FX Energy Sees Positive 2014 on Developments in Poland

US-based FX Energy reported a net loss of $11.8 million in 2013 compared to net income of $4.1 million in 2012, while forecasting an improvement in 2014.

The company also registered a 7% decrease in oil and gas production.

“Our production suffered with the unexpected water influx at our Zaniemysl well last summer, along with normal production declines at our Roszkow well. However, with our Lisewo-1 well coming online in December 2013, and our Kormoze- 3K well coming online last month, we are now producing about 14.0 Mmcfed. This is some 15% higher than the production rate for last year. The production outlook for 2014 is positive,” Clay Newton, FX Energy’s Vice President Finance, said in a note released on Thursday.

Company’s capital expenditure reached record levels in 2013 and the company is optimistic about its operations in Poland.

“Over the past three years we have spent more than $40 million on 2-D and 3-D seismic projects, as we work to build an inventory of drilling prospects going forward. We currently have more than a dozen and a half 3-D seismically-defined structural prospects in our Fences concession. We expect these prospects will provide the basis for significant future drilling in the concession,” Newton explained.

FX Energy is an independent oil and gas exploration and production company with production in the US and Poland