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| 1. | In      this Agreement, the below terms shall have the following      meanings: |
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|   | 1/ | Contract      Day - a period starting at 10:00 p.m. of any given calendar day and      ending at 10:00 p.m. of the following calendar  day; |
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|   | 2/ | Sale      Commencement Day - the Contract Day on which the sale of the Gas in      Delivery Point commences; |
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|   | 3/ | Sale      Closure Day – the Contract Day on which the production from the      Field is ceased, or the Seller loses its title to the  Gas; |
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|   | 4/ | Gas      – the 49% share in the ownership of a mix of hydrocarbons and      non-flammable gaseous components including methane and nitrogen as main      components, belonging to the Seller, which is not a gaseous fuel according      to the Energy Law, and which conforms to the parameters specified in      Appendix No. 1, produced from the Field on the basis of the Joint      Operating Agreement,      other than the part of the mineral used in for the purposes of      operation of the mining plant; |
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|   | 5/ | Joint      Operating Agreement – Joint operating agreement covering a part of      the Foresudetic Monocline, entered into on 12 May 2000 between the Buyer      and the Seller, on the basis of which the Seller will have the right of      ownership of the Gas, and any agreement related to the Field, which will      replace it; |
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|   | [NOTE:      NUMBER 6 IS OMITTED IN THE POLISHVERSION] |
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|   | 7/ | Contract      Month - a period starting at 10:00 p.m. of the last day of the      calendar month directly preceding the given calendar month, and ending at      10:00 p.m. of the last day of the given calendar  month; |
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|   | 8/ | Normal      Cubic Meter (Nm3)      - means the amount of gas required to fill a space of one cubic metre with      an absolute pressure of 101.325 kPa (one hundred and one point three two      five kilopascals) and at thermodynamic temperature of 273.15 K (two      hundred and seventy three point one five Kelvin); unless expressly stated      otherwise, all quantities of the Gas referred to herein shall be expressed      in Nm3; |
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|   | 9/ | Sale      Period - the period commencing on the Sale Commencement Day and      ending on the Sale Closure Day; |
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|   | 10/ | Planned      Maintenance Work - renovation, construction, maintenance and      modernization work: |
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|   | (a) | conducted      by the Purchaser in the Purchaser’s installations, which affects the      Purchaser’s ability to take the Gas at the Delivery  Point; |
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|   | (b) | conducted      by the Seller in the Delivery System, which affects the Seller’s ability      to sell the Gas at the Delivery Point, including, without limitation, any      periodic tests conducted on theField; |
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|   | 11/ | Annual      Statement– is defined in Appendix No.1; |
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|   | 12/ | Monthly      Statement– is defined in Appendix No.1; |
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|   | 13/ | Energy      Law – an act dated 10 April 1997 – Energy law (unified text:      Journal of Laws of 2006 No. 89, item625); |
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|   | 14/ | Delivery      Point - the point at which the connection pipe at the outlet of the      Metering System is linked to the Purchaser’s installation through the main      valve; |
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|   | 15/ | Contract      Year - a period starting at 10:00 p.m. on the last day of any      calendar year and ending at 10:00 p.m. of the last day of the following      calendar year, provided that: |
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|   | (a) | the      first Contract Year shall commence at 10:00 p.m. on the Sale Commencement      Day and shall continue until 10:00 p.m. on last day of the same calendar      year; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      this Agreement terminates on any day other than December 31, the last      Contract Year shall end at 10:00 p.m. on the last day of effectiveness of      the Agreement; |
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|   | 16/ | Quality      Specification – a set of physical and chemical parameters of the      Gas specified in Appendix No. 1; |
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|   | 17/ | Gas      Station - a set of installations used, whether jointly or      separately, to reduce, process, control, measure and distribute the      Gas; |
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|   | 18/ | Delivery      System - installations used for the purposes of producing,      processing, compressing, testing, measuring and selling the Gas at the      Delivery Point; |
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|   | 19/ | Tariff      – the set of prices and fee rates, and conditions of their application,      prepared by the Seller and introduced as binding for customers specified      therein, according to the procedures set forth in the Energy Law; in      particular the Tariff shall set out the prices and fee rates for the      consumers of the Lw class low-methanegas; |
