The
Directors


FX Energy
Inc


3006
Highland Drive 206


Salt Lake
City,


Utah  84106


United
States of America

















22nd
February 2010


Gentlemen,







EVALUATION
OF POLISH GAS ASSETS







In
response to your request of 7th
October 2009, RPS Energy (RPS) has completed an independent reserves
evaluation of the Kleka, Zaniemysl, Roszkow, Winna Gora, Sroda-Kromolice,
Kromolice South and Grabowka Gas Fields in Poland ('the Properties') currently
owned by FX Energy Inc (‘FX’).  We have estimated Proved, Proved plus
Probable and Proved plus Probable plus Possible reserves as at 1 January 2010,
based on data and information available up to 31 December 2009.







The
Proved, Proved plus Probable and Proved plus Probable plus Possible reserves
estimates in this report comply with the reporting definitions set in the
Article 210.4-10(a) of Regulations S-X (17 CFR 210) of United States Securities
and Exchange Commission (“SEC”).







The work
was undertaken by a team of professional petroleum engineers, geoscientists and
economists and is based on data supplied by FX.  Our approach has been
to prepare independent estimates of developed reserves for all producing assets
based on the field’s production performance. In fields where potential exists to
further develop reserves through additional capital investment, we have reviewed
the available data supplied by the Operator and estimated the likely range of
incremental reserves that can be recovered.







In
estimating reserves we have used standard petroleum engineering
techniques.  These techniques combine geological and production data
with detailed information concerning fluid characteristics and reservoir
pressure as well as pertinent production software that allowed to model the
different wells as close as possible to what their interaction resembles in
reality.  We have estimated the degree of uncertainty inherent in the
measurements and interpretation of the data and have calculated a range of
recoverable reserves.  We have taken the working interest that FX has
in the Properties as presented by FX and we have not investigated nor do we make
any warranty as to FX's interest in the fields.














Reserves





Gas
Reserves attributable to the FX Energy Interest (MMscf), as of 1 January
2010











Economic
Evaluation





We have
calculated the Net Present Value of the Properties based on our estimates of
Reserves and on current firm development plans, as follows:











Qualifications





RPS
Energy is an independent consultancy specialising in petroleum reservoir
evaluation and economic analysis.  Except for the provision of
professional services on a fee basis, RPS Energy does not have a commercial
arrangement with any other person or company involved in the interests that are
the subject of this report.  Mr. M. Stofferis, Petroleum &
Reservoir Engineering Manager of RPS Energy, has supervised the
evaluation.





Mr.
Stofferis has over 28 years of petroleum engineering experience.  He
is a member of the SPE and the SPWLA. Other RPS Energy employees involved in
this work hold at least a Masters degree in geology, geophysics, petroleum
engineering or a related subject and have at least five years of relevant
experience in the practice of geology, geophysics or petroleum
engineering.














Basis
of Opinion





The
evaluation presented in this report reflects our informed judgement based on
accepted standards of professional investigation, but is subject to generally
recognised uncertainties associated with the interpretation of geological,
geophysical and engineering data.  The evaluation has been conducted
within our understanding of petroleum legislation, taxation and other
regulations that currently apply to these interests.  However, RPS
Energy is not in a position to attest to the property title, financial interest
relationships or encumbrances related to the property.





It should
be understood that any evaluation, particularly one involving exploration and
future petroleum developments may be subject to significant variations over
short periods of time as new information becomes available.





Yours
faithfully,


RPS
Energy











/s/
Michiel Stofferis


Michiel
Stofferis


Petroleum
& Reservoir Engineering Manager




RPS
      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets
















EVALUATION
OF POLISH GAS ASSETS





Prepared
for FX Energy Incorporated

















RPS
Energy




309
Reading Road, Henley-on-Thames, Oxon. RG9 1EL


T +44 (0)1491
415400  F +44
(0)1491 415415


Erpshen@rpsgroup.com


Wwww.rpsgroup.com
















DOCUMENT
REVISION RECORD




Document
      Description
            Date
            Issued
      by
            Checked
      by
            Accepted
      by Client
            CommentRevision
      6 - Final
            Feb
      2010
            C.
      Urbina
            M.Stofferis
            
            For
      Client Comments





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      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets


