SALT LAKE CITY, July 29, 2015 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN) today reported it has finalized a new
five-year, up to EUR 90 Million
Senior Reserve Based Lending Facility. BNP Paribas (Suisse) SA
("BNPP") acted as Coordinating Mandated Lead Arranger. ING
Bank N.V. ("ING") acted as Mandated Lead Arranger. The initial
commitment of the facility is EUR 55
Million. FX Energy can seek additional commitments up
to EUR 90 Million through the new
lending facility via an "embedded accordion mechanism." The
initial borrowing base is EUR 45.1
million, which is approximately equivalent to the
USD 50 million outstanding at
June 30, 2015. The new agreement
replaces the USD 100 million facility
that was put in place in July
2013.
Clay Newton, FX Energy's Vice
President of Finance, commented, "We are pleased to continue our
banking relationship with BNPP and ING. While the strong U.S.
dollar and lower oil and gas prices in Europe have resulted in a reduction in our
exploration activities in Poland,
the new credit facility and ongoing relationship with BNPP and ING
will help us to maintain our operations there."
About FX Energy
FX Energy is an independent oil and gas exploration and
production company with production in the US and Poland. The Company's main exploration and
production activity is focused on Poland's Permian Basin where the gas-bearing
Rotliegend sandstone is a direct analog to the Southern Gas Basin
offshore England. The Company
trades on the NASDAQ Global Select Market under the symbol FXEN.
Website www.fxenergy.com.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements. Forward-looking
statements are not guarantees. 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. 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. Actual
production over time may be more or less than estimates of
reserves, including proved and P50 or other reserve measures.
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.
Forward-looking statements are subject to risks and
uncertainties outside FX Energy's control. Actual events or results
may differ materially from the forward-looking statements. For a
discussion of additional contingencies and uncertainties to which
information respecting future events is subject, see FX Energy's
SEC reports or visit FX Energy's website at www.fxenergy.com.
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SOURCE FX Energy, Inc.