FX Energy, Inc. (FXEN) Sets 2011 Oil and Gas Capital Budget

By @ibtimes on

FX Energy, Inc. announced the company’s oil and gas exploration and development capital budget for 2011. The funds are part of a two year program to test its acreage in the United States and Europe.

FX Energy, Inc. said that it would spend between $60 million and $70 million in 2011 to explore and develop properties in Montana and Poland. The company said that this level of spending was equal to the total of its capital spending for the last three years combined.

In Poland, FX Energy, Inc. has properties in three separate concessions, including the Kutno, Warsaw South and PGNiG’s Fences properties. The company has budgeted to drill as many as seven wells here in 2011. In Montana, FX Energy, Inc. is exploring the potential of the Bakken formation on its acreage, and will conduct both seismic operations and drilling activity here.

FX Energy, Inc. is conducting a secondary offering of common stock to help fund part of this capital program. The company is selling six million shares at a price of $7 per share, and expects to yield net proceeds of $39.3 million. An additional 900,000 shares is available for over allotments if demand is high enough.

For more information on the company, go to www.fxenergy.com

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