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|   | 20/ | Metering      System - gas meters and      other metering devices, as well as the systems connecting those devices,      described in Appendix No. 1, used to measure the quantity of the Gas sold      at the Delivery Point, owned by theSeller; |
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|   | 21/ | Field      - means the gas field located in the “Roszków” mining area – the natural      gas accumulation in the Rotligend sandstone, located in the area of      Wielkopolskie province, Jarocin district, in Jarocin and Jaraczewo      municipalities; |
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| 2. | All      units of measurement used herein are units of the SI system in accordance      with the Law on Measurements dated 11 May 2001 (consolidated text: Dz. U.      of 2004, No. 243, item 2441). |
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| 1. | The      Seller undertakes to transfer title to the Gas to the Seller during the      Sale Period and to surrender all the Gas to the Purchaser at the Delivery      Point, and the Purchaser undertakes to take all the Gas and pay for it at      the Gas Price specified in theAgreement. |
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| 2. | The      Seller hereby represents that it has obtained all material authorizations,      including administrative permits, required for the execution and      performance of the Agreement. |
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| 3. | This      Agreement is entered into subject to the condition precedent of the      Purchaser and the Seller entering into an agreement transferring to the      Seller a 49% interest in the mining usufruct, based on which the Seller      shall assume, as co-holder of mining usufruct, all rights and obligations      under the mining usufruct agreement dated 29 February 2009 entered into      between the State Treasury – Minister of Environment and the      Purchaser. |
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| 4. | This      Agreement shall terminate upon depletion of the Field or if geological      conditions occur which shall render further exploitation      impossible. |
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| 5. | The      Sale Commencement Day shall occur no earlier than on the Contract Day on      which the Purchaser, acting as the operator under the Joint Operating      Agreement, commences extraction of Gas from the  Field. |
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| 6. | The      detailed rules for sale of the Gas to the Purchaser, including its      technical and quantity parameters, the rules for the Purchaser to place      orders for the Gas, the place of handover of the Gas, the rules for      measuring the quality and quantity of the Gas, the rules for preparing      Monthly and Annual Statements, and the rules for conducting the Planned      Maintenance Work, as well as for introducing stoppages and restrictions in      the delivery of the Gas, are defined in Appendix No. 1 hereto. Appendix 1      shall be signed no later than by the Sale Commencement Day. If the Parties      fail to agree upon the text of Appendix 1 by the Sale Commencement Day,      the text of Appendix 1 as proposed in good faith by the Purchaser as the      operator under the Joint Operating Agreement shall  apply. |
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| 1. | The      Purchaser shall pay for the Gas amounts calculated as the product of the      Gas sold (expressed in cubic meters) and the Gas Price    (PGU). |
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| 2. | As      long and the Purchaser applies the Tariff, the Gas Price (PGU) shall      correspond to 0.95 (zero point ninety five) parts of the price for gaseous      fuel specified in the Tariff for the off-takers of low-methane gas (the      “Lw” sub-group) taking the largest amounts gaseous fuels from the      transmission network operated by Operator Gazociagow Przesylowych      Gaz-System S.A., in accordance with the following formula: PGU = 0.95 *PT |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3. | If      the Tariff is changed, the Gas Price shall change as of the first day of      the Contract Month immediately following the month in which the change of      the Tariff becomes effective. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | If      the Purchaser ceases to use the Tariff, the Parties shall enter into      negotiations aimed at determining the new Gas Price formula within 30      (thirty) day following a notice to the Seller regarding that      event.  If the Parties fail to agree upon a new Gas Price      formula within 4 (four) months from the commencement of the said      negotiations, each Party may terminate the Agreement subject to no less      than 6 (six) month notice, effective as of the end of a Contract Year. For      the avoidance of doubt, during the period between the day when the Tariff      ceases to apply and the day when the Parties agree on a new Gas Price      calculation formula, as well as during the termination notice period      referred to in the preceding sentence, the Gas Price applicable on the      last day of applicability of the Tariff shall  apply. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | If      the calorific value of the Gas sold is different from the calorific value      defined in the Tariff for the prices of the “Lw” sub-group low-methane      gas, the Gas Price shall be adjusted in accordance with the below      formula: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | PGU      (c) = PGU (t) * MCV/TCV |
|--------|----------------------------------|

