Well
Ca2 2600m
Apache Tuchola-2
(2001) tested gas
Tuchola 3-K
Edge
drilling
Devonian 3800m
Edge concessions
Tuchola prospect
 Edge Concessions
• 880,000 gross and net acres/3,567 km2; FX operates, holds 100%. Unislaw prospect
• Tuchola-3K drilling: Ca2 gas potential up to 30 Bcf recoverable at
2600m; plus Devonian oil potential up to 70 mmbo in place at 3800m
• The 2001 Apache Tuchola-2 well tested Ca2 gas at 9.5 mmcf/d; 90
Bcf (2.4 Bcm) of p50 reserves; over-ambitious acid job drew in water
• Tuchola-3 well started drilling 12/2012; 1-2 more Edge wells in 2013
NASDAQ: FXEN
24

25. Block 229
Block 229
Lead-1
Lead-1
Fences
Concession
Grundy 2:
23 meters of Ca2,
porosity 10-30%
 Block 229 Concession
• 232,500 gross and net acres; 941 km2; FX operates and holds 100%
• Five reef prospects: Ca2 potential – analog to PGNiG’s BMB and LMG fields, 229
with reported aggregate 1 Tcfe (27 Bcme) recoverable oil and gas
• Block 229 leads (5) cover more total acreage than BMB at about 4000 meters
• Plan drill site 2D seismic in 2013 to set up a well for 2014
NASDAQ: FXEN
25

26. Block 246
Block 246
Bronsko field concession
700 Bcf Koscian field
300 Bcf
Frankowo-1
Frankowo-1
Map: Top Main Dolomite
 Block 246 Concession
• 240,000 acres/975 km2; FX operates, holds 100%
• Updip from 1 Tcf (27 Bcm) Ca1 production in Bronsko/Koscian fields
• Frankowo-1 well opens up Ca2/Main Dolomite and Rotliegend potential in
246
southeastern portion of Block 246 at shallow depth: 1500 to 2200 meters
• 2013: acquire regional 3D seismic
• 2014: appraisal/development drilling as warranted
NASDAQ: FXEN
26

27. Warsaw South Concessions
Warsaw South Warsaw South
concessions concessions
Potycz
Michrow
Potycz
Grojec prospect Machnatka
Grojec
Machnatka prospect Zabienec
P&A prospect
Boglewice
Boglewic
e prospect
Major strat trap and structure potential 40kms
 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,
Carboniferous and Rotliegend leads W-S
• FX’ first well (Machnatka-2, P&A) found no trap, but did see continuous gas shows
and good porosity (over 50 net meters above 11% average) in lower Carboniferous
sands
• Currently acquiring/interpreting new 2D seismic; possibility to drill in 2013
NASDAQ: FXEN
27

28. Upside Potential in 5 Project Areas
 FX 2012 year end reserves
• 79 Bcfe (2.1 Bcme) of 2P(P50) reserves at 12/31/2012; $243 mm pre-tax pv10%
• Each of the projects below has the potential to more than double those numbers
 Fences
• Lisewo Area: Potential up to 100-200 Bcf (2.7–5.4 Bcm) net to FX fully developed from
multiple prospects on 3-D seismic (plus Lisewo-1 and Komorze-3 discoveries); 2-4 new wells
planned for 2013 in Lisewo area
• Plawce: Potential up to 125 Bcf (3.4 Bcm) net to FX fully developed from tight sand prospect;
Plawce-2 well to frac and test 2Q2013
 Edge (Tuchola-3)
• Potential up to 110 Bcfe (2.9 Bcme) net to FX fully developed from Tuchola prospect: potential
for gas in Ca2 and oil in Devonian; started drilling 12/2012; 1-2 more wells planned for 2013
 Warsaw South
• New seismic on two large prospects; possibility to drill in 2013
 Block 246 (Frankowo-1)
• Frankowo-1 well provided data and encouragement; regional 3D seismic in 2013 planned for
Main Dolomite and Rotliegend; appraisal/development drilling in 2014 as warranted
 Block 229 (Ca2/Main Dolomite)
• Potential up to several hundred Bcfe including oil potential; analog to PGNiG’s 1Tcfe (27
Bcme) BMB and LMG fields; drillsite seismic this winter, first well 2014
NASDAQ: FXEN
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29. NAV and Forward Drilling Program
Net Asset Value (NAV) Analysis
($ 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
to FX
Recoverable Interest Recoverable Chance of Value (mm) Value Value (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 - Plawce (tight gas) 250 6.7 49% 123 3.3 50% $188 $3.53 $7.06 $7
Fences - Mieczewo 30 0.8 49% 15 0.4 50% $23 $0.42 $0.85 $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 2,780 74.5 1,737 46.6 $1,379 $25.88 $100.06 $87
Shares Outstanding (millions) 53.3 53.3
Risked Discovery Potential and Net Asset Value Per Share $30.44 $104.62
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.
NASDAQ: FXEN
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30. Zaniemysl Production Facility Grabowka JV Roszkow Production Zaniemysl-3 Drilling
Jerzy Maciolek, Zbigniew Facility
Tatys, Eva Sokolowski, David
Pierce, Piotr Buszka
Mar. 9, 2009
Jan. 26, 2007 Oct. 30, 2003
Aug. 7, 2003 Wilga Production
Roszkow Production Facility Facility Ostrowiec Drill Pad
Seismic Acquisition Andy Pierce, Aleksander Zbigniew Kulczak, Clay
Zerkow-Pleszew Nowak Newton, Tom Lovejoy,
David Pierce, Zbigniew
Tatys
Jun. 3, 2009 Aug. 6, 2003
Ostrowiec Winna Gora Ostrowiec
Well production Well May 29, 2009
Oct. 1, 2008
test flare
Zaniemysl Well First FX Concessions Kromolice-2
Head David Pierce, Dr. rig and production test flare
Krzysztof Szamalek,
Marek Hoffmann,
Tomasz Minkiewicz
Dec. 16, 2003 May 26, 2009 Feb. 14, 2007 May 29, 2009
Aug. 22, 1995 Mar. 13, 2009
Ostrowiec Well
Rig floor Zaniemysl-3 Drilling Ostrowiec Drillsite
Henry Dytko, Andy Pierce, Kromolice-1
Aleksander Nowak rig floor during drill stem test
May. 29, 2009 Oct. 25, 2003 June 2, 2009 Aug. 2, 2008