1. 1
A Unique Play on the Strong European Gas Market
June 2013
POLAND

2. NASDAQ: FXEN
2
Corporate Headquarters
FX Energy, Inc.
3006 Highland Drive
Salt Lake City, UT 84106
Ph: (801) 486-5555
website: www.fxenergy.com
Contact
Scott Duncan
VP Investor Relations
scottduncan@fxenergy.com
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to potential
and probable reserves, cash flow, value, risked value, timing of drilling and exploration activities and revenue projections. These statements relate to future events or to
future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond our control and that might materially affect actual results, levels of activity, performance or achievements.
For example, exploration, drilling, development, construction or other projects or operations may be subject to the successful completion of technical work;
environmental, governmental or partner approvals; equipment availability, or other things that are or may be beyond the control of the Company. The Company’s
exploration or development operations that are anticipated, planned or scheduled may be changed, delayed, take longer than expected, fail to accomplish intended
results, or not take place at all. In carrying out exploration it is necessary to identify and evaluate risks and potential rewards. This identification and evaluation is
informed by science but remains inherently uncertain. Subsurface features that appear to be possible traps may not exist at all, may be smaller than interpreted, may not
contain hydrocarbons, may not contain the quantity or quality estimated, or may have reservoir conditions that do not allow adequate recovery to render a discovery
commercial or profitable. Forward looking statements about the size, potential or likelihood of discovery with respect to exploration targets are certainly not guarantees
of discovery or of the actual presence or recoverability of hydrocarbons, or of the ability to produce in commercial or profitable quantities. Estimates of potential
typically do not take into account all the risks of drilling and completion nor do they take into account the fact that hydrocarbon volumes are never 100% recoverable.
Such estimates are part of the complex process of trying to measure and evaluate risk and reward in an uncertain industry.
Other factors that could materially affect actual results, levels of activity, performance or achievement can be found in the Company’s Annual Report on Form 10-K
filed on March 14, 2013 and in the documents incorporated therein by reference. If any of these risks and uncertainties develop, or if any of our underlying assumptions
prove to be incorrect, out actual results, levels of activity, performance or achievement may vary significantly from what we projected. Any forward looking statement
contained in or made during this presentation reflects the Company’s current views with respect to such future events and is subject to these and other risks,
uncertainties and assumptions. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new
information, future events or developments or otherwise.
FX Energy – Forward Looking Statements
Prepared: June 4, 2013; Printed: June 5, 2013

3. NASDAQ: FXEN
3
FX Energy Today
 Solid production and revenues
• 2011: 12 Mmcfe/d (322 Mcme/d) net to FX; net revenues of approx. $26mm
• 2012: 13.1 Mmcfe/d (354 Mcme/d) net to FX; net revenues of approx. $31mm
• 2013: 14.0 Mmcfe/d (375 Mcme/d) net to FX 1Q2013; Lisewo facility scheduled to start 2H13
 Strong European gas prices
• $8.98/mmbtu(1) ($317/Mcm) FX 2013 first quarter average wellhead price
 Drilling activity ramping up
• 2013 E&P commitments anticipated to be $60-70 million vs. $36 million 2012 capex
• 2013: 2 wells already drilled this year; 4-6 more wells planned for this year
• Plawce-2 (Fences concession) testing now
 Significant assets
• $243 million NAV at 12/31/12 (P50 pre-tax reserves(2)); $4.56/share NAV before prospect and acreage value
• 2.7 million gross (2.0 mm net) acres (over 8,000 net km2) in Poland – 14 licenses
Note: (1) Based on $1=pln3.26 avg. for full year 2012; at 6/03/2013 $1 ≈ PLN 3.26
(2) As per RPS Energy and Hohn Engineering as of 12/31/2012

