This is a Utah oil&gas exploration company which has gained access to 11million+ acres in Poland. This is one of those small companies who have the flexibility to to offer compensation(board seat, stock options and salary) to local experts as they enter countries whose oil&gas industries are underdeveloped. FXEN has Apache as a partner. Apache will pay for&drill the wells as their cost of equity in Poland. Larger cos. such as Exxon cannot operate in this fashion. FXEN is run by the Pierce brothers who with a years of experience have focused on underdeveloped assets by accumulating prospects and than taken them to larger partners for the well costs. Poland had been at one time the most productive area in Europe, but with falling under the rule of Communism in the '40's had declined significantly as some of the most "god awfull" techniques were employed by companies who simply had a well quota whether oil was found or not.
Using old seismic data, FXEN thru reprocessing has discovered nearly 100 significant sites in its latest consession. Also they just signed on Barrick Res. to explore for gold in another area, such are the relationships FXEN has with the Polish government they received this concession as well.
Investors should be rewarded with a 2-3yr hold with a price move to the $40-$50shr range should success follow.
Recent insider buying is a positive.
Anyone else own this one?
Best regards,
John |