Table
of Contents




1.
            EXECUTIVE
      SUMMARY
            1




2.
            TECHNICAL
      EVALUATION
            4




2.1
            FIELDS
      STUDY
            4




2.2
            KLEKA
      EAST FIELD
            4




2.2.1
            FIELD
      DESCRIPTION
            4




2.2.2
            PRODUCTION
      HISTORY
            4




2.2.3
            GAS
      INITIALLY-IN-PLACE AND RESERVES
            5




2.3
            ROSZKOW
      FIELD
            7




2.3.1
            FIELD
      DESCRIPTION
            7




2.3.2
            PRODUCTION
      HISTORY
            7




2.3.3
            RESERVES
      ESTIMATION
            7




2.4
            WINNA
      GORA FIELD
            8




2.4.1
            FIELD
      DESCRIPTION
            8




2.4.2
            RESERVES
      ESTIMATION
            8




2.5
            ZANIEMYSL,
      KROMOLICE AND SRODA FIELDS NETWORK
            9




2.5.1
            ZANIEMYSL
      FIELD
            9




2.5.2
            KROMOLICE-SRODA
      FIELD
            11




2.5.3
            KROMOLICE-SOUTH
      FIELD
            12




2.5.4
            RESERVES
      ESTIMATION FROM NETWORK MODELLING
            12




2.6
            GRABOWKA
            18




2.7
            WILGA
            19




3.
            ECONOMIC
      ANALYSIS
            20




3.1
            ASSUMPTIONS
            20




3.2
            COSTING
            20




3.3
            RESULTS
            21




4.
            RESERVES
      EVOLUTION 2009-2010
            24




4.1
            PROVED
      GAS RESERVES
            24




4.2
            PROVED
      PLUS PROBABLE GAS RESERVES
            24




4.3
            
            25




5.
            REFERENCES
            26


ECV1566b
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      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets





APPENDIX
      1:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR KLEKA FIELD
            27




APPENDIX
      2:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE ROSZKOW FIELD (1 WELL
      ONLY)
            34




APPENDIX
      3:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE ROSZKOW  FIELD
      (ACCELERATION CASE: ONE EXTRA WELL)
            41




APPENDIX
      4:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE WINNA GORA
    FIELD
            48




APPENDIX
      5:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE KROMOLICE SOUTH
      FIELD
            55




APPENDIX
      6:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR ZANIEMYSL FIELD
            61




APPENDIX
      7:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR
      SRODA-KROMOLICE  FIELD
            68




APPENDIX
      8:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR SRODA-KROMOLICE  FIELD
      (ACCELERATION CASE WITH TWO EXTRA WELLS)
            75




APPENDIX
      9:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE GRABOWKA
    FIELD
            82







ECV1566b
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      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets







List
of Figures




Figure
      2-1:
            Kleka
      Field Production History
            5




Figure
      2-2:
            Kleka
      Field Material Balance
            6




Figure
      2-3:
            Roszkow
      Production History
            7




Figure
      2-4:
            Zaniemysl
      Field Production History
            10




Figure
      2-5:
            Material
      Balance for Zaniemysl Field
            11




Figure
      2-6:
            Map
      of Fields Sharing Production Facilities (Kromolice South, Sroda-Kromolice
      and Zaniemysl)
            13




Figure
      2-7:
            GAPTM
      Model Proved Plus Probable Case of Kromolice South, Sroda-Kromolice and
      Zaniemysl Fields
            15




Figure
      2-8:
            Proved
      Case Production Profile for Kromolice South, Sroda-Kromolice and Zaniemysl
      Fields
            16




Figure
      2-9:
            Proved
      plus Probable Case Production Profile for Kromolice South, Sroda-Kromolice
      and Zaniemysl Fields
            16




Figure
      2-10:
            Proved
      plus Probable Plus Possible Case Production Profile for Kromolice South,
      Sroda-Kromolice and Zaniemysl Fields
            17




Figure
      3-1:
            Gas
      Price Sensitivity on NPV10 (Net to FX Energy) for the 2P
      Case
            23




Figure
      4-1:
            Gas
      Proved Reserves (MMscf) 100% Basis
            24




Figure
      4-2:
            Gas
      Proved plus Probable Reserves (MMscf) 100% Basis
            24




Figure
      4-3:
            Gas
      Proved plus Probable plus Possible Reserves (MMscf) 100%
      Basis
            25









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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets


List
of Tables









Table
      1-1:
            Gas
      Reserves attributable to the FX Energy interest (MMscf), as of 31st
      December 2009
            1




Table
      1-2:
            Total
      Gas Reserves, 100% Basis
            2




Table
      1-3:
            Total
      Gas Reserves, Net interest
            3




Table
      2-1:
            Remaining
      Gas Reserves for the Kleka Field at 31st December 2009. 100%
      Basis
            6




Table
      2-2:
            Reserves
      (MMscf) for the Roszkow Field at 31st December 2009, 100%
      Basis
            8




Table
      2-3:
            Reserves
      (MMscf) for the Winna Gora Field at 31st December 2009. 100%
      Basis
            9




Table
      2-4:
            Kaleje
      Field Production Profile, supplied by POGC
            14




Table
      2-5:
            Gas
      Reserves (MMscf) for the Kromolice South Field at 31st December 2009, 100%
      Basis
            18




Table
      2-6:
            Gas
      Reserves (MMscf) for the Zaniemysl Field at 31st December 2009, 100%
      Basis
            18




Table
      2-7:
            Gas
      Reserves (MMscf) for the Kromolice-Sroda Field at 31st December 2009, 100%
      Basis
            18