4. NASDAQ: FXEN
50.5%
41.9%
7.6%
Ownership by Shareholder Category
Retail
Institutional
Officer and
Director
Major Institutional Shareholders as of 12/31/2012 Financial Information as of 12/31/2012 and 03/31/2013
Shareholder Split – Shares Outstanding
Number of Shares % Holding
BlackRock Fund Advisors 2,881,369 5.3%
Vanguard Group, Inc. 2,866,230 5.3%
Erste Asset Management 1,360,785 2.5%
Clear Harbor Asset Management LLC 1,229,282 2.3%
Jennison Associates LLC 1,219,246 2.2%
Odey Asset Management LLP 1,100,998 2.0%
BMO Asset Management Corp. 972,196 1.8%
SSgA Funds Management 915,568 1.7%
Wellington Shields & Co. 846,747 1.6%
Northern Trust Investments 783,042 1.4%
ING Investments Management 665,590 1.2%
BZ WBK Asset Management 604,572 1.1%
BlackRock Advisors 506,449 0.9%
Tom Lovejoy 951,216 1.7%
David Pierce 687,304 1.3%
Ordinary Shares Outstanding 53,246,620
Options 1,275,299
Fully Diluted Shares 54,521,919
4
Financial Overview
Balance Sheet
Data ($mm)
unaudited
3/31/13
audited
12/31/12
Current assets $39.5 $47.1
Property, net 58.8 57.1
Other assets 1.5 1.8
Total assets $99.8 $106.0
Current liabilities $14.7 $16.7
Long term debt 33.0 33.0
Other long term 1.5 1.4
Shldrs Equity 50.6 54.9
Total $99.8 $106.0
Income
Statement Data
($mm) Audited
unaudited
1Q13 1Q12
Total revenues $9.5 $8.6
Operating Costs 1.0 1.5
Exploration Costs 6.4 3.0
Non-cash expenses 2.0 1.5
G&A 1.8 1.9
Total Costs 11.2 7.9
Operating inc. (loss) $(1.8) $0.7
Cash flow is after G&A but before exploration and development
(fully diluted)
$40
$25
$15
2013 Liquidity Sources (millions)
Cash
Cash Flow
Bank Facility
NASDAQ Symbol: FXEN
Market Cap: $215 mm @ $4.00/sh
50 day avg. volume: 750,000 shares/day
52 week price range: $2.48 - $8.78

5. NASDAQ: FXEN
5
Oil & Gas Concessions in Poland
 FX is producing and exploring for
conventional fields with high value
 FX has “first mover” advantage in
conventional exploration in Poland
• Built an interactive database of nearly
2000 wells along with 2D/3D seismic
 New players in Poland over the last
few years came to investigate
unconventional shale gas potential –
lack of commercial results have
prompted some to leave
(ExxonMobil, Marathon, Talisman)
Shale gas?
Conventional gas
Tornquist Line
Fences Concession
PGNiG; FX Energy Poland
X
X
X

6. WHY POLAND?
6
Untapped conventional resources
Strong gas prices
Attractive economics
Sound economy; rule of law

7. NASDAQ: FXEN
 Poland has significant hydrocarbon potential
• Geology doesn’t stop at the border; Poland is just under-explored
• Permian Basin extends across Europe: Permian (Rotliegend) gas fields in Poland are direct analogs to
those found in the UK and Dutch sectors of the Southern North Sea and onshore Holland and Germany
• Only one company (state owned) was exploring Poland during the Iron Curtain decades
• The North Sea was (and is) explored by dozens of companies
7
Untapped Resources in Poland
North
European
Permian Basin
150 Tcf
4.0 Tcm
40 Tcf
1.1 Tcm
60 Tcf
1.6 Tcm
5 Tcf
0.1 Tcm
FX

8. 8
Strong Gas Prices
NASDAQ: FXEN
 Europe imports 1/2 of its gas supply, mostly from Russia
 Poland imports 2/3 of its gas supply, mostly from Russia/Gazprom
• Domestic production: 440 Mmcf/day; 160 Bcf/year (4.3 bcm/year)
• Natural Gas Imports: 1.1 Bcf/day; 400 Bcf/year (10.9 bcm/year)
 Russian gas prices are still tied to oil; LNG is too small to shift the
balance; shale gas remains elusive
Nord Stream now operational
$0
$2
$4
$6
$8
$10
$12
$14
$16
Jan-03
Oct-03
Aug-04
May-05
Mar-06
Dec-06
Oct-07
Aug-08
May-09
Mar-10
Dec-10
Oct-11
Aug-12
May-13
Polish Gas Price vs US Henry Hub ($/mcf)
Poland
US

