FX Energy sets 2011 capital budget and drilling program; capex of 2011 to be $60-70 mln (FXEN) 7.19 : Co announces a capital budget for 2011 estimated at between $60 and $70 million. This budget is equal to all of the Company's capital expenditures over the last three years. The increase is a direct result of the planned increase in drilling activity. In 2011, the Company plans to drill one well in its Kutno concession, up to three wells in its Warsaw South concession, and up to three more wells in PGNiG's Fences concession, all in Poland. In the US the Company has initiated a program to determine the Bakken shale oil potential in its operated Montana properties. Drilling expenditures are expected to make up more than half of the budget, seismic ~one-third, and production facilities the remainder. Seismic will focus on the Fences and Warsaw South concessions, but will also cover the Northwest, Edge and Block 246 concessions with a view toward possible drilling in 2012.
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We plan to webcast their presentation. Contact Kim Tran: EnergyProspectus@gmail.com