|   | where: |
|--------|--------|

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| 6. | Numbers      used in the calculation of the Gas Price and the resulting PGU values      shall be rounded up or down to the fifth (5) decimal place      inclusive.  Numbers shall be rounded down if the digit subject      to rounding is in the range between 0 and 4 inclusive, and shall be      rounded up if the digit subject to rounding is in the range between 5 and      9. |
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| 7. | The      Gas Price and the other amounts stated herein are net of VAT, excise, and      any similar tax or public charges. |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 1. | The      amounts due for Gas sold shall be paid monthly, on the basis of Monthly      Statements.  Invoices shall be issued within seven (7) calendar      days of the end of each Contract Month, and sent to the Purchaser by fax,      and the original invoice shall be sent through persons or parties      authorized to deliver mail on the Contract Day on which it is      issued. |
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| 2. | The      amounts due for Gas sold shall be paid by wire transfer from the      Purchaser’s bank account to the bank account as specified in writing by      the Seller, by the 30th calendar day following the end of the Contract      Month in which the Gas has beensold. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      payment of amounts due under the Agreement shall be deemed to have been      made on the date of crediting the recipient’s bank  account. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Any      default in payment obligations hereunder shall result in interest being      charged at the statutory rate established pursuant to Article 359 of the      Polish Civil Code, calculated for each day of the default.  If      the statutory rate ceases to be published, the applicable rate shall be      agreed upon by the Parties in an amendment hereto.  Any charged      interest for default shall be payable against an accounting      note. |
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| 5. | The      Parties shall notify each other in writing of any changes to the      descriptions or the numbers of their respective bank accounts, and such      notice shall specify both the former and the modified account      details.  Such changes shall not constitute amendments to this      Agreement. A Party which defaults in these obligations shall indemnify the      other for all losses resulting from thedefault. |
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| 1. | Any      complaints regarding invoices must be made in writing within ten (10)      business days of receipt. |
|----|---------------------------------------------------------------------------------------------------------------|

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| 2. | If      the complaint refers to a manifest error (e.g. a mathematical error), then      the Party receiving the invoice shall be authorized to calculate the      correct amount and pay such correct amount only within the time specified      in § 4 section 2, provided that it gives the issuing Party, no later than      on the date of payment, a written notice explaining its      calculation.  The latter Party shall issue a correction invoice,      without any delay after agreeing the correct amount with the      former. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Complaints      disputing an invoice for reasons other than those stated in section 2      above shall not release a Party from the duty to timely pay the amount      stated in the invoice constituting the basis for the      complaint. |
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| 4. | The      provisions of § 4 and § 5 shall apply, mutatis mutandis, to payments      against, and complaints concerning, accounting  notes. |
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|   | Subject      to § 2.4 above, the Agreement shallterminate: |
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|   | 1) | on      the Sale Closure Day; or |
|--------|----|----------------------------------|

|   | 2) | on      the effective date of termination notice if the Agreement is terminated      pursuant to § 7. |
|--------|----|------------------------------------------------------------------------------------------------------------|

