----

----

|            |      | FX Energy Gas Reserves (MMscf) |
|-----------------|-----------|--------------------------------|
|            | FX Energy | Developed                      |   Undeveloped |
| Field           | Interest  | Proved                         | Proved + | Proved + Probable +  |   Proved |   Proved + |   Proved + Probable + |
|            |      |                           | Probable  | Possible  |   |  Probable |  Possible |
| Grabowka        | 100.0%    | 1,495                          | 7,397 | 19,663 |   |   |   |
| Zaniemysl       | 24.5%     | 3,786                          | 6,579 | 11,969 |   |   |   |
| Roszkow         | 49.0%     | 7,234                          | 23,597 | 39,199 |   |   |   |
| Sroda-Kromolice | 49.0%     | 19,168                         | 32,410 | 50,552 |   |   |   |
| Kromolice South | 49.0%     |                           |   |   | 4,562 | 7,571 | 12,130 |
| Winna Gora      | 49.0%     |                           |   |   | 3,714 | 5,714 | 7,984 |
|            |      |                           |   |   |   |   |   |
| Total           |      | 31,683                         | 69,983 | 121,383 | 8,276 | 13,285 | 20,114 |

| Field           | FX EnergyInterest | NPV10 (Million US$)          |
|-----------------|-------------------|------------------------------|
| Proved          | Proved + Probable | Proved + Probable + Possible |
|            |              | Gross                        | Net | Gross | Net | Gross | Net |
| Zaniemysl       | 24.5%             | 51.1                         | 12.5 | 74.7 | 18.3 | 106.1 | 26.0 |
| Sroda-Kromolice | 49.0%             | 130.0                        | 63.7 | 175.4 | 85.9 | 200.1 | 98.1 |
| Roszkow         | 49.0%             | 69.0                         | 33.8 | 179.8 | 88.1 | 233.9 | 114.6 |
| Winna Gora      | 49.0%             | 18.6                         | 9.1 | 28.4 | 13.9 | 37.5 | 18.4 |
| Kromolice South | 49.0%             | 32.5                         | 15.9 | 46.0 | 22.6 | 58.5 | 28.7 |
| Grabowka        | 100.0%            | 1.8                          | 1.8 | 7.2 | 7.2 | 12.0 | 12.0 |
|            |              |                         |   |   |   |   |   |
| Total           |              | 302.9                        | 136.8 | 511.5 | 236.1 | 648.2 | 297.8 |

----

----

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

| ECV1713 |   | Feb 2011 |
|---------|--------|----------|

----

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

|   |                         | Page                                            |
|--------|------------------------------|-------------------------------------------------|
| 1.     | EXECUTIVE SUMMARY            | 1                                               |
| 2.     | TECHNICAL EVALUATION         | 3                                               |
|   | 2.1                          | Fields Study                                    | 3 |
|   | 2.2                          | Kleka East Field                                | 3 |
|   | 2.3                          | Roszkow Field                                   | 3 |
|   |                         | 2.3.1                                           | Field Description | 3 |
|   |                         | 2.3.2                                           | Production History | 3 |
|   |                         | 2.3.3                                           | Gas Reserves Estimation | 4 |
|   | 2.4                          | Winna Gora Field                                | 5 |
|   |                         | 2.4.1                                           | Field Description | 5 |
|   |                         | 2.4.2                                           | Gas Reserves Estimation | 5 |
|   | 2.5                          | Zaniemysl, Kromolice and Sroda Fields Network   | 6 |
|   |                         | 2.5.1                                           | Zaniemysl Field | 6 |
|   |                         | 2.5.2                                           | Kromolice-Sroda Field | 9 |
|   |                         | 2.5.3                                           | Kromolice-South Field | 9 |
|   |                         | 2.5.4                                           | Gas Reserves Estimation | 10 |
|   | 2.6                          | Grabowka                                        | 14 |
|   |                         | 2.6.1                                           | Field Description | 14 |
|   |                         | 2.6.2                                           | Gas Reserves Estimation | 15 |
| 3.     | ECONOMIC ANALYSIS            | 17                                              |
|   | 3.1                          | Assumptions                                     | 17 |
|   | 3.2                          | Costing                                         | 17 |
|   | 3.3                          | Results                                         | 18 |
| 4.     | RESERVES EVOLUTION 2010-2011 | 20                                              |
|   | 4.1                          | Proved Gas Reserves                             | 20 |
|   | 4.2                          | Proved plus Probable Gas Reserves               | 20 |
|   | 4.3                          | Proved plus Probable plus Possible Gas Reserves | 21 |
| 5.     | REFERENCES                   | 22                                              |

| ECV1713 | ii | Feb 2011 |
|---------|----|----------|

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

| APPENDIX 1: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR THE ROSZKOW FIELD                | 23 |
|-------------|---------------------------------------------------------------------------------|----|
| APPENDIX 2: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR THE WINNA GORA FIELD             | 30 |
| APPENDIX 3: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR THE KROMOLICE SOUTH FIELD        | 37 |
| APPENDIX 4: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR ZANIEMYSL FIELD                  | 44 |
| APPENDIX 5: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR SRODA-KROMOLICE  FIELD | 51 |
| APPENDIX 6: | PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR GRABOWKA                         | 58 |

