Exploration & Production
FX Sees Slump in Proved Reserves While Production Grows
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FX Energy Inc. reported proved oil and gas reserves for its combined Poland and domestic operations at year-end 2012 of 47.7 billion cubic feet equivalent (Bcfe).
This represents a decrease of approximately 5.7 Bcfe or 11% from 2011 year-end reserves of 53.4 Bcfe. The decrease was due primarily to production during the year of 4.8 Bcfe and negative revisions of 3.3 Bcfe, offset in part by reserve additions of 2.3 Bcfe from the Komorze-3K discovery well. FX Energy owns a 49% interest in the Komorze-3K well, which is located in the Fences concession area.
The Company's year-end 2012 proved plus probable (P50) reserves, which represent the most likely case, were 79.4 Bcfe, down 16% compared to 94.5 Bcfe at year-end 2011. At year end 2012 the pre-tax net present value (discounted at 10%) of…
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