Table
      3-1:
            Gas
      Price, Royalty and OPEX Assumptions
            20




Table
      3-2:
            Total
      NPV10 and NPV10, attributable to FX Energy
            22




Table
      3-3:
            Effect
      of Acceleration on NPV10 for Sroda-Kromolice (2 new wells as of
      2012)
            22




Table
      3-4:
            Effect
      of Acceleration on NPV10 for Roszkow (1 new well in 2012)
            22




Table
      3-5:
            Effect
      of Gas Price Sensitivities on FX Net Reserves
(MMscf)
            23




Table
      3-6:
            Effect
      of Gas Price Sensitivities on NPV10 (Net to FX-Energy) in Million
      USD
            23


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      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets




1.  EXECUTIVE
SUMMARY





RPS
Energy has performed a technical and economic evaluation of FX Energy’s assets
in Poland. This is an update of the equivalent evaluation performed by RPS
Energy at the end of 2008 but accommodating changes that have occurred
during 2009. Principally these are 12 months of production from the Kleka,
and Zaniemysl fields and four months of production from the Roszkow field and
the inclusion of new discoveries at Kromolice-South and Grabowka. The
undeveloped discoveries of Winna Gora and Sroda-Kromolice were also
reviewed. The Wilga field ceased production in July 2009 and is in the
process of being abandoned and consequently no reserves are now assigned.
Revised product prices and operating and development costs have been included in
determining asset values as of 31st December 2009.





Our
computation of remaining reserves at 31st
December 2009 are given in Table 1-1.
















Table
1-1:                      Gas
Reserves attributable to the FX Energy interest (MMscf), as of 31st December
2009





A summary
of reserve changes during the past year, taking account of production, reserve
additions and revisions are given in Table 1-2 (Gross Volumes) and
Table 1-3 (FX Net
volumes). Note that these contain developed and undeveloped fields.





In terms
of reserves volumes, the most significant changes have been noted in the
discoveries of Kromolice-South and Grabowka.





The end
year 2009 economic values are summarised in the report in Table 3-2. Note that the
economical values were based on firm development plans. In addition, RPS Energy
has calculated economical values for scope of acceleration by drilling
additional wells in Roszkow and Sroda-Kromolice fields.





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                FX
      Energy, Inc. Evaluation of Polish Gas
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Table
1-2:                      Total
Gas Reserves, 100% Basis









ECV1566b
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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets










Table
1-3:                      Total
Gas Reserves, Net interest


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      Energy, Inc. Evaluation of Polish Gas
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2.  TECHNICAL
EVALUATION





2.1
            Fields
      Study





RPS
revised the historical and expected performance of each of the specified fields.
It also determined FX’s gas reserves of each of these fields. RPS based its
estimations solely on the data provide by FX. RPS did not detect any reluctance,
on the part of FX’s staff, to provide it with relevant data.





RPS used
different methodologies to estimate reserves, ensuring that the SEC definitions
are honoured for the proved, probable and possible reserves.





2.2
            Kleka
      East Field





2.2.1  Field
Description





The Kleka
East Field is a small, low relief Rotliegendes Sandstone gas accumulation,
discovered by one crestal well, Kleka-11, drilled and completed in early 2000.
The primary closure is well defined, with an extension to the southwest (The
Kleka Southwest prospect). The gas water contact (GWC) was determined from the
log analysis at 2915 meters sub sea, and is presumed to be common to Kleka
Southwest. The gas contains some 78% methane, approximately 18% nitrogen and
0.12% helium. This gas composition is typical of the surrounding fields. The
well was brought on stream in March 2001.





Cumulative
production to 31st
December 2009 was 2.525 Bscf.





FX
Energy’s net working in this field is 49%.





2.2.2  Production
History





The
updated production history is summarised in Figure 2-1. This shows that
since 2004 when production was restarted after a long shut in period, the gas
flow rate from the single well was slightly declining, and followed a steady
trend during 2009. No new shut-in pressure tests were taken in 2009, hence the
material balance derived GIIP has not changed.




ECV1566b
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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets











Figure
2-1:                      Kleka
Field Production History





2.2.3  Gas
Initially-in-Place and Reserves





The GIIP
estimate has not been changed and stays within the same range as was determined
last year by material balance methods, ranging from 5.947 Bscf to 12.384 Bscf
(Figure 2-2). This
range was consistent with the probabilistic volumetric calculation made in
2007. No static pressures were acquired in 2009 and therefore this material
balance-derived range was maintained.





Proved
reserves have been estimated based on the lower value of the material balance
value (5.947 Bscf) together with a conservative recovery factor of 55% (the same
as used in 2008 for reserves estimation). Last year the Proved plus
Probable reserves were based on a more favourable recovery factor of 70
%.  Due a rapid increase of water production (see Figure 2-1) during 2009
however, the Proved plus Probable recovery factor was downgraded to 65%. Proved
plus Probable plus Possible reserves are based on the higher range in GIIP
(12.384 Bscf) and a 70% recovery factor.