| ECV1713 | iii | Feb 2011 |
|---------|-----|----------|

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

| Figure ‎2-1  | Roszkow Field Production History                                                                                     | 4  |
|--------------------|----------------------------------------------------------------------------------------------------------------------|----|
| Figure ‎2-2  | Roszkow Field Material Balance                                                                                       | 5  |
| Figure ‎2-3  | Zaniemysl  Field Top Structure Map                                                                         | 7  |
| Figure ‎2-4  | Zaniemysl Field Production History                                                                                   | 7  |
| Figure ‎2-5  | Zaniemysl Field Material Balance                                                                                     | 8  |
| Figure ‎2-6  | Map of Fields Sharing Production Facilities (Kromolice South, Sroda-Kromolice and Zaniemysl Fields)                  | 11 |
| Figure ‎2-7  | Proved Case Production Profile for Kromolice South, Sroda-Kromolice and Zaniemysl Fields                             | 12 |
| Figure ‎2-8  | Proved plus Probable Case Production Profile for Kromolice South, Sroda-Kromolice and Zaniemysl Fields               | 12 |
| Figure ‎2-9  | Proved plus Probable Plus Possible Case Production Profile for Kromolice South, Sroda-Kromolice and Zaniemysl Fields | 13 |
| Figure ‎2-10 | G-12 Well Production Performance (Grabowka-East)                                                                     | 15 |
| Figure ‎3-1  | Gas Price Sensitivity on NPV10 (Net to FX Energy) for the 2P Case                                                    | 19 |

| ECV1713 | iv | Feb 2011 |
|---------|----|----------|

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

| Table 1-1:        | Gas Reserves attributable to the FX Energy interest (MMscf), as of 31st December 2010 | 1  |
|-------------------|---------------------------------------------------------------------------------------|----|
| Table ‎1 2: | Total Gas Reserves, 100% Basis                                                        | 2  |
| Table ‎1-3: | Total Gas Reserves, Net interest                                                      | 2  |
| Table ‎2-1: | Reserves (MMscf) for the Roszkow Field at 31st December 2010, 100% Basis              | 5  |
| Table ‎2-2: | Reserves (MMscf) for the Winna Gora Field at 31st December 2010. 100% Basis           | 6  |
| Table ‎2-3: | Gas Reserves (MMscf) for the Kromolice South Field at 31st December 2010, 100% Basis  | 13 |
| Table ‎2-4: | Gas Reserves (MMscf) for the Zaniemysl Field at 31st December 2010, 100% Basis        | 13 |
| Table ‎2-5: | Gas Reserves (MMscf) for the Kromolice-Sroda Field at 31st December 2010, 100% Basis  | 14 |
| Table ‎2-6: | Gas Reserves (MMscf) for the Grabowka Field at 31st December 2010, 100% Basis         | 16 |
| Table ‎3-1: | Gas Price, Royalty and OPEX Assumptions                                               | 17 |
| Table ‎3-2: | Total NPV10 and NPV10, attributable to FX Energy                                      | 18 |
| Table ‎3-3: | Effect of Gas Price Sensitivities on FX Net Reserves (MMscf)                          | 19 |
| Table ‎3-4: | Effect of Gas Price Sensitivities on NPV10 (Net to FX Energy) in Million USD          | 19 |
| Table ‎4-1: | Gas Proved Reserves (MMscf) 100% Basis                                                | 20 |
| Table ‎4-2: | Gas Proved plus Probable Reserves (MMscf) 100% Basis                                  | 20 |
| Table ‎4-3: | Gas Proved plus Probable plus Possible Reserves (MMscf) 100% Basis                    | 21 |

| ECV1713 | v | Feb 2011 |
|---------|---|----------|

----

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

| Field           | FX EnergyInterest | FX Energy Gas Reserves (MMscf) |
|-----------------|-------------------|--------------------------------|
| Developed       | Undeveloped       |
| Proved          | Proved + Probable | Proved + Probable + Possible   | Proved | Proved +Probable | Proved + Probable + Possible |
| Grabowka        | 100.0%            | 1,495                          | 7,397 | 19,663 |   |   |   |
| Zaniemysl       | 24.5%             | 3,786                          | 6,579 | 11,969 |   |   |   |
| Roszkow         | 49.0%             | 7,234                          | 23,597 | 39,199 |   |   |   |
| Sroda-Kromolice | 49.0%             | 19,168                         | 32,410 | 50,552 |   |   |   |
| Kromolice South | 49.0%             |                           |   |   | 4,562 | 7,571 | 12,130 |
| Winna Gora      | 49.0%             |                           |   |   | 3,714 | 5,714 | 7,984 |
|            |              |                           |   |   |   |   |   |
| Total           |              | 31,683                         | 69,983 | 121,383 | 8,276 | 13,285 | 20,114 |

| ECV1713 | 1 | Feb 2011 |
|---------|---|----------|

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

| ECV1713 | 2 | Feb 2011 |
|---------|---|----------|

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

| ECV1713 | 3 | Feb 2011 |
|---------|---|----------|

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

| Proved                             | 35.5 Bscf  |
|------------------------------------|------------|
| Proved plus Probable               | 78.0 Bscf  |
| Proved plus Probable plus Possible | 108.0 Bscf |

| ECV1713 | 4 | Feb 2011 |
|---------|---|----------|

----

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

| Remaining Reserves (MMscf) | Evaluation1st Jan 2010 | Productionto 2010 | Remaining31st Dec 2010 | Economic Limitin Year | Evaluation1st Jan 2011 |
|----------------------------|------------------------|-------------------|------------------------|-----------------------|------------------------|
| Proven*                    | 28,152                 | 4,987             | 14,763                 | 2018                  | 14,763                 |
| Proven+Probable            | 53,143                 | 4,987             | 48,157                 | 2027                  | 48,157                 |
| Proven+Probable+ Possible  | 84,985                 | 4,987             | 79,998                 | 2036                  | 79,998                 |