9. NASDAQ: FXEN
$0.04
$1.40$0.25
$1.77
$0.67
$0.34
$2.92
$3.33$2.87
$0.51
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
FX Poland JP Morgan
Cash
Margin
F&D
Taxes
LOE
Royalty
Production Economics - Poland v. US
9
 Lower costs in Poland than in US
• Low taxes: 19% vs. 40%
• Low lifting costs: $0.25 vs. $1.84
• Low royalties: 1% vs. 19%
• FX 8 year F&D costs = $2.92/Mcfe
 FX wellhead price (2013 first quarter)
• $8.98/mmbtu ($317/Mcm)
• $7.18/mcf ($254/Mcm)
• FX gas is 80% methane / 20% nitrogen
(2) US Independents 2013 estimate
(per JP Morgan 5/30/2013)
a) wellhead price: $7.35/Mcfe (44% oil)
b) royalty rate: 19%
c) forecast 2012 LOE: $1.77/Mcfe
d) US income tax rate: 40%
(1) FX Poland 2012
a) wellhead price: $8.51/mmbtu; $6.81/Mcfe
b) royalty rate: 0.60%
c) LOE: $0.25/Mcfe
d) Polish income tax rate: 19% of net income
e) $1=PLN 3.26 average full year 2012
Attractive Economics
NASDAQ: FXEN
$3
$4
$5
$6
$7
$8
300
400
500
600
700
800
900
1000
$/Mcf
PLN/000m3
FXEN Avg. PLN Gas Price

10. NASDAQ: FXEN
10
 Size: 312,000 sq. km (120,000 sq. mi.);
comparable to Germany - or New Mexico
 Population: 38 million people; well
educated, multi-lingual, culturally
homogeneous; (Germany has 80 million;
France and UK have 60 million each)
 Political stability: Poland is a member of the
European Union (EU) and NATO; it has a
long history of adhering to the rule of law
 Economy:
• Poland is Europe’s sixth largest economy
• Poland has its own currency (zloty) and its
own central bank
• Poland’s GDP has continued to grow steadily
despite recession in the rest of the EU
Poland: Sound Economy; Rule of Law

11. NASDAQ: FXEN
David Pierce
President and
CEO, Director
Jerzy Maciolek
VP International
Exploration,
Director
Arnold
Grundvig, Jr.
Non Exec.
Director
Dennis
Goldstein
Non Exec.
Director
Richard
Hardman
Non Exec.
Director, Chief
Technical
Advisor
Tom Lovejoy
Executive VP
and Chairman
11
Corporate Structure; Poland in-Country Team
H. Allen
Turner
Non Exec.
Director
Executive Directors Non-Executive Directors
In-Country Team
Zbigniew Tatys
Country Manager
Geology/Geophysics
10 in Poland
Drilling
3 in Poland
Production Engineering
3 in Poland
1 in UK
Accounting/Administrative
3 in Poland
 Jerzy Maciolek, Director, VP International Exploration – a proven explorer in
Poland
• Brilliant explorationist and the driving force behind FXEN in Poland
• Received Gulf Oil President’s award for outstanding research
• Geophysical degrees from Mining and Metallurgical Academy, Krakow,
Poland
 Zbigniew Tatys, Head of Warsaw Office – proven leader with extensive
production experience in Poland
• 20 year career with PGNiG; former General Director of PGNiG’s
Upstream E&P Division
 Richard Hardman, CBE, Director – the leading figure in North Sea exploration
• 40 year international exploration career; VP Exploration for Amerada
Hess 1983-2002
• Responsible for key Amerada N. Sea discoveries – Valhall, Scott, S. Arne
• Awarded CBE; served as: Chairman, PESGB; Pres., Geological Society;
Pres., AAPG Europe
 Jack Scott, Consulting Petroleum Engineer – analogous Rotliegend experience
• Rotliegend experience with Ranger Oil (UK) and Pennzoil (Netherlands)
• 35 years of international experience
Jerzy Maciolek
VP International
Exploration
Andy Pierce
VP Operations
Clay Newton
VP Finance
Eva Sokolowski
Director of
Operations
Administration