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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets





Figure
2-2:                      Kleka
Field Material Balance





A
production forecast was generated based on decline curve analysis, so that the
above mentioned recovery factors were reached. The same decline was used for the
Proved, Proved plus Probable and Proved plus Probable plus Possible forecast,
but the forecast was curtailed at various moments in time to reflect a sharp
decline due to potential water production (see Appendix 1).





For the
various cases an economical limit test was carried out, which determined the
economical remaining reserves. In Table 2-1 the remaining
reserves of gas, at 31st
December 2009, estimated for this field are summarized.











Table
2-1:                      Remaining
Gas Reserves for the Kleka Field at 31st
December 2009. 100% Basis





Note that
the increase in Proved+Probable+Possible reserves is a result of an anticipated
lower production decline, based on the latest data and whilst maintaining the
ultimate recovery factor.




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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets


2.3
            Roszkow
      Field





2.3.1  Field
Description





The
Roszkow-1 discovery well was drilled on a NW-SE trending elongate structure with
fault closure to the SW and dip closure to the NW, E and SE (upthrown fault
block). The structure is well constrained in the dip direction but less so in
the strike direction. The reservoir interval comprises a good porosity, clean
sandstone with no interpreted shale. The gas water contact could be as deep as
2,965 meters MD (2,845 meters TVDSS)3.





A
deliverability test was carried out on Roszcow 1 in Sept 2009, from which an AOF
potential of 144 MMscfd could be calculated. FX Energy net working interest in
this field is 49%.





2.3.2  Production
History





The field
commenced production in September 2009.  A plot showing the production
data to the 31st of
December 2009 is shown in Figure 2-3. This shows
that since its start, the gas flow rate from the single well has been constant,
and in agreement with the large AOF potential of 144 MMscf/d.











Figure
2-3:                      Roszkow
Production History





2.3.3  Reserves
Estimation





The GIIP
was determined deterministically for the Proved case and using Monte Carlo
analysis for the Proved plus Probable and Proved plus Probable plus Possible
cases.





Recovery
factors ranging from 60% (P), 70% (P+P) and up to 80% (P+P+P) have been used
again to estimate recoverable reserves, the same as last year.





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      Energy, Inc. Evaluation of Polish Gas
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Proved
reserves have been estimated deterministically by using decline curve analysis,
whilst Proved plus Probable and Proved plus Probable plus Possible reserves are
derived from the Proved plus Probable and Proved plus Probable plus Possible
outputs of a GIIP probabilistic analysis respectively.3





The
remaining reserves of gas for this field, based on the existing well are
summarized in Table 2-2,
as of 31st
December 2009. The gas production forecasts are shown in the Appendix
2.











Table
2-2:                      Reserves
(MMscf) for the Roszkow Field at 31st December 2009, 100% Basis





An
acceleration case was studied for the Roszkow field by introducing an extra well
and plant expansion in 2011, doubling the field output as of 2012. A forecast of
this acceleration case will be presented in a separate report.  The
reserves for the acceleration case are unchanged, but the NPV10 is affected.
This differential is shown in the economic section of this report.





2.4
            Winna
      Gora Field





2.4.1  Field
Description





The Winna
Gora field is a footwall closure at Rotliegendes level against a SE-NW trending
fault.





This
field is not producing at the moment and the production start date is estimated
to be on 1st
January 2012. FX Energy net working interest for this field is 49%.





2.4.2  Reserves
Estimation





The GIIP
for this field was calculated deterministically for the proved case and using
Monte Carlo analysis for the Proved plus Probable and Proved plus Probable plus
Possible cases as last year. Reserves were calculated assuming recovery factor
of 60% (P), 70% (P+P) and 75% (P+P+P). The P + P and P+P+P reserves were
calculated probabilistically whereas Proved reserves were calculated
deterministically.





The
remaining reserves of gas, at 31st
December 2009, for this field are summarized in Table 2-3 (and did not change
from those reported last year). The gas production forecasts are shown in
the Appendix 4 and only reflect a change in the starting date.




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      Energy, Inc. Evaluation of Polish Gas
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Table
2-3:                      Reserves
(MMscf) for the Winna Gora Field at 31st December 2009. 100% Basis





2.5
            Zaniemysl,
      Kromolice and Sroda Fields Network





For this
End of Year report some adjustments to the production system have been made for
the producing Zaniemysl field and the Kromolice-Sroda and Kromolice-South
fields, that will start production as of 4Q 2010. All these fields, together
with a third party field (Kaleje), will be evacuated via a shared pipeline to a
central gathering station in MCHY. The maximum available capacity of this
pipeline is 26.9 MMscf/d and the corresponding back-out calculations have been
determined using a surface network model (GAPTM).
Before going to the detailed description of this shared evacuation system,
particular details of each field are first discussed.