| ECV1713 | 5 | Feb 2011 |
|---------|---|----------|

----

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

|                       |                   | 2011                  |                   |
|----------------------------|------------------------|-----------------------|------------------------|
| Remaining Reserves (MMscf) | Remaining31st Dec 2010 | Economic Limitin Year | Evaluation1st Jan 2011 |
| Proven                     | 7,579                  | 2019                  | 7,579                  |
| Proven+Probable            | 11,598                 | 2024                  | 11,681                 |
| Proven+Probable+ Possible  | 16,293                 | 2028                  | 16,293                 |

| ECV1713 | 6 | Feb 2011 |
|---------|---|----------|

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

| ECV1713 | 7 | Feb 2011 |
|---------|---|----------|

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

| Proved                             | 51 Bscf |
|------------------------------------|---------|
| Proved plus Probable               | 60 Bscf |
| Proved plus Probable plus Possible | 80 Bscf |

| ECV1713 | 8 | Feb 2011 |
|---------|---|----------|

----

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

| Proved                             | 65.2 Bscf* |
|------------------------------------|------------|
| Proved plus Probable               | 94.7 Bscf  |
| Proved 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. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A plateau rate of 6.5 MMscf/d for the Kromolice-1 well and 4.1 MMscf/d for the Sroda-4 well, as currently indicated by the Operator, POGC. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A start-up date of 1 April 2011 for Kromolice-1 on advice of FX Energy. |
|--------------------|-------------------------------------------------------------------------|

| ·   | A start-up date of 1 January 2011 for Sroda-4 on advice of FX Energy. |
|--------------------|-----------------------------------------------------------------------|

| ·   | As instructed by FX Energy, ten days of downtime per well have been included in the profiles. |
|--------------------|-----------------------------------------------------------------------------------------------|

| Proved                             | 15.5 Bscf |
|------------------------------------|-----------|
| Proved plus Probable               | 22.2 Bscf |
| Proved plus Probable plus Possible | 31.5 Bscf |

| ECV1713 | 9 | Feb 2011 |
|---------|---|----------|

----

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

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

| ·   | A start-up date of 1 April 2011 on advice of FX Energy. |
|--------------------|---------------------------------------------------------|

| ·   | As instructed by FX Energy, ten days of downtime per well have been included in the profiles. |
|--------------------|-----------------------------------------------------------------------------------------------|

| ECV1713 | 10 | Feb 2011 |
|---------|----|----------|

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

| ECV1713 | 11 | Feb 2011 |
|---------|----|----------|

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

| ECV1713 | 12 | Feb 2011 |
|---------|----|----------|

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

| Kromolice South            |
|----------------------------|
|                       |   | 2011 |   |
| Remaining Reserves (MMscf) | Remaining31st Dec 2010 | Economic Limit in Year | Evaluation1st Jan 2011 |
| Proven                     | 9,310 | 2021 | 9,310 |
| Proven+Probable            | 15,452 | 2024 | 15,452 |
| Proven+Probable+ Possible  | 24,760 | 2034 | 24,755 |

|                        | Zaniemysl               |                   |
|-----------------------------|-------------------------|------------------------|
|                        | 2010                    | 2011                   |
| Remaining Reserves (MMscf)  | Evaluation 1st Jan 2010 | Production During 2010 | Remaining 31st Dec 2010 | Economic Limit in Year | Evaluation 1st Jan 2011 |
| Proven                      | 18,615                  | 3,469                  | 15,145 | 2017 | 15,453 |
| Proven+Probable*            | 39,122                  | 3,469                  | 35,653 | 2021 | 26,854 |
| Proven+Probable+ Possible** | 48,816                  | 3,469                  | 45,347 | 2032 | 48,854 |

| ECV1713 | 13 | Feb 2011 |
|---------|----|----------|

----

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

| Kromolice Sroda            |
|----------------------------|
|                       |   | 2011 |   |
| Remaining Reserves (MMscf) | Remaining31st Dec 2010 | Economic Limit in Year | Evaluation1st Jan 2011 |
| Proven                     | 39,150 | 2026 | 39,119 |
| Proven+Probable            | 66,246 | 2029 | 66,142 |
| Proven+Probable+ Possible  | 103,167 | 2044 | 103,167 |

|   | Grabowka East      |   | Grabowka West      |
|--------|--------------------|--------|--------------------|
|   | Spill 1550 m TVDSS |   | Spill 1565 m TVDSS |
|   |               |   |               |
| P      | 1.0                |   | 3.6                |
| P+P    | 2.2                |   | 12.6               |
| P+P+P  | 3.9                |   | 25.2               |

| ECV1713 | 14 | Feb 2011 |
|---------|----|----------|

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

| P90 (SEC): | 35% |
|------------|-----|
| P50:       | 50% |
| P10:       | 65% |

| ·   | G-12 well was kept at the current average rate of 0.24 MMscf/d for all cases  and declined to meet 35%, 50% and 65% EUR |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | Start-up of G-6 in July 2012 at an initial rate of 1.1 MMscf/d |
|--------------------|----------------------------------------------------------------|

| ·   | The main POGC line would operate from July 2012 onwards and all the wells can flow against a WHP of ~900psi. |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ECV1713 | 15 | Feb 2011 |
|---------|----|----------|

