Energy Stocks Finishing Higher; FX Energy Rises After Initial Tests Indicate Possible New Gas Well in Poland

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Energy stocks were ending today's session with solid gains, with the NYSE Energy Sector Index advancing 0.5% while shares of energy companies in the S&P 500 were up nearly 0.8% as a group. Crude oil for February delivery settled 87 cents lower at $98.42 per barrel while February natural gas slid 20 cents to $4.23 per 1 million BTU.

In company news, FX Energy Inc. ( FXEN ) was posting steady gains today, with shares rising over 5% to $3.69 each shortly before the closing bell and the natural gas exploration and production company saying its Szymanowice-1 well in Poland tested for gas during a recent drill stem test - although company officials cautioned it's still too early to tell whether the find will be commercial.

The well was cored to around 3,673 meters deep prior to running the initial drill stem test in a 28-meter section of the Rotliegend sandstone target reservoir.

"Initial data is very encouraging," according to FXEN President David Pierce, adding if the test results pan out, it would be the company's fourth commercial well in the Lisewo area.

In other sector news,

(+) PSX, Sells its Flow Improver unit that makes additives helping crude oil flow through pipelines to Berkshire Hathaway (BRK-A, BRK-B) in exchange for 19 mln of the 27.2 mln shares now held by BRK-A. Overall, the deal is worth about $1.4 bln.

(-) URG, Uranium miner issues updated preliminary economic assessment for its Lost Creek project in Wyoming, including a 16% increase in measured resources to 4.85 mln pounds of U308 ore.

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This article appears in: Investing , Commodities

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