2.5.1  Zaniemysl
field





The
Zaniemysl field is a fault and dip closed Rotliegendes structure, with dip
closure to the north, and fault closures in the SW and SE 1. A
clear Gas-Water contact is interpreted to be at 2,953 meters MD.





The
Zaniemysl field was brought on stream on October 2006. The updated production
history up to 31st
December 2009 is shown in Figure 2-4. The field has been
produced at a plateau production rate around 10 MMscf/d, and has a total gas
cumulative production of 11,676 MMscf at 31st
December 2009. FX Energy net working interest in this field is
24.5%.







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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets











Figure
2-4:                      Zaniemysl
Field Production History





A static
pressure survey was carried out in the single producing well Zaniemysl-3 in
April 2009. This pressure has been incorporated in the material balance
estimate and the results are shown in Figure 2-5. For the Proved
case it was assumed that the last pressure point was influenced by water influx
and that the point measured in 2007 had not yet been influenced by aquifer
support; by extrapolating these pressure points the result is a GIIP of 51 Bscf.
For the most likely case (Proved plus Probable), a least squares fit method was
used, whilst keeping (P/Z)i fixed,
resulting in a GIIP of 73 Bscf. For the Proved + Probable+ Possible case a GIIP
of 76 Bscf was obtained, by using only the first fixed point and the latest
pressure point:





Latest
Zaniemysl GIIP estimates:





Proved
            51
      BscfProved
      Plus Probable
            73
      BscfProved
      Plus Probable Plus Possible
            76
      Bscf







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RPS
      Energy
              FX
      Energy, Inc. Evaluation of Polish Gas
Assets











Figure
2-5:                      Material
Balance for Zaniemysl Field





As an
input of the GAPTM
network model, a PROSPERTM
model of the Zaniemysl-3 well was prepared reproducing the well inflow and
outflow performances. As required by GAPTM, an
MBALTM model of the Zaniemysl reservoir was assembled and history matched with
the field production history.





2.5.2  Kromolice-Sroda
Field





The
Kromolice-Sroda structure has been documented in detail in reference
4.  For GAP modelling, the following GIIP-range was used from this
reference:





Proved
            65.2
      Bscf*Proved
      Plus Probable
            94.7
      BscfProved
      Plus Probable Plus Possible
            136.2
      Bscf





* Note
that in the Proved case, the Kromolice and Sroda structures were modelled as two
separated tanks, since the map, based on the FX Energy structural interpretation
indicated almost separate structures.





For the
Sroda-Kromolice structure the same assumptions made in the report presented in
January 2009 (reference 5) were considered. The MBALTM and
PROSPERTM
models prepared and used at that time were maintained in this work and were used
as well as input data to the network modelling in GAPTM.


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The
following forecast assumptions were used:





·
            A
      plateau rate of 6.8 MMscf/d for the Kromolice-1 well and 3.4 MMscf/d for
      the Sroda-4 well, as currently indicated by the Operator, POGC. It should
      be realised however that the plateau rate of Sroda-4 could potentially be
      increased by additional perforations (only 12 m is perforated out of the
      32 m interval).





·
            A
      start-up date of 1 Oct 2010 on advice of
  FX-Energy.





2.5.3  Kromolice-South
Field





The
Kromolice South structure has been detailed in a separate report (reference 6).
From this report the following GIIP range is concluded and used in
MBALTM:





Proved
            15.5
      BscfProved
      Plus Probable
            22.2
      BscfProved
      Plus Probable Plus Possible
            31.5
      Bscf





The
Kromolice South field will be produced by the well Kromolice-2 and the following
forecast assumptions were used:





·
            A
      plateau rate of 3.8 MMscf/d for Kromolice-2, as proposed by the operator
      POGC.





·
            A
      start-up date of 1 Oct 2010 on advice of
  FX-Energy.





The
results indicate recovery factors from Prosper all around 75% (mainly governed
by the 200 psi WHFP and the tank-like models). To reflect reductions due to
potential water influx, recovery factors were artificially reduced for the
Proved (60%) and Proved Plus Probable (70%) cases. No recovery factor reduction
was carried out for the Proved Plus Probable Plus Possible case and the PROSPERTM
value of 78.6% was maintained.





2.5.4  Reserves
Estimation from Network Modelling





The
recoverable reserves for the Kromolice-Sroda, Kromolice South and Zaniemysl
fields have been determined by surface modelling of the shared pipeline and
facilities. A location map of the fields and the pipeline to the shared
production facilities at MCHY is included in Figure 2-6.  This
also locates the non-operated Kaleje field, which is evacuated through the same
pipeline.


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Figure
2-6:                      Map
of Fields Sharing Production Facilities (Kromolice South, Sroda-Kromolice and
Zaniemysl)





To model
the combined production of the fields and to account for any pressure loss
through the system, a GAPTM
model was prepared and the following assumptions were recommended by FX
Energy:





1.
            Between
      the Kromolice-1 well and the Kromolice Gas Plant (KGP) at Kromolice-2 the
      pipeline has a diameter of 100mm OD (88mm ID) and a length of 2,282
      m.





