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FXEN reported positive results from one of their wells. |
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Released on Wednesday, August 8, 2012, 6:00 AM ET
Pittsburgh, PA (SpeculatingStocks) - FX Energy, Inc. (NASDAQ:FXEN) has been coring and logging its Kormoze-3K well in Poland. Yesterday, the company reported results showing 36 meters of gas-saturated Rotliegend sandstone with porosity of up to 22.4%.
The well looks like it holds great promise and FXEN has a 49% stake in the well. This was positive news out of the company and it sent FXEN shares soaring higher, up $0.52 to $7.743 and reaching a new 52-week high.
With the refinery fire at Chevrons plant in California, energy prices could be headed higher while are already currently at multi-month highs around $3.00.
FXEN will be holding a second quarter conference call tomorrow at 4:30 PM ET (8/9/12). The call will discuss FXEN's current operations.
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