12. PRODUCTION and
DEVELOPMENT
---
The Fences Concession
12
55%
45%
2013 Capital Allocation (est.)
Fences
Non-Fences

13. NASDAQ: FXEN
13
 Reserves = $4.56/share
 $243 million P50 (2P) reserves pv-10 pre-tax at 12/31/2012
 Over 90% of 2012 Company wide reserves come from just 9
wells in the “Fences” concession
 2-3 more Fences wells planned for 2013; 10 more Fences
wells being permitted (Lisewo area)
NASDAQ: FXEN
Reserves Growth Track Record
2012
Reserves Bcfe Bcm
PV-10
(pre-tax
millions)
P90 (1P) 48 1.3 $178
P50 (2P) 79 2.1 $243
P10 (3P) 127 3.4 $296
Source: RPS Energy and Hohn Engineering
$0
$50
$100
$150
$200
$250
$300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
P-50 Reserves - PV-10 (pre-tax millions)
Poland
US
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
P-50 Reserves vs. Production (bcfe)
Year-end
Reserves
Production

14. NASDAQ: FXEN
14
Production Growth
 In a “no-success” case on all future drilling, FX still generates
significant net revenue from existing wells
 Production growth already set for 2013 and 2014 from wells already
drilled, tested and completed
Above chart is from the FX Energy 12/31/2012 independent
reserve reports as filed with the SEC(1), but excludes undrilled wells.
Based on $6.60/mcf held constant (SEC method: first-day-of-month
average 2012 wellhead gas price). The average wellhead price
during 1Q2013 was $7.18/mcf
Note: (1) As per RPS Energy and Hohn Engineering
Above chart is actual through 2012; 2013-2014 forecast from
12/31/2012 independent reserve reports as filed with the SEC(1),
excluding undrilled wells
0
100
200
300
400
500
600
0.0
4.0
8.0
12.0
16.0
20.0
2003 2005 2007 2009 2011 2013
Mcm/day
Mmcfe/day
P90 Production Forecast - avg. daily
WG / Lisewo1 / K-3K
Existing Gas
Existing Oil
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Estimated Future Net Revenues from Producing
Properties P50 ($millions)
12-31-2012 Reserve
Report

15. NASDAQ: FXEN
15
Economics: Average of 9 Fences Wells
(100%)*
Well cost (current estimate) $10 mm
Facilities cost (current estimate) $5 mm
Pre-tax 1P/2P value (PV-10) (avg.) $58/$72 mm
1P/2P cumulative undiscounted net
cash flow (avg.)
$75/$112 mm
Pre-tax 1P/2P reserves (avg.) 15/21 Bcf
(0.4/0.6 Bcm)
Initial production rate (avg.) 5.0 Mmcf/d
(134 Mcm/d)
Royalty (current) $0.04/mcf
*NOTES: Averages based on 2012 SEC reserve
report for all 9 Fences wells
Figures include only reserves in wells already drilled
All figures are for 100% working interest
NASDAQ: FXEN
Long Lived Wells
-
2.0
4.0
6.0
8.0
10.0
12.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Mmcf/day
Year
Zaniemysl Well - Daily Production (Mmcfd)
Actual Production
2006 Y/E P50 Forecast
2006 Y/E P90 Forecast
-
20
40
60
80
100
120
140
160
180
-
2.0
4.0
6.0
1 2 3 4 5 6 7 8 9 10 11 12
Mcme/day
Mmcfe/day
Year
Production Profile - Avg. of all 9 Fences Wells
P50 Production
Forecast
P90 Production
Forecast