----

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

| ·   | Start-up of G-8 in January 2013. |
|--------------------|----------------------------------|

| ·   | Capping production of the three wells to 2.7 MMscf/d (contractual limit) as of July 2012. |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | Inclusion of compression with a minimum WHFP of 200 psia at the end of plateau but not before October 2012. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

|                       | 2010                   | 2011              |
|----------------------------|------------------------|-------------------|
| Remaining Reserves (MMscf) | Evaluation1st Jan 2010 | Productionto 2010 | Remaining31st Dec 2010 | Economic Limitin Year | Evaluation1st Jan 2011 |
| Proven                     | 1,685                  | 162               | 1,523 | 2015 | 1,495 |
| Proven+Probable            | 7,972                  | 162               | 7,810 | 2021 | 7,397 |
| Proven+Probable+ Possible  | 19,576                 | 162               | 19,414 | 2037 | 19,663 |

| ECV1713 | 16 | Feb 2011 |
|---------|----|----------|

----

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

|            | Gas Price$/Mscf | Royalty%  | OPEXMM $ p.a. |
|-----------------|-----------------|-----------|---------------|
| Roszkow         | 6.29            | 0.69      | 0.891         |
| Winna Gora      | 5.82            | 0.75      | 0.800         |
| Zaniemysl       | 4.56            | 0.96      | 0.725         |
| Kromolice-South | 5.74            | 0.76      | 0.169         |
| Kromolice-Sroda | 5.85/5.98       | 0.74/0.73 | 0.289/0.318   |
| Grabowka        | 1.61            | N.A       | N.A           |

| ·   | Roszkow –For the Proved, Proved plus Probable Cases and Proved plus Probable plus Possible Cases, Compression Costs of US $2.5MM in 2012, 2016 and 2019 respectively. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Winna Gora – For all cases facility CAPEX and tie-in of the existing well at a cost of US $6.7 MM, scheduled for 2011.  Compression Costs of US $1.5 MM for the proved case in 2017, for the Proved plus Probable case in 2018 and for the Proved plus Probable plus Possible case in 2021. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Zaniemysl – Central compression costs of US $2 MM in MCHY have been allocated to Zaniemysl. For the Proved Case no costs are allocated, since there is not a plateau for the remaining well life. For the Proved plus Probable case this happens in 2013 and in the Proved plus Probable plus Possible case in 2017. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Sroda-Kromolice – Central compression costs of US $4.0 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ECV1713 | 17 | Feb 2011 |
|---------|----|----------|

----

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

| ·   | Kromolice-South - Central compression costs of US $2.0 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Field           | FX EnergyInterest  | NPV10 (Million US$)          |
|-----------------|--------------------|------------------------------|
| Proved          | Proved + Probable  | Proved + Probable + Possible |
|            |               | Gross                        | Net | Gross | Net | Gross | Net |
| Zaniemysl       | 24.5%              | 51.1                         | 12.5 | 74.7 | 18.3 | 106.1 | 26.0 |
| Sroda-Kromolice | 49.0%              | 130.0                        | 63.7 | 175.4 | 85.9 | 200.1 | 98.1 |
| Roszkow         | 49.0%              | 69.0                         | 33.8 | 179.8 | 88.1 | 233.9 | 114.6 |
| Winna Gora      | 49.0%              | 18.6                         | 9.1 | 28.4 | 13.9 | 37.5 | 18.4 |
| Kromolice South | 49.0%              | 32.5                         | 15.9 | 46.0 | 22.6 | 58.5 | 28.7 |
| Grabowka        | 100.0%   | 1.8                          | 1.8 | 7.2 | 7.2 | 12.0 | 12.0 |
|            |               |                         |   |   |   |   |   |
| Total           |               | 302.9                        | 136.8 | 511.5 | 236.1 | 648.2 | 297.8 |

| ECV1713 | 18 | Feb 2011 |
|---------|----|----------|

----

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

| Fields          | Net Reserves 90% Price | Net Reserves Base Price | Net Reserves 110% Price |
|-----------------|------------------------|-------------------------|-------------------------|
| 1P              |                   | 2P                      | 3P                      | 1P | 2P | 3P | 1P | 2P | 3P |
| Roszkow         | 7,234                  |                    | 23,596                  | 39,199 | 7,234 | 23,596 | 39,199 | 7,234 | 23,596 | 39,199 |
| Winna Gora      | 3,714                  |                    | 5,714                   | 7,983 | 3,714 | 5,714 | 7,983 | 3,714 | 5,714 | 7,983 |
| Kromolice South | 4,562                  |                    | 7,572                   | 12,130 | 4,562 | 7,572 | 12,130 | 4,562 | 7,572 | 12,130 |
| Zaniemysl       | 3,786                  |                    | 6,579                   | 11,969 | 3,786 | 6,579 | 11,969 | 3,786 | 6,579 | 11,969 |
| Kromolice Sroda | 19,168                 |                    | 32,409                  | 50,552 | 19,168 | 32,409 | 50,552 | 19,168 | 32,409 | 50,552 |
| Grabowka        | 1,495                  |                    | 7,397                   | 19,663 | 1,495 | 7,397 | 19,663 | 1,495 | 7,397 | 19,663 |
|            |                   |                    |                    |   |   |   |   |   |   |   |
| Total           | 39,959                 |                    | 83,267                  | 141,496 | 39,959 | 83,267 | 141,496 | 39,959 | 83,267 | 141,496 |

| Fields          | NPV10 90% Price | NPV10 Base Price | NPV10 110% Price |
|-----------------|-----------------|------------------|------------------|
|            | 1P              | 2P               | 3P               | 1P | 2P | 3P | 1P | 2P | 3P |
| Roszkow         | 30.1            | 78.8             | 102.7            | 33.8 | 88.1 | 114.6 | 37.6 | 97.4 | 126.6 |
| Winna Gora      | 7.6             | 11.9             | 15.9             | 9.1 | 13.9 | 18.4 | 10.6 | 15.9 | 20.9 |
| Kromolice South | 14.1            | 20.0             | 25.5             | 15.9 | 22.6 | 28.7 | 17.8 | 25.1 | 31.8 |
| Zaniemysl       | 11.2            | 16.3             | 23.2             | 12.5 | 18.3 | 26.0 | 13.9 | 20.3 | 28.8 |
| Kromolice Sroda | 56.8            | 76.8             | 87.8             | 63.7 | 85.9 | 98.1 | 70.6 | 95.0 | 108.4 |
| Grabowka        | 1.7             | 6.5              | 10.8             | 1.8 | 7.2 | 12.0 | 2.0 | 7.9 | 13.2 |
|            |            |             |             |   |   |   |   |   |   |
| Total           | 121.4           | 210.4            | 265.8            | 136.8 | 236.1 | 297.8 | 152.4 | 261.7 | 329.6 |

