1

A Unique Play on the Strong European Gas Market

October 2013

POLAND

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: October 2, 2013; Printed: October 2, 2013

NASDAQ: FXEN 3

FX Energy Today Drilling activity way up

• 2013 E&P commitments anticipated to be $60-70 million vs. $36 million 2012 capex • 2013: 2 wells drilled earlier this year, 2 more now drilling, 2 more planned to start this year

Strong European gas prices • $8.85/mmbtu(1) ($312/Mcm) FX average wellhead price 1H2013

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: 13.1 Mmcfe/d (354 Mcme/d) net to FX 1H2013; Lisewo facility scheduled to start 2H2013

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 10/2/2013 $1 ≈ PLN 3.10

(2) As per RPS Energy and Hohn Engineering as of 12/31/2012

NASDAQ: FXEN

Major Institutional Shareholders as of 6/30/2013 Financial Information as of 6/30/2013

Shareholder Split – Shares Outstanding

6.4%

35.4% 58.2%

Ownership by Shareholder Category

Officer andDirector

Institutional

Retail

Number of Shares % Holding BlackRock Fund Advisors 3,656,551 6.7% Vanguard Group, Inc. 1,525,998 2.8% Wellington Shields & Co. 1,258,285 2.3% Clear Harbor Asset Management LLC 1,209,474 2.2% Odey Asset Management LLP 1,101,691 2.0% SSgA Funds Management 875,061 1.6% Northern Trust Investments 762,505 1.4% National Asset Management, Inc. 709,643 1.3% Jennison Associates LLC 662,843 1.2% ING Investments Management 615,800 1.1% Erste Asset Management 555,419 1.0% BMO Asset Management Corp. 481,269 0.9% Schroder Investment Management, Inc. 410,274 0.8% Tom Lovejoy 911,291 1.7% David Pierce 617,435 1.1%

Ordinary Shares Outstanding 53,412,433 Options 1,269,085 Fully Diluted Shares 54,681,518

4

Financial Overview Balance Sheet Data ($mm)

Unaudited 6/30/13

audited 12/31/12

Current assets $30.5 $47.1

Property, net 56.7 57.1

Other assets 1.5 1.8

Total assets $88.7 $106.0

Current liabilities $11.1 $16.7

Long term debt 33.0 33.0

Other long term 1.5 1.4

Shldrs Equity 43.1 54.9

Total $88.7 $106.0

Income Statement Data ($mm) Audited

unaudited audited

1H13 1H12

Total revenues $17.7 $17.2

Operating Costs 2.0 2.8

Exploration Costs 10.2 5.0

Non-cash expenses 9.5 3.0

G&A 4.6 4.3

Total Costs 26.3 15.1

Operating inc. (loss) $(8.6) $2.1

Cash flow is after G&A but before exploration and development

(fully diluted)

$40

$25

$15

Liquidity Sources (MM) as of 1/1/2013

Cash

Cash Flow

Bank Facility

NASDAQ Symbol: FXEN Market Cap: $185 mm @ $3.50/sh 50 day avg. volume: 375,000 shares/day 52 week price range: $2.48 - $7.58

Note: Bank facility increased by $10 MM 3Q2013

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

WHY POLAND?

6

Untapped conventional resources

Strong gas prices

Attractive economics

Sound economy; rule of law

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

0 zł200 zł400 zł600 zł800 zł

1,000 zł1,200 zł1,400 zł

Jan-

03

Oct

-03

Aug-

04

Jun-

05

Apr-0

6

Jan-

07

Nov

-07

Sep-

08

Jul-0

9

Apr-1

0

Feb-

11

Dec

-11

Oct

-12

Jul-1

3

Polish High Methane Gas Tariff - PLN/1000m3

Nord Stream now operational

$0

$5

$10

$15

$20

Jan-

03

Oct

-03

Aug-

04

Jun-

05

Apr-0

6

Jan-

07

Nov

-07

Sep-

08

Jul-0

9

Apr-1

0

Feb-

11

Dec

-11

Oct

-12

Jul-1

3

Polish Gas Price vs US Henry Hub ($/mcf)

PolandUS

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; shale gas remains elusive in Europe; LNG moves toward high demand/price in Japan/China

NASDAQ: FXEN

$0.04 $1.54 $0.26

$1.95

$0.73

$0.52

$2.92

$3.31 $3.13

$0.78

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

FX Poland JP Morgan

CashMargin

F&D

Taxes

LOE

Royalty

Production Economics - Poland v. US

$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00

300

400

500

600

700

800

900

1000

PLN

/000

m3

FXEN Avg. PLN Gas Price FXEN Avg. USD Gas Price

9

Lower costs in Poland than in US • Low taxes: 19% vs. 40% • Low lifting costs: $0.26 vs. $1.95 • Low royalties: 1% vs. 19% • FX 8 year F&D costs = $2.92/Mcfe