16. NASDAQ: FXEN
Fences concession: 850,000 acres (3,440 km2) surrounding
PGNiG’s 390 Bcf (10.5 Bcm) Radlin Gas Field
16
 Rotliegend gas potential
• Rotliegend gas fields from the
1980’s showed area potential
• PGNiG had moved on to other
plays (Zechstein) in Poland
• Seismic advances from the
North Sea had not been applied
• FX saw high potential with
limited “wildcat” risk
• Fences: FX earned 49%; PGNiG
holds 51% and operates
Fences
Fences Concession – FX Core Area
Block 246
FX 100%
PGNiG’s Paproc field
267 Bcf (7.2 Bcm)
disc. 1982
PGNiG’s Radlin field
390 Bcf (10.5 Bcm)
disc. 1985
Fences
FX 49%
FX 24.5%
Block 229
FX 100%

17. NASDAQ: FXEN
17
NASDAQ: FXEN
Results to Date in Fences Concession
(1) P50 Estimated Ultimate Recovery
 9 commercial successes out of 13 wells (69%) targeting Rotliegend structural traps
• Average well size: 21 Bcf 2P (0.6 Bcm) -- $72 million pre-tax pv10%
• Komorze-3 and Lisewo-1 to start production 2H2013
Fences
Kromolice-1
Kromolice-2
Zaniemysl Lisewo-1
Kleka-11
(depleted)
Roszkow
Winna Gora
Sroda-4
Fences Concession
Komorze-3
Commercial Discoveries
Gross P50 Reserves(1) /well
Kleka-11 3 bcf 0.1 bcm
Zaniemysl 30 bcf 0.8 bcm
Sroda-4 25 bcf 0.7 bcm
Winna Gora 17 bcf 0.5 bcm
Roszkow 33 bcf 0.9 bcm
Kromolice-1 24 bcf 0.6 bcm
Kromolice-2 15 bcf 0.4 bcm
Lisewo-1 43 bcf 1.2 bcm
Komorze-3 7 bcf 0.2 bcm
Total 197 bcf 5.3 bcm

18. NASDAQ: FXEN
18
NASDAQ: FXEN
2013-2014 Plans
 2013/2014 Primary Focus: Lisewo Area
• 10 individual prospects on new 3D seismic in Lisewo area
• 2 of those prospects are already discoveries, scheduled to start production 2H2013
• 2-3 more wells to drill in Lisewo area in 2013; 10 more wells being permitted
Fences
Lisewo-1 and Komorze-3 to
start production 2H2013
Plawce East,
Miloslaw
Komorze-4
Lisewo-2,
Szymanowice
Plawce-2
frac/test
underway
Fences Concession
Zaniemysl-3
sidetrack
Taczanow

19. NASDAQ: FXEN
19
NASDAQ: FXEN
Lisewo Area Potential
 Lisewo area 3-D
• Lisewo-1 and Komorze-3
discoveries: aggregate 50 Bcf (1.3
Bcm) P50 gross; aggregate
production rate est. 6-7 mmcf/d
(161-188 Mmcm/d) gross
• production facility to start 2H2013
• 2-3 more Lisewo area wells
planned for 2013; 10 more permits
in process
• Aggregate additional recoverable
gas could be 200-400 Bcf (5.4 –
10.7 Bcm) gross
• FX holds 49%; PGNiG 51% and
operates
Przybyslaw
(Komorze-4)
Lisewo-1 discovery
Paruchow-W/E
Baraniec
Ciemierow
Tomice
Szymanowice
Szymanowice-S
Broniszewice
Fences Concession
Lisewo Area
Komorze-3 discovery

20. NASDAQ: FXEN
Plawce-2
20
NASDAQ: FXEN
Plawce-2: Tight Gas Play
 Testing underway: 3 separate zones between
3,760 and 4,098 meters; porosities range from
10.5%-16.2%; well has an aggregate 480
meters of tight gas-bearing Rotliegend with
no free water on DST
 Plawce horst – potential up to 500 Bcf (13.4
Bcm) in place; potential up to 100-125 Bcf
(2.7-3.4 Bcm) recoverable net to FX 49%
interest fully developed
 If Plawce-2 results encouraging, the 2008
Grundy well may be tested (750 meters of
tight gas bearing Rotliegend with no free
water) 30 km east of Plawce
North boundary of FX
Fences concession
Plawce-1
Plawce East
Plawce-2
Fences Concession
Plawce-2