| 1. | Either      Party’s failure to perform, or inappropriate performance of the material      provisions of this Agreement specified in section 2 below shall entitle      the other Party to terminate the Agreement subject to at least 30 (thirty)      calendar days’ notice effective as of the end of the Contract      Year. |
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| 2. | Material      provisions of the Agreement shall be considered non-performed or performed      inappropriately, if: |
|----|--------------------------------------------------------------------------------------------------------------------|

| 3. | The      Party entitled to terminate the Agreement for the reasons specified in      section 2 above shall give the other Party a reasoned and properly      documented written notice specifying the reasons, and date of termination      of the Agreement pursuant to section 1 of this  paragraph. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4. | If      the Agreement is terminated due to the reasons specified n section 2 point      1) above, the Seller shall be entitled to claim from the Purchaser      liquidated damages equal to 6 (six) times the largest net monthly value of      the Gas sold in the last full ContractYear. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | If      the Agreement is terminated due to the reasons specified n section 2 point      2) above, the Purchaser shall be entitled to claim from the Seller      liquidated damages equal to 6 (six) times the largest net monthly value of      the Gas sold in the last full Contract Year, for each event referred to      above. |
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| 6. | Each      Party reserves the right to claim compensation for damages in excess of      the liquidated damages specifiedabove. |
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| 1. | The      Parties shall attempt to resolve all disputes arising out of or in      connection with this Agreement by direct negotiations.  If the      Parties do not resolve the dispute within three (3) months of the delivery      of either Party’s invitation to negotiate with the other, the dispute      shall be referred to the competent statecourt. |
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| 2. | The      existence of any dispute shall not excuse either Party’s performance of      its obligations hereunder. |
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| 1. | Except      as otherwise specifically provided, all notices authorized or required by      this Agreement between the Parties, shall be in writing, in Polish, and      delivered in person or by registered mail or by courier service with      confirmed delivery, or by any electronic means of transmitting written      communications which provides written confirmation of completed      transmission.  Any communications relating to this Agreement      shall be deemed delivered only when received by the Party to whom such      notice is directed, and the time for that Party to deliver any notice in      response to an originating notice shall run from the date the originating      notice is received.  All communications shall be delivered to      the following addresses of the respective  Parties: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Purchaser: | Polskie      Gornictwo Naftowe i Gazownictwo S.A. |
|------------|---------------------------------------------------|
|       | ul.      Marcina Kasprzaka 25                     |
|       | 01-224      Warsaw, Poland                        |
|       | Phone:  +48      22 589 45 31           |
|       | Fax:  +48      22 589 46 31             |
|       |                                              |
| Seller:    | FX      Energy Poland Sp. z o.o.                  |
|       | ul.      Chalubinskiego 8                         |
|       | 00-613      Warsaw                                |
|       | Poland                                            |
|       | Attention:      Zbigniew Tatys                    |
|       | Phone      +48 22 8300074                         |
|       | Fax      +48 22 6306632                           |

| 2. | The      Parties undertake to inform each other forthwith of any changes referred      to in section 1 above or otherwise they will bear the costs relating to an      inappropriate performance of this undertaking.  Any changes      concerning the matters referred to in this clause shall not be regarded as      amendments to this Agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Any      amendment to the provisions of this Agreement must be in writing or shall      otherwise be null and void. |
|----|---------------------------------------------------------------------------------------------------------------------|

| 2. | The      following appendices constitute an integral part of this      Agreement: |
|----|-----------------------------------------------------------------------------------|

|   | 1) | Appendix      No. 1 – Technical conditions of Gassale, |
|--------|----|--------------------------------------------------------------|

|   | 2) | Appendix      No. 2. - current excerpts from the companies register regarding both      parties to the Agreement, along with Power of Attorney for the authorized      signatories. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3. | This      Agreement has been executed in two identical copies, one for each of the      Parties. |
|----|--------------------------------------------------------------------------------------------------|

| SELLER | PURCHASER |
|--------|-----------|
|   |      |
| /s/    | /s/       |

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