FX Energy Provides Drilling Update on Grundy-2 Well (Marketwire)

Wednesday July 9, 11:25 am ET SALT LAKE CITY, UT--(MARKET WIRE)--Jul 9, 2008 -- FX Energy, Inc. (NasdaqGM:FXEN - News ) today reported that the Company's Grundy-2 well is currently drilling in the Rotliegend sandstone at a depth of 4,625 meters. The top of the Rotliegend was encountered 100 meters higher than expected. The well has now drilled 385 meters of Rotliegend with gas shows throughout and no appearance of water. Current plans are to drill the well to a total depth of 4,660 meters and then log and perform other tests to determine gas saturation and porosity. The Grundy-2 well is in the Company's Fences concession. FX Energy owns a 49% interest in the well; the Polish Oil and Gas Company is the operator and owns 51%. "The Rotliegend at this depth appears to be tight with less porosity and permeability than shallower... [read full story]