| ECV1713 | 19 | Feb 2011 |
|---------|----|----------|

----

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

|            | 2010                | 2011                  | Variation          |
|-----------------|---------------------|-----------------------|--------------------|
| Field           | Evaluation01-Jan-10 | Productionduring 2010 | Remaining31-Dec-10 | Evaluation 01-Jan-11 | MMscf | (%) |
|            |                |                  |               |   |   |   |
| Kleka           | 753                 | 45                    | 708                | 0 | -708 | -100% |
| Zaniemysl       | 18,615              | 3,469                 | 15,146             | 15453 | 307 | 2% |
| Sroda-Kromolice | 38,742              | 0                     | 38,742             | 39119 | 377 | 1% |
| Roszkow         | 28,152              | 4,987                 | 23,165             | 14763 | -8,402 | -36% |
| Winna Gora      | 7,579               | 0                     | 7,579              | 7579 | 0 | 0% |
| Kromolice South | 9,310               | 0                     | 9,310              | 9310 | 0 | 0% |
| Grabowka        | 1,685               | 163                   | 1,522              | 1495 | -27 | 0% |
|            |                |                  |               |   |   |   |
| Total           | 104,836             | 8,664                 | 96,172             | 87,719 | -8,453 | -9% |

|            | 2010                | 2011                  | Variation          |
|-----------------|---------------------|-----------------------|--------------------|
| Field           | Evaluation01-Jan-10 | Productionduring 2010 | Remaining31-Dec-10 | Evaluation01-Jan-11 | MMscf | (%) |
| Kleka           | 1,340               | 45                    | 1,295              | 0 | -1,295 | -100% |
| Zaniemysl       | 39,122              | 3,469                 | 35,653             | 26,854 | -8,799 | -25% |
| Sroda-Kromolice | 66,275              | 0                     | 66,275             | 66,142 | -133 | 0% |
| Roszkow         | 53,143              | 4,987                 | 48,156             | 48,157 | 1 | 0% |
| Winna Gora      | 11,598              | 0                     | 11,598             | 11,661 | 63 | 1% |
| Kromolice South | 15,350              | 0                     | 15,350             | 15,452 | 102 | 0% |
| Grabowka        | 7,972               | 163                   | 7,809              | 7,397 | -412 | 0% |
|            |                |                  |               |   |   |   |
| Total           | 194,800             | 8,664                 | 186,136            | 175,663 | -10,473 | -6% |

| ECV1713 | 20 | Feb 2011 |
|---------|----|----------|

----

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

|            | 2010                                                                            | 2011                  | Variation                                                                                  |
|-----------------|---------------------------------------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------|
| Field           | Evaluation     01-Jan-10      | Productionduring 2010 | Remaining      31-Dec-10       | Evaluation01-Jan-11 | MMscf | (%) |
| Kleka           | 3,454                                                                           | 45                    | 3,409                                                                                      | 0 | -3,409 | -100% |
| Zaniemysl       | 48,816                                                                          | 3,469                 | 45,347                                                                                     | 48,854 | 3,507 | 8% |
| Sroda-Kromolice | 103,039                                                                         | 0                     | 103,039                                                                                    | 103,167 | 128 | 0% |
| Roszkow         | 84,958                                                                          | 4,987                 | 79,971                                                                                     | 79,998 | 27 | 0% |
| Winna Gora      | 16,293                                                                          | 0                     | 16,293                                                                                     | 16,293 | 0 | 0% |
| Kromolice South | 24,760                                                                          | 0                     | 24,760                                                                                     | 24,755 | -5 | 0% |
| Grabowka        | 19,576                                                                          | 163                   | 19,413                                                                                     | 19,663 | 250 | 0% |
|            |                                                                            |                  |                                                                                       |   |   |   |
| Total           | 300,896                                                                         | 8,664                 | 292,232                                                                                    | 292,730 | 498 | 0% |

| ECV1713 | 21 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 22 | Feb 2011 |
|---------|----|----------|