FX wellhead price (2013 first half) • $8.85/mmbtu ($312/Mcm) • $7.08/mcf ($250/Mcm) • FX gas is 80% methane / 20% nitrogen

(2) US Independents 2013 estimate (per JP Morgan 8/29/2013) a) wellhead price: $8.09/Mcfe (48% oil) b) royalty rate: 19% c) LOE: $1.95/Mcfe d) US income tax rate: 40%

(1) FX Poland 1H2013 a) wellhead price: $8.85/mmbtu; $7.08/Mcfe b) royalty rate: 0.60% c) LOE: $0.26/Mcfe d) Polish income tax rate: 19% of net income e) $1=PLN 3.18 average 1H2013

Attractive Economics

NASDAQ: FXEN

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 see growth despite recession in the rest of the EU

Poland: Sound Economy; Rule of Law

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

PRODUCTION and DEVELOPMENT

---

The Fences Concession

12

55% 45%

2013 Capital Allocation (est.)

Fences

Non-Fences

NASDAQ: FXEN 13

$4.56/share = P50 (2P) reserves

$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 more Fences wells underway (one drilling, one rigging up); currently permitting 10 more wells

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

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)

PolandUS

0102030405060708090100

0

20

40

60

80

100

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

P-50 Reserves vs. Production (bcfe)

Year-endReservesProduction

NASDAQ: FXEN 14

Production Growth In a “no-success” case on all future drilling, FX still generates significant net revenue

from existing wells beyond 2022

Production growth 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), excluding 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 1H2013 was $7.08/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

Mm

cfe/

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 ReserveReport

NASDAQ: FXEN

-

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

Mm

cf/d

ay

Year

Zaniemysl Well - Daily Production (Mmcfd) 20.7 Bcf Actual Production

23.3 Bcf 2006 Y/E P90 Forecast

40.6 Bcf 2006 Y/E P50 Forecast

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

NASDAQ: FXEN

Long-Lived Wells

- 20 40 60 80 100 120 140 160 180

- 1.0 2.0 3.0 4.0 5.0 6.0

1 2 3 4 5 6 7 8 9 10 11 12

Mcm

e/da

y

Mm

cfe/

day

Year

Production Profile - Avg. of all 9 Fences Wells*

P50 ProductionForecastP90 ProductionForecast

Zaniemysl Notes: Zaniemysl-3 watered out at the original downhole location and will be sidetracked to another location in the same structure. Between 9/2007 and 7/2013 Zaniemysl-3 produced 20.7 Bcf of gas gross. Estimated ultimate recovery as of 12/31/2012 was 24.8 Bcf proved and 29.5 Bcf 2P

-

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

Mm

cf/d

ay

Year

Zaniemysl Well - Daily Production (Mmcfd) 20.7 Bcf Actual Production

23.3 Bcf 2006 Y/E P90 Forecast

40.6 Bcf 2006 Y/E P50 Forecast

*Production Profile and Economics 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

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%

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 4Q2013

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

NASDAQ: FXEN 18

NASDAQ: FXEN

2013-2014 Plans

Fences

Lisewo-1 and Komorze-3 to start production 4Q2013

Miloslaw first well in 2014

Lisewo-2 drilling now; Szymanowice to start drilling in Oct.

Fences Concession

Zaniemysl-3 sidetrack 2014

Taczanow in 2014

2013/2014 Primary Focus: Lisewo Area • 10 individual structures on 3D seismic in Lisewo area: 2 have been drilled successfully; 3rd structure to

start drilling in Oct; other structures to drill in 2014 and 2015 • Zaniemysl sidetrack, Taczanow, and Miloslaw wells anticipated in 2014

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 10/2013 • Lisewo-2 drilling; Szymanowice-1

to start drilling in Oct.; 10 more permits in process

• Aggregate additional recoverable gas could be 200-400 Bcf (5.4 – 10.7 Bcm) gross; FX share to drill and develop est. at $60 million

• FX holds 49%; PGNiG 51% and operates

Przybyslaw (Komorze-4)

