Energy Prospectus

FX Energy (FXEN): An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab. FXEN has been moved from our Sweet 16 Growth Portfolio to the new Small-Cap Portfolio.

3rd quarter production up to 13.2 MMcfepd. 4th quarter production should be 14.0 MMcfepd. Several new wells are coming on-line in the next few months, so I am now expecting 2013 production to top 15.5 MMcfepd. Note that my forecasts do not include any of their exploration wells.

Fair value was raised in your spreadsheet also, based only on existing production and reserves, to well over $9 a share.

Good value at current market price - with real stout upside

Kutnos-2 is dry. At the current share price a dry hole has been priced in, but short term we might go lower.

Long term the positioning here is pretty darn good, I remain optimistic