----

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

|       | Proved    | Proved + Probable     | Proved + Probable + Possible |
|------------|-----------|-----------------------|------------------------------|
|  Year | Gas Rate  | Cumulative Production | Gas Rate                     | CumulativeProduction | Gas Rate | CumulativeProduction |
|       | (MMscf/d) | (Bscf)                | (MMscf/d)                    | (Bscf) | (MMscf/d) | (Bscf) |
| 2011       | 13.4      | 11.4                  | 13.4                         | 11.4 | 13.4 | 11.4 |
| 2012       | 12.0      | 15.8                  | 13.4                         | 16.3 | 13.4 | 16.3 |
| 2013       | 5.9       | 18.0                  | 13.4                         | 21.2 | 13.4 | 21.2 |
| 2014       | 3.3       | 19.2                  | 13.4                         | 26.1 | 13.4 | 26.1 |
| 2015       | 2.2       | 20.0                  | 13.4                         | 31.0 | 13.4 | 31.0 |
| 2016       | 1.6       | 20.5                  | 13.4                         | 35.9 | 13.4 | 35.9 |
| 2017       | 1.2       | 21.0                  | 11.8                         | 40.2 | 13.4 | 40.8 |
| 2018       | 0.9       | 21.3                  | 9.2                          | 43.6 | 13.4 | 45.7 |
| 2019       |      |                  | 7.2                          | 46.2 | 13.4 | 50.6 |
| 2020       |      |                  | 5.7                          | 48.3 | 13.0 | 55.3 |
| 2021       |      |                  | 4.5                          | 49.9 | 11.4 | 59.5 |
| 2022       |      |                  | 3.5                          | 51.2 | 10.0 | 63.2 |
| 2023       |      |                  | 2.8                          | 52.2 | 8.8 | 66.4 |
| 2024       |      |                  | 2.3                          | 53.0 | 7.8 | 69.2 |
| 2025       |      |                  | 1.8                          | 53.7 | 6.8 | 71.7 |
| 2026       |      |                  | 1.5                          | 54.3 | 6.1 | 73.9 |
| 2027       |      |                  | 1.2                          | 54.7 | 5.4 | 75.9 |
| 2028       |      |                  |                         |   | 4.8 | 77.6 |
| 2029       |      |                  |                         |   | 4.3 | 79.2 |
| 2030       |      |                  |                         |   | 3.8 | 80.6 |
| 2031       |      |                  |                         |   | 3.5 | 81.8 |
| 2032       |      |                  |                         |   | 3.1 | 83.0 |
| 2033       |      |                  |                         |   | 2.8 | 84.0 |
| 2034       |      |                  |                         |   | 2.5 | 84.9 |
| 2035       |      |                  |                         |   | 2.3 | 85.8 |
| 2036       |      |                  |                         |   | 2.1 | 86.5 |

| ECV1713 | 23 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 24 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 25 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 26 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 27 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 28 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 29 | Feb 2011 |
|---------|----|----------|

----

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

|   | Proved   | Proved+Probable      | Proved+Probable+Possible |
|--------|----------|----------------------|--------------------------|
| Year   | Gas Rate | CumulativeProduction | Gas Rate                 | CumulativeProduction | Gas Rate | CumulativeProduction |
|   | MMscf/d  | Bscf                 | MMscf/d                  | Bscf | MMscf/d | Bscf |
| 2012   | 3.9      | 1.4                  | 3.9                      | 1.4 | 3.9 | 1.4 |
| 2013   | 3.9      | 2.8                  | 3.9                      | 2.8 | 3.9 | 2.8 |
| 2014   | 3.9      | 4.3                  | 3.9                      | 4.3 | 3.9 | 4.3 |
| 2015   | 3.1      | 5.4                  | 3.9                      | 5.7 | 3.9 | 5.7 |
| 2016   | 2.4      | 6.3                  | 3.9                      | 7.1 | 3.9 | 7.1 |
| 2017   | 1.6      | 6.9                  | 3.2                      | 8.3 | 3.9 | 8.5 |
| 2018   | 1.2      | 7.3                  | 2.4                      | 9.2 | 3.9 | 10.0 |
| 2019   | 0.7      | 7.6                  | 2.0                      | 9.9 | 3.9 | 11.4 |
| 2020   |     |                 | 1.5                      | 10.5 | 3.0 | 12.5 |
| 2021   |     |                 | 1.2                      | 10.9 | 2.4 | 13.4 |
| 2022   |     |                 | 0.9                      | 11.2 | 2.0 | 14.1 |
| 2023   |     |                 | 0.7                      | 11.5 | 1.6 | 14.7 |
| 2024   |     |                 | 0.5                      | 11.7 | 1.3 | 15.1 |
| 2025   |     |                 |                     |   | 1.0 | 15.5 |
| 2026   |     |                 |                     |   | 0.9 | 15.8 |
| 2027   |     |                 |                     |   | 0.7 | 16.1 |
| 2028   |     |                 |                     |   | 0.6 | 16.3 |

| ECV1713 | 30 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 31 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 32 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 33 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 34 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 35 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 36 | Feb 2011 |
|---------|----|----------|

----

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

|   | Proved            | Proved+Probable            | Proved+Probable+Possible |
|--------|-------------------|----------------------------|--------------------------|
| Year   | Gas Rate (MMscfd) | CumulativeProduction(Bscf) | Gas Rate(MMscfd)         | CumulativeProduction(Bscf) | Gas Rate(MMscfd) | CumulativeProduction(Bscf) |
| 2011   | 3.2               | 1.2                        | 2.9                      | 1.0 | 2.9 | 1.0 |
| 2012   | 3.7               | 2.5                        | 3.7                      | 2.4 | 3.7 | 2.4 |
| 2013   | 3.7               | 3.9                        | 3.7                      | 3.7 | 3.7 | 3.7 |
| 2014   | 3.7               | 5.2                        | 3.7                      | 5.1 | 3.7 | 5.1 |
| 2015   | 3.3               | 6.4                        | 3.7                      | 6.4 | 3.7 | 6.4 |
| 2016   | 2.4               | 7.3                        | 3.7                      | 7.8 | 3.7 | 7.8 |
| 2017   | 1.7               | 7.9                        | 3.7                      | 9.1 | 3.7 | 9.1 |
| 2018   | 1.3               | 8.4                        | 3.7                      | 10.5 | 3.7 | 10.5 |
| 2019   | 1.1               | 8.8                        | 3.7                      | 11.8 | 3.7 | 11.8 |
| 2020   | 0.8               | 9.1                        | 3.1                      | 13.0 | 3.7 | 13.2 |
| 2021   | 0.6               | 9.3                        | 2.5                      | 13.9 | 3.7 | 14.5 |
| 2022   |              |                       | 2.0                      | 14.6 | 3.7 | 15.9 |
| 2023   |              |                       | 1.6                      | 15.2 | 3.7 | 17.2 |
| 2024   |              |                       | 0.7                      | 15.5 | 3.4 | 18.5 |
| 2025   |              |                       |                     |   | 3.2 | 19.7 |
| 2026   |              |                       |                     |   | 3.0 | 20.7 |
| 2027   |              |                       |                     |   | 2.2 | 21.5 |
| 2028   |              |                       |                     |   | 1.7 | 22.2 |
| 2029   |              |                       |                     |   | 1.5 | 22.7 |
| 2030   |              |                       |                     |   | 1.3 | 23.2 |
| 2031   |              |                       |                     |   | 1.2 | 23.7 |
| 2032   |              |                       |                     |   | 1.1 | 24.1 |
| 2033   |              |                       |                     |   | 1.0 | 24.4 |
| 2034   |              |                       |                     |   | 1.0 | 24.8 |