Lisewo-1 discovery Lisewo-2 drilling

Paruchow-W/E

Baraniec

Ciemierow

Tomice

Szymanowice-1 to spud Oct. 2013

Szymanowice-S

Broniszewice

Fences Concession

Lisewo Area

Komorze-3 discovery

20

HIGH POTENTIAL EXPLORATION

---

Outside the Fences Concession

55% 45%

2013 Capital Allocation (est.)

Fences

Non-Fences

NASDAQ: FXEN 21

High Impact Exploration • High potential identified in large exploration

concessions covering over two million acres • 2 more new wells planned for 2013 in non-

Fences concessions (of which 1 now drilling) • 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

NASDAQ: FXEN 22

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%. • Earlier this year Tuchola-3K tested commercial; raises the possibility of

opening a significant new exploration play for FX in Poland • 110 km hi-res 3D seismic underway; 1 more well planned for later this

year; should go far in determining the size of this discovery

NASDAQ: FXEN

246

23 NASDAQ: FXEN

Block 246

Block 246 Concession • 240,000 acres/975 km2; FX operates, holds 100% • Carboniferous potential: updip from 1 Tcf (27 Bcm) Ca1 production in

Bronsko/Koscian fields • Gorka Duchowna -1: 2,700 meter Carboniferous test well, drilling now • Frankowo-1 well opens up Rotliegend and Ca2/Main Dolomite potential in the

southeastern portion of Block 246 at shallow depth: 1500 to 2200 meters • 3D seismic processing now; drilling in 2014 if seismic yields good prospects

Frankowo-1

Map: Top Main Dolomite

Bronsko field 700 Bcf

Koscian field 300 Bcf

Gorka Duchowna Now drilling

Frankowo-1

2013 3D seismic

NASDAQ: FXEN 24

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)

• 2D seismic planned for late 2013 to set up a 2014 well

Lead-1

Grundy 2: 23 meters of Ca2, porosity 10-30%

Lead-1

Block 229 Fences Concession

NASDAQ: FXEN

W-S

25 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, Rotliegend,

Devonian and Carboniferous 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 • 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

NASDAQ: FXEN 26

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 concession: 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 the Lisewo-1 and Komorze-3 discoveries)

• 1 new well drilling now; 1 more to start drilling in Oct. 2013; now permitting 10 more wells

Edge concession: Tuchola area • Tuchola-3K tested commercial; new seismic being interpreted now • 1 more well planned for 4Q2013 to appraise the Tuchola-3K discovery

Block 246 concession: Carboniferous area and Rotliegend area • Gorka Duchowna, a Carboniferous test, is drilling now • Frankowo-1 well provided data and encouragement; 3D seismic now in processing for Main

Dolomite and Rotliegend; drilling in 2014 as warranted by seismic

Block 229 concession: Main Dolomite area • 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: Multiple horizons • Drilling in 2014 after new seismic; Zechstein, Rotliegend, Devonian and Carboniferous leads

Upside Potential in 5 Project Areas

NASDAQ: FXEN 27

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 - 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 2,500 67.0 1,600 42.9 $1,169 $21.92 $92.16 $75

Shares Outstanding (millions) 53.3 53.3 Risked Discovery Potential and Net Asset Value Per Share $26.48 $96.72

Zaniemysl Production Facility

Aug. 2, 2008

Kromolice-1 rig floor during drill stem test

Aug. 22, 1995

First FX Concessions David Pierce, Dr.

Krzysztof Szamalek, Marek Hoffmann,

Tomasz Minkiewicz

Ostrowiec Well Rig floor

May. 29, 2009

Aug. 7, 2003

Mar. 13, 2009

Kromolice-2 rig and production test flare

Aug. 6, 2003

Wilga Production Facility

Zbigniew Kulczak, Clay Newton, Tom Lovejoy, David Pierce, Zbigniew

Tatys

Feb. 14, 2007

Winna Gora production test flare

Jun. 3, 2009

Roszkow Production Facility Andy Pierce, Aleksander

Nowak

Jan. 26, 2007

Grabowka JV Jerzy Maciolek, Zbigniew

Tatys, Eva Sokolowski, David Pierce, Piotr Buszka

Mar. 9, 2009

Roszkow Production Facility

Oct. 30, 2003

Zaniemysl-3 Drilling

May 29, 2009

Ostrowiec Drill Pad

Oct. 25, 2003

Zaniemysl-3 Drilling

June 2, 2009

Ostrowiec Drillsite Henry Dytko, Andy Pierce,

Aleksander Nowak

May 29, 2009

Ostrowiec Well Oct. 1, 2008

Seismic Acquisition Zerkow-Pleszew

Dec. 16, 2003

Zaniemysl Well Head

May 26, 2009

Ostrowiec Well