2.
            From
      KGP to the Kaleje-1 well, the pipeline has a 250mm OD (232mm ID) and a
      length of 12,480 m.




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Assets





3.
            From
      the Sroda Gas Plant to the K2-Kaleje pipeline, the connecting pipeline has
      an 80mm OD (69mm ID) and a length of 6,363
m.





4.
            From
      the Kaleje -1 well to the Zaniemysl-3 well, the pipeline has a 250mm OD
      (232mm ID) and a length of circa 11
km.





5.
            From
      the Zaniemysl-3 well  to MCHY, the pipeline has a 250mm OD
      (232mm ID) and a length of circa 12
km.





6.
            The
      Operating pressure at MCHY after start-up of Kaleje is in range of
      6.15-6.25 MPa (~900 psi) with max of 6.3
MPa.





7.
            Gas
      leaving Zaniemysl has a pressure between 6.30-6.40
  MPa.





8.
            The
      current maximum pipeline capacity is considered 26.9 MMscf/d. Individual
      fields have individual plateaus: 10.2 MMscf/d for Kromolice-Sroda, 3.8
      MMscf/d for Kromolice-South.





9.
            A
      production profile for the Kaleje field has been supplied by the operator
      POGC (see Table
      2-4). RPS Energy has modelled this as a fixed source and has given
      Kaleje priority in the pipeline
system.





10.
            All
      fields will be in production as of October
2010.











Table
2-4:                      Kaleje
Field Production Profile, supplied by POGC


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The total
network system as modelled in GAPTM is
illustrated in Figure
2-7 below for the Proved Plus Probable case. Note that Sroda-Kromolice
was modelled as two separate tanks for the Proved case and that two optional
wells were added for this field to study acceleration potential.











Figure
2-7:                      GAPTM
Model Proved Plus Probable Case of Kromolice South, Sroda-Kromolice and
Zaniemysl Fields





Central
compression in MCHY was included for all wells at the end of the combined
plateau period and the arrival pressures were allowed to decrease from 900 psi
to 250 psi. The end of the plateau period varies from case to case (2016 for the
Proved case, 2018 in the Proved Plus Probable case and 2019 in the Proved Plus
Probable Plus Possible case).





Furthermore
the range of recovery factors for the individual fields, ranging from 60% (P),
70% (P+P) and 80% (P+P+P) were maintained as it was individually established
(note a slightly lower figure of 78.6% was maintained as P+P+P for
Kromolice-South). This range reflects uncertainty with respect to potential
water influx. The resulting production profiles for the individual fields
are graphically shown in Figure
2-8 (Proved),Figure 2-9(Proved plus
Probable) andFigure 2-10(Proved plus Probable plus Possible).





The
tabular input for the Kromolice-South, Zaniemysl and Kromolice-Sroda fields can
be found in Appendix, 5, 6 and 7 respectively.


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Figure
2-8:                      Proved
Case Production Profile for Kromolice South, Sroda-Kromolice and Zaniemysl
Fields













Figure
2-9:                      Proved
plus Probable Case Production Profile for Kromolice South, Sroda-Kromolice and
Zaniemysl Fields


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Figure
2-10:                                Proved
plus Probable Plus Possible Case Production Profile for Kromolice South,
Sroda-Kromolice and Zaniemysl Fields





For the
various cases an economical limit test was carried out, which determined the
economical remaining reserves. The economic evaluations for each field are
summarized in Appendix 5, 6 and 7.





For the
Sroda-Kromolice field an acceleration case was also considered by drilling 2 new
wells in 2012, when the GIIP could be determined with some degree of accuracy
after two years production. The acceleration case assumes an increase in
pipeline capacity and a plateau rise to 24 MMscf/d for Sroda-Kromolice as of
2013 and illustrates the potential for an increase in NPV10, see Chapter 3. The
reserves for this case remain unaltered. The accelerated production forecasts
for Sroda-Kromolice and their corresponding economic evaluation are listed in
Appendix 8 and will be further discussed.





As a
result of this modelling the following comparisons of the reserves are
summarised in Table 2-5,
Table 2-6 and Table 2-7 for Kromolice-South,
Zaniemysl and Kromolice-Sroda respectively.




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Table
2-5:                      Gas
Reserves (MMscf) for the Kromolice South Field at 31st December 2009, 100%
Basis











Table
2-6:                      Gas
Reserves (MMscf) for the Zaniemysl Field at 31st December 2009, 100%
Basis











Table
2-7:                      Gas
Reserves (MMscf) for the Kromolice-Sroda Field at 31st December 2009, 100%
Basis





2.6
            Grabowka





The
1/1/2010 Reserves and NPV10 for the Grabowka field and the associated 2009
production from G-12 are fully detailed in reference 6.





