Dutton Associates Announces Investment Opinion: FX Energy Speculative Buy Rating Maintained In Update Coverage By Dutton Associates.EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. HILLS, Calif. -- Dutton Associates updates its coverage of FX Energy (Nasdaq:FXEN) reiterating a Speculative Buy rating and a 12 month price target of $9.00. The 11-page report by Dutton senior analyst Les Childress is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. . We believe FX Energy has significant growth potential through exposure to additional development and exploration for natural gas in Poland's Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. . FX Energy's large land position in Poland encompasses three major areas totaling 1.7 million acres. Having operated in Poland since 1994, FX Energy has been able to establish a strong working relationship with the Polish Oil and Gas Company (POGC POGC Polish Oil and Gas Company POGC Pars Oil and Gas Company ) and secure the POGC as a partner and, as a result FXEN has made spending commitments in Poland entitling it to earned interests in three natural gas fields This list of natural gas fields includes major fields of the past and present. N.B. Some of the items listed are basins or projects that comprise many fields (e.g. Sakhalin has three fields: Chayvo, Odoptu, and Arkutun-Dagi). in areas known as Fences I, II and III. Although FX Energy's shares have been weak lately, we believe an upward bias has begun as global investors seek opportunities spawned by geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. events that directly influence natural gas demand throughout Europe and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. specifically. Over the next two to three years the real play for investors in FX Energy, in our opinion, is not how quickly they reach production in Poland but the quality and duration of production, which will help quantify exposure to what could be huge amounts of gas. It is possible that the Company could be exposed to as much as 2.4-2.8 trillion cubic feet (Tcf) of gas reserves in Poland. Moreover, a new higher natural gas price plateau plateau, elevated, level or nearly level portion of the earth's surface, larger in summit area than a mountain and bounded on at least one side by steep slopes, occurring on land or in oceans. in Europe has recently emerged as gas demand, especially in the United Kingdom, accelerated last winter. Recently, Gazprom suggested that prices in Europe could increase again in coming months. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $33,000 from the Company for 4 Research Reports with coverage commencing on 7/20/2004. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
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