21. 21
HIGH POTENTIAL
EXPLORATION
---
Outside the Fences
Concession
55%
45%
2013 Capital Allocation (est.)
Fences
Non-Fences

22. NASDAQ: FXEN
22
 High Impact Exploration
• High potential identified in large exploration
concessions covering over two million acres
• 2-3 more new wells planned for 2013 in non-
Fences concessions
• High graded acreage to reduce exploration risk
FX Energy Exploration Concessions
Main gas distribution lines in red
Gross
(mm acres)
Working
Interest
Net
(mm acres)
Net
(km2)
Fences 0.85 49% 0.41 1,647
Block 229 0.23 100% 0.23 941
Block 246 0.24 100% 0.24 975
Warsaw S. 0.47 51% 0.24 976
Edge 0.88 100% 0.88 3,567
Block 287 0.01 100% 0.01 52
2.68 2.01 8,158
229
Fences
246
Warsaw S.
Edge

23. NASDAQ: FXEN
23
NASDAQ: FXEN
Edge Concession – Tuchola-3K Well
Edge
Edge concessions
Tuchola discovery
Tuchola 3-K
discovery
Apache Tuchola-2
(2001) tested gas
 Edge Concessions
• 880,000 gross and net acres/3,567 km2; FX operates, holds 100%.
• Tuchola-3K tested commercial; raises the possibility of opening a
significant new exploration play for FX in Poland
• New 3D seismic and 1-2 more wells later this year should go far in
determining the size of this discovery

24. NASDAQ: FXEN
246
24
NASDAQ: FXEN
Block 246
 Block 246 Concession
• 240,000 acres/975 km2; FX operates, holds 100%
• Updip from 1 Tcf (27 Bcm) Ca1 production in Bronsko/Koscian fields: clear
Carboniferous potential
• A Carboniferous well is ready to drill now pending government approval
• Frankowo-1 well opens up Ca2/Main Dolomite and Rotliegend potential in
southeastern portion of Block 246 at shallow depth: 1500 to 2200 meters
• Waiting on government approval for new 3D seismic; appraisal drilling in 2014
Frankowo-1
Map: Top Main Dolomite
Bronsko field
700 Bcf Koscian field
300 Bcf
Frankowo-1

25. NASDAQ: FXEN
25
NASDAQ: FXEN
Block 229
229
 Block 229 Concession
• 232,500 gross and net acres; 941 km2; FX operates and holds 100%
• Five reef prospects: Ca2/Main Dolomite gas potential – analog to PGNiG’s
BMB and LMG fields (reported 1 Tcfe (27 Bcme) recoverable oil and gas)
• Waiting on government approval for 2D seismic in 2013 to set up a well for
2014
Lead-1
Grundy 2:
23 meters of Ca2,
porosity 10-30%
Lead-1
Block 229Fences
Concession

26. NASDAQ: FXEN
W-S
26
NASDAQ: FXEN
Warsaw South Concessions
 Warsaw South Concessions
• 470,000 acres/1,952 km2 gross; FX operates, holds 51% ; PGNiG earned 49%
• Terminus of the Permian Basin; prime location for trapping; Ca1/reef,
Carboniferous and Rotliegend leads
• FX’ first well (Machnatka-2, P&A) found no trap, but did see gas shows and good
porosity (over 50 net meters above 11% average) in lower Carboniferous sands
• Waiting on government approval to acquire new seismic on two additional leads
• Drilling planned for 2014 after new seismic
Machnatka
P&A
Boglewice
prospect
Grojec
prospect
Potycz
prospect
Warsaw South
concessions
Zabienec
prospect
40kms
Machnatka
Grojec
Michrow
Major strat trap and structure potential
Boglewice
Potycz
Warsaw South
concessions