The
following ranges in GIIP (Bscf) for the two structures amounted to:





Grabowka East
            
            Grabowka WestSpill
      1550 m TVDSS
            
            Spill
      1565 m TVDSSP
            1.0
            
            3.6P+P
            2.2
            
            12.6P+P+P
            3.9
            
            25.2


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The
Grabowka field started production in July 2009 and had produced a total of 94
MMscf of gas to December 31st
2009. After a reservoir engineering and economical review the following reserves
range (Bscf) resulted for Grabowka:





P
            1.685P+P
            7.972P+P+P
            19.574





The
forecast and economical evaluation is repeated in Appendix 9.





2.7
            Wilga





FX-Energy
notified us that the Wilga field is in the process of being abandoned.
Consequently no more reserves will be attributed to this field. The 2009 gross
production prior to abandonment amounted to 54 MMscf and 511 bbl of
condensate.


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3.  ECONOMIC
ANALYSIS





3.1
            Assumptions





We have
undertaken an economic analysis of the Polish Assets of FX-Energy based on the
following price and royalty assumptions (see Table 3-1). These data have
been supplied by FX-Energy in US Dollars and are based on Polish Zloty gas
prices and exchange rates, taken at an average 1st day
of the month 2009 data for the producing fields (Roszkow only as of October
2009). For non-producing fields the notified gas prices and exchange rates at
1st
December 2009 were used.











Table
3-1:                      Gas
Price, Royalty and OPEX Assumptions





3.2
            Costing





Capital
Expenditure





For the
Undeveloped reserves, the Capital Expenditure programme shown below has been
assumed based on information supplied by FX. No inflation has been applied to
these estimates.





·
            Kleka
      – No Compression is installed yet, despite a declining production. It has
      been assumed that to allow the current decline, compression needs to be
      installed in 2011 with a CAPEX of US $1.5
MM.





·
            Roszkow–For the Proved, Proved plus Probable Cases and Proved plus
      Probable plus Possible Cases, Compression Costs of US $2.0 MM in 2012,
      2015 and 2018 respectively. An additional acceleration scenario will
      be run with an additional well in 2011 (US $6.9 MM) and additional
      facility costs (US $4.0 MM) in 2011 to allow increased capacity as of
      2012. The results of this acceleration case are presented in Appendix
      3.





·
            Winna
      Gora – For all cases facility CAPEX and tie-in of the existing well
      at a cost of US $8.0 MM, scheduled for 2011.  Compression Costs
      of US $1.0 MM for the proved case in 2014, for the Proved plus Probable
      case in 2016 and for the Proved plus Probable plus Possible case in
      2019.




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·
            Zaniemysl
      – Central compression costs of US $1.5 MM in MCHY have been allocated to
      Zaniemysl. For the Proved Case no costs are allocated, since the forecast
      ends only a year later than the planned Proved Case of the combined
      fields. For the Proved plus Probable case this happens in 2018 and in the
      Proved plus Probable plus Possible case in
2019.





·
            Sroda-Kromolice
      – Central compression costs of US $3.0 MM in MCHY have been allocated to
      Sroda-Kromolice. This will happen in 2016 for the Proved case, in 2018 for
      the Proved plus Probable case and in 2019 in the Proved plus Probable plus
      Possible case.  An additional acceleration scenario has been run
      with two additional wells in 2012 (US $17.4 MM) and additional facility
      costs (US $4.0 MM) in 2012 to allow increased capacity as of
      2013.





·
            Kromolice-South
      - Central compression costs of US $1.5 MM in MCHY have been allocated to
      Kromolice-South. This will happen in 2015 for the Proved case, in 2018 for
      the Proved plus Probable case and in 2019 in the Proved plus Probable plus
      Possible case.





Operating
and Abandonment Costs





Normal
operating costs per well have been provided for all the fields and are tabulated
in Table 3-1. For the
acceleration cases of Roszkow and Sroda-Kromolice, the OPEX was adjusted to the
total well numbers. They are multiplied with the number of wells in each
case.





In
addition to the normal operating costs, there is a $30,000/p.a additional
compression OPEX per well, once compression is required. The dates for
compression start-up are given above under the CAPEX requirements.





The
Abandonment Costs have been provided by FX-Energy and amount to 0.4 US $ MM per
well and 0.25 US $ per facilities.





3.3
            Results





The
results of our analysis are shown below in Table 3-2.  The Net
Present Values are stated excluding Income Tax and are expressed in gross and
net terms.




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Table
3-2:                      Total
NPV10 and NPV10, attributable to FX Energy





It should
be noted that there is acceleration potential in the Sroda-Kromolice and Roszkow
fields. Separate economics were carried out for these cases and are listed in
Table 3-3andTable 3-4respectively. Since
plans to drill these wells are not yet firm the NPV10’s of these acceleration
cases cannot be assigned to the base case one well-NPV10’s in conjunction with
the official reserves numbers.