| ECV1713 | 37 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 38 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 39 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 40 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 41 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 42 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 43 | Feb 2011 |
|---------|----|----------|

----

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

|   | Proved           | Proved+Probable            | Proved+ Probable+Possible |
|--------|------------------|----------------------------|---------------------------|
| Year   | Gas Rate(MMscfd) | CumulativeProduction(Bscf) | Gas Rate(MMscfd)          | CumulativeProduction(Bscf) | Gas Rate(MMscfd) | CumulativeProduction(Bscf) |
| 2011   | 9.1              | 18.5                       | 9.1                       | 18.5 | 9.1 | 18.5 |
| 2012   | 9.1              | 21.8                       | 9.1                       | 21.8 | 9.1 | 21.8 |
| 2013   | 7.9              | 24.7                       | 9.1                       | 25.2 | 9.1 | 25.2 |
| 2014   | 6.2              | 27.0                       | 8.5                       | 28.3 | 9.1 | 28.5 |
| 2015   | 4.8              | 28.7                       | 7.5                       | 31.0 | 9.1 | 31.8 |
| 2016   | 3.8              | 30.1                       | 6.7                       | 33.4 | 9.1 | 35.2 |
| 2017   | 1.3              | 30.6                       | 5.9                       | 35.6 | 9.1 | 38.5 |
| 2018   |             |                       | 5.2                       | 37.5 | 8.6 | 41.7 |
| 2019   |             |                       | 4.6                       | 39.2 | 7.8 | 44.5 |
| 2020   |             |                       | 4.1                       | 40.7 | 7.1 | 47.1 |
| 2021   |             |                       | 3.5                       | 42.0 | 6.4 | 49.5 |
| 2022   |             |                       |                      |   | 5.9 | 51.6 |
| 2023   |             |                       |                      |   | 5.3 | 53.5 |
| 2024   |             |                       |                      |   | 4.8 | 55.3 |
| 2025   |             |                       |                      |   | 4.4 | 56.9 |
| 2026   |             |                       |                      |   | 4.0 | 58.4 |
| 2027   |             |                       |                      |   | 3.6 | 59.7 |
| 2028   |             |                       |                      |   | 3.3 | 60.9 |
| 2029   |             |                       |                      |   | 3.0 | 62.0 |
| 2030   |             |                       |                      |   | 2.7 | 63.0 |
| 2031   |             |                       |                      |   | 2.2 | 63.8 |
| 2032   |             |                       |                      |   | 0.6 | 64.0 |

| ECV1713 | 44 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 45 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 46 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 47 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 48 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 49 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 50 | Feb 2011 |
|---------|----|----------|

