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Salt Lake City-Based FX Energy Reveals Serious Cash Shortage in Report to SEC.
Knight Ridder/Tribune Business News, April, 2003
By Steven Oberbeck, The Salt Lake Tribune Knight Ridder/Tribune Business News
Apr. 22--Utah's publicly held FX Energy Inc., one of the state's best performing stocks during the first quarter of 2003, is counting on its more than 1.5 million acres of potential natural gas producing property in Poland for a bright future.
Yet despite its extensive Eastern European land holdings, a new development deal with CalEnergy Gas and growing ties to the state-owned Polish Oil and Gas Co., FX revealed in its latest annual report to the Securities and Exchange Commission that it is seriously short of cash.
It must raise millions of dollars by year's end to meet its obligations.
The company's management is confident the money will be...
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