Table
3-3:                      Effect
of Acceleration on NPV10 for Sroda-Kromolice (2 new wells as of
2012)











Table
3-4:                      Effect
of Acceleration on NPV10 for Roszkow (1 new well in 2012)


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It was
requested by FX Energy to carry out +/- 10% sensitivities on the gas prices,
mentioned in Table
3-1.  The sensitivity to the gas price for the net reserves of
the various assets is listed in Table 3-5. There is very
little impact to the net reserves by varying the gas prices +/- 10%; only the 3P
volumes for Kleka and the 2P volume for Rozkow are affected. The corresponding
influence on the NPV10 (Net to FX-Energy) of the gas price sensitivity is
logically bigger and is shown in Table 3-6and graphically in
Figure 3-1 for the
Proven+Probable reserves only.  The influence of gas price on NPV10 is
more striking for the Roskow and Sroda-Kromolice fields.











Table
3-5:                      Effect
of Gas Price Sensitivities on FX Net Reserves (MMscf)











Table
3-6:                      Effect
of Gas Price Sensitivities on NPV10 (Net to FX-Energy) in Million
USD










Figure
3-1:                      Gas
Price Sensitivity on NPV10 (Net to FX Energy) for the 2P Case


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4.  RESERVES
EVOLUTION 2009-2010





4.1
            Proved
      Gas Reserves











Figure
4-1:                      Gas
Proved Reserves (MMscf) 100% Basis





4.2
            Proved
      plus Probable Gas Reserves











Figure
4-2:                      Gas
Proved plus Probable Reserves (MMscf) 100% Basis





The
changes for Kleka are related to a downgrading of the Proved plus Probable
recovery factor due to increasing WGR’s.




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      Energy
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      Energy, Inc. Evaluation of Polish Gas
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4.3
            Proved
      plus Probable plus Possible Gas
Reserves











Figure
4-3:                      Gas
Proved plus Probable plus Possible Reserves (MMscf) 100% Basis





The
changes for Zaniemysl are related to a narrowing of the GIIP range after
obtaining an additional reservoir pressure in 2009. The increase in the Kleka
Proved+Probable+Possible reserves are related to a more positive decline trend,
whilst maintaining the ultimate recovery factor.


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5.  REFERENCES





1.
            Francis
      Boundy. Evaluation of Polish Gas Assets. RPS Energy, February
      2007.





2.
            RPS
      Energy Report ECV1380. Evaluation of Polish Gas Assets, February
      2008.





3.
            Francis
      Boundy. Evaluation of Winna Gora and Roszkow Gas fields. RPS Energy,
      August 2007.





4.
            RPS
      Energy Report ECV1475. Evaluation of the Kromolice-Sroda field, January
      2009.





5.
            RPS
      Energy Report ECV1496. Evaluation of Polish Gas Assets, February
      2009.





6.
            RPS
      Energy Report ECV1566a. Evaluation of the Kromolice-South and Grabowka
      Fields, January 2010.


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APPENDIX
      1:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR KLEKA
FIELD







Table
A1.1:                            Gas
Production Forecast for the Kleka Field


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APPENDIX
      2:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE ROSZKOW FIELD (1 WELL
      ONLY)











Table
A2.1:                            Gas
Production Forecast for Roszkow Field (1 well)




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APPENDIX
      3:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE ROSZKOW  FIELD
      (ACCELERATION CASE: ONE EXTRA WELL)










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APPENDIX
4:                                PRODUCTION
FORECASTS AND CASHFLOW ANALYSIS FOR THE WINNA GORA FIELD











Table
A4.1:                            Gas
Production Forecast for Winna Gora Field


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APPENDIX
      5:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE KROMOLICE SOUTH
    FIELD










Table
A5.1:                            Gas
Production Forecast for Kromolice South Field


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APPENDIX
      6:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR ZANIEMYSL
  FIELD







Table
A6.1:                            Gas
Production Forecasts for the Zaniemysl Field


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APPENDIX
      7:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR SRODA-KROMOLICE
  FIELD









Table
A7.1: Gas Production Forecasts for Sroda-Kromolice


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APPENDIX
      8:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR SRODA-KROMOLICE FIELD (ACCELERATION
      CASE WITH TWO EXTRA WELLS)







Table
A8.1: Gas Production Forecasts for Sroda-Kromolice (accelerated)


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      Energy
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      Energy, Inc. Evaluation of Polish Gas
Assets






APPENDIX
      9:
            PRODUCTION
      FORECASTS AND CASHFLOW ANALYSIS FOR THE GRABOWKA
  FIELD









Table
A9.1: Gas Production Forecasts for Grabowka


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      Energy, Inc. Evaluation of Polish Gas
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      Energy
                  FX
      Energy, Inc. Evaluation of Polish Gas
Assets


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                  February
      2010


RPS
      Energy
                FX
      Energy, Inc. Evaluation of Polish Gas
Assets
 ECV1566b
                85
                February
      2010