27. NASDAQ: FXEN
27
 FX 2012 year end reserves
• 79 Bcfe (2.1 Bcme) of 2P(P50) reserves at 12/31/2012; $243 mm pre-tax pv10%
• Each of the projects below has the potential to more than double those numbers
 Fences
• Lisewo Area: Potential up to 100-200 Bcf (2.7–5.4 Bcm) net to FX fully developed from
multiple prospects on 3-D seismic (plus Lisewo-1 and Komorze-3 discoveries); 2-3 new wells
planned for 2013 in Lisewo area
• Plawce: Potential up to 125 Bcf (3.4 Bcm) net to FX fully developed from tight sand trend;
Plawce-2 well testing
 Edge (Tuchola-3)
• Tuchola-3K tested commercial; new seismic and 1-2 more wells planned for 2013 to determine
the size of the discovery
 Block 246 (Frankowo-1)
• Frankowo-1 well provided data and encouragement; waiting on government approval for 3D
seismic for Main Dolomite and Rotliegend; appraisal/development drilling in 2014 as
warranted; a Carboniferous well is ready to drill as soon as government approval received
 Block 229 (Ca2/Main Dolomite)
• Potential up to several hundred Bcfe including oil potential; analog to PGNiG’s 1Tcfe (27
Bcme) BMB and LMG fields; drillsite seismic this winter, first well in 2014
 Warsaw South
• Drilling planned for 2014; waiting on government approval for new seismic on 2 prospects
Upside Potential in 5 Project Areas

28. NASDAQ: FXEN
28
NASDAQ: FXEN
NAV and Forward Drilling Program
Note: estimated net value calculated at $3.07/mcf or $115/mcm; $3.07 is the average 2P (P50) pv-10 value in the Company’s 12/31/2012 reserve
report. (The 1P (P90) value is $3.81/mcf.) Development costs are not shown and may be expected to vary considerably from project to project.
Net Asset Value (NAV) Analysis
($ in millions, except per share amounts) Total per share per share
P50 reserves value pre-tax 12/31/12 $243 $4.56 $4.56
Cash at 12/31/2012 $40 $0.75 $0.75
Long-term Debt at 12/31/2012 $(40) ($0.75) ($0.75)
P-50 Net Asset Value $243 $4.56 $4.56
Undrilled Potential Potential FX Net Net Potential Est. Net Risked Unrisked Net Cost
Recoverable Interest Recoverable Chance of Value (mm) Value Value
to FX
(mm)
Prospect (Bcfe) (Bcme) after 1st well (Bcfe) (Bcme) Success * per share per share First Well
Fences - Lisewo 9 structures 225 6.0 49% 110 3.0 75% $254 $4.76 $6.35 $5
Fences - Lisewo upside 240 6.4 49% 118 3.2 20% $72 $1.35 $6.77 $5
Fences - Plawce (tight gas) 250 6.7 49% 123 3.3 50% $188 $3.53 $7.06 $7
Fences - Miloslaw 50 1.3 49% 25 0.7 20% $15 $0.28 $1.41 $5
Fences - Plawce East 875 23.5 49% 429 11.5 20% $263 $4.94 $24.70 $5
Edge - Tuchola 110 2.9 100% 110 2.9 20% $68 $1.27 $6.34 $10
Edge - Unislaw 110 2.9 100% 110 2.9 20% $68 $1.27 $6.34 $12
Block 229 Main Dolomite 450 12.1 100% 450 12.1 20% $276 $5.18 $25.92 $12
Block 246 - Gorka Duchowna 50 1.3 100% 50 1.3 20% $31 $0.58 $2.88 $6
WS - Grojec 100 2.7 51% 51 1.4 20% $31 $0.59 $2.94 $5
WS - Boglewice 200 5.4 51% 102 2.7 20% $63 $1.18 $5.88 $5
WS - Potycz 90 2.4 51% 46 1.2 20% $28 $0.53 $2.64 $5
Total Risked Potential 2,750 73.7 1,723 46.2 $1,357 $25.45 $99.21 $82
Shares Outstanding (millions) 53.3 53.3
Risked Discovery Potential and Net Asset Value Per Share $30.01 $103.77