----

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

|        | Proved Kromolice | Proved Sroda | Proved+Probable | Proved+ Probable+Possible |
|-------------|------------------|--------------|-----------------|---------------------------|
|        |             | Cumulative   |            | Cumulative                |   | Cumulative |   | Cumulative |
|   Year | Gas Rate         | Production   | Gas Rate        | Production                | Gas Rate | Production | Gas Rate | Production |
|        | (MMscfd)         | (Bscf)       | (MMscfd)        | (Bscf)                    | (MMscfd) | (Bscf) | (MMscfd) | (Bscf) |
| 2011        | 4.9              | 1.8          | 4.1             | 1.5                       | 9.0 | 3.3 | 9.0 | 3.3 |
| 2012        | 6.3              | 4.1          | 4.0             | 3.0                       | 10.3 | 7.1 | 10.3 | 7.1 |
| 2013        | 6.3              | 6.4          | 4.0             | 4.4                       | 10.3 | 10.8 | 10.3 | 10.8 |
| 2014        | 6.3              | 8.7          | 4.0             | 5.9                       | 10.3 | 14.6 | 10.3 | 14.6 |
| 2015        | 6.3              | 11.0         | 4.0             | 7.3                       | 10.3 | 18.3 | 10.3 | 18.3 |
| 2016        | 6.3              | 13.3         | 4.0             | 8.8                       | 10.3 | 22.1 | 10.3 | 22.1 |
| 2017        | 6.2              | 15.6         | 4.0             | 10.2                      | 10.3 | 25.9 | 10.3 | 25.9 |
| 2018        | 4.8              | 17.3         | 4.0             | 11.7                      | 10.3 | 29.6 | 10.3 | 29.6 |
| 2019        | 3.6              | 18.7         | 3.7             | 13.1                      | 10.3 | 33.4 | 10.3 | 33.4 |
| 2020        | 2.6              | 19.6         | 3.3             | 14.3                      | 10.3 | 37.2 | 10.3 | 37.2 |
| 2021        | 1.3              | 20.1         | 2.9             | 15.3                      | 10.3 | 40.9 | 10.3 | 40.9 |
| 2022        |             |         | 2.6             | 16.3                      | 10.3 | 44.7 | 10.3 | 44.7 |
| 2023        |             |         | 2.3             | 17.1                      | 10.3 | 48.5 | 10.3 | 48.5 |
| 2024        |             |         | 2.0             | 17.9                      | 10.3 | 52.2 | 10.3 | 52.2 |
| 2025        |             |         | 1.8             | 18.5                      | 9.9 | 55.8 | 10.3 | 56.0 |
| 2026        |             |         | 1.4             | 19.1                      | 8.4 | 58.9 | 10.3 | 59.8 |
| 2027        |             |         | 0.1             | 19.1                      | 7.4 | 61.6 | 10.3 | 63.5 |
| 2028        |             |         |            |                      | 6.8 | 64.1 | 10.3 | 67.3 |
| 2029        |             |         |            |                      | 5.7 | 66.1 | 10.3 | 71.1 |
| 2030        |             |         |            |                      | 0.3 | 66.2 | 10.3 | 74.8 |
| 2031        |             |         |            |                      |   |   | 10.2 | 78.5 |
| 2032        |             |         |            |                      |   |   | 9.2 | 81.9 |
| 2033        |             |         |            |                      |   |   | 8.1 | 84.8 |
| 2034        |             |         |            |                      |   |   | 7.2 | 87.5 |
| 2035        |             |         |            |                      |   |   | 6.5 | 89.9 |
| 2036        |             |         |            |                      |   |   | 5.8 | 92.0 |
| 2037        |             |         |            |                      |   |   | 5.3 | 93.9 |
| 2038        |             |         |            |                      |   |   | 4.8 | 95.7 |
| 2039        |             |         |            |                      |   |   | 4.5 | 97.4 |
| 2040        |             |         |            |                      |   |   | 4.2 | 98.9 |
| 2041        |             |         |            |                      |   |   | 3.8 | 100.3 |
| 2042        |             |         |            |                      |   |   | 3.5 | 101.5 |
| 2043        |             |         |            |                      |   |   | 3.4 | 102.8 |
| 2044        |             |         |            |                      |   |   | 0.0 | 103.2 |
| 2045        |             |         |            |                      |   |   |   |   |
| 2046        |             |         |            |                      |   |   |   |   |

| ECV1713 | 51 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 52 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 53 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 54 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 55 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 56 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 57 | Feb 2011 |
|---------|----|----------|

----

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

|   | Proved           | Proved+Probable            | Proved+Probable+Possible |
|--------|------------------|----------------------------|--------------------------|
| Year   | Gas Rate(MMscfd) | CumulativeProduction(Bscf) | Gas Rate(MMscfd)         | CumulativeProduction(Bscf) | Gas Rate(MMscfd) | CumulativeProduction(Bscf) |
| 2011   | 0.2              | 0.3                        | 0.2                      | 0.3 | 0.2 | 0.3 |
| 2012   | 0.5              | 0.5                        | 0.9                      | 0.7 | 0.9 | 0.7 |
| 2013   | 1.6              | 1.1                        | 2.7                      | 1.6 | 2.7 | 1.6 |
| 2014   | 1.1              | 1.5                        | 2.7                      | 2.6 | 2.7 | 2.6 |
| 2015   | 0.6              | 1.8                        | 2.7                      | 3.6 | 2.7 | 3.6 |
| 2016   | 0.0              | 1.8                        | 2.5                      | 4.5 | 2.7 | 4.6 |
| 2017   | 0.0              | 1.8                        | 2.3                      | 5.4 | 2.7 | 5.6 |
| 2018   |             |                       | 2.0                      | 6.1 | 2.7 | 6.6 |
| 2019   |             |                       | 1.8                      | 6.7 | 2.7 | 7.6 |
| 2020   |             |                       | 1.5                      | 7.3 | 2.7 | 8.6 |
| 2021   |             |                       | 1.0                      | 7.7 | 2.7 | 9.5 |
| 2022   |             |                       | 0.4                      | 7.8 | 2.7 | 10.5 |
| 2023   |             |                       |                     |   | 2.7 | 11.5 |
| 2024   |             |                       |                     |   | 2.6 | 12.5 |
| 2025   |             |                       |                     |   | 2.5 | 13.4 |
| 2026   |             |                       |                     |   | 2.3 | 14.2 |
| 2027   |             |                       |                     |   | 2.1 | 15.0 |
| 2028   |             |                       |                     |   | 1.9 | 15.7 |
| 2029   |             |                       |                     |   | 1.8 | 16.3 |
| 2030   |             |                       |                     |   | 1.6 | 16.9 |
| 2031   |             |                       |                     |   | 1.5 | 17.5 |
| 2032   |             |                       |                     |   | 1.4 | 18.0 |
| 2033   |             |                       |                     |   | 1.3 | 18.4 |
| 2034   |             |                       |                     |   | 1.2 | 18.8 |
| 2035   |             |                       |                     |   | 1.1 | 19.2 |
| 2036   |             |                       |                     |   | 1.0 | 19.6 |
| 2037   |             |                       |                     |   | 0.9 | 19.9 |
| 2038   |             |                       |                     |   | 0.5 | 20.1 |
| 2039   |             |                       |                     |   | 0.2 | 20.2 |

| ECV1713 | 58 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 59 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 60 | Feb 2011 |
|---------|----|----------|

----

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

| ECV1713 | 61 | Feb 2011 |
|---------|----|----------|

----

|   |   |
|--------|--------|