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A Unique Play on Conventional Drilling and the Strong European Gas Market

February 2015

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 our control. Our 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, 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 our Annual Report on Form 10-K filed on March 14, 2014, 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, our 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 our current views with respect to such future event 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: February 5, 2015; Printed: February 9, 2015

NASDAQ: FXEN

Market Data NASDAQ Symbol: FXEN Market Cap: $75 mm @ $1.40/sh 50 day avg. volume: 250,000 shares/day 52 week price range: $5.85 - $1.35

Research Coverage Euro Pacific MLV Imperial Capital Roth Capital Partners ING Equity Research

Major Institutional Shareholders as of 9/30/2014 Number of Shares % Holding

BlackRock Fund Advisors 3,360,892 5.5% Vanguard Group, Inc. 1,556,641 2.6% Wellington Shields & Co. 1,314,907 2.2% Potomac Capital Management LLC 1,217,379 2.0% Clear Harbor Asset Management LLC 943,188 1.5% State Street Global Advisors (US) 872,198 1.4% Discovery Capital Management LLC 681,691 1.1% Northern Trust Investments, Inc. 593,695 1.0% Voya Investment Management LLC 525,200 0.9% Morgan Stanley Wealth Management 491,475 0.8% Schroder Innvestment Management Ltd. 429,555 0.7% M & G Investment Management Ltd. 361,919 0.6% Tom Lovejoy 1,112,140 1.8% David Pierce 847,371 1.4% Ordinary Shares Outstanding (known) 54,401,967 18.0% Options outstanding 2,561,169 Convertible Preferred 4,000,000 Fully diluted shares 60,963,136

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Market and Financial Overview Financial Information as of 9/30/2014

Balance Sheet Data ($mm)

Unaudited 9/30/14

Audited 12/31/13

Current assets $33.0 $21.8

Property, net 71.8 76.2

Other assets 2.2 2.7

Total assets $107.0 $100.7

Current liabilities $4.2 $10.5

Long term debt 50.0 45.0

Other long term 1.8 1.6

Shldrs Equity 51.0 43.6

Total $107.0 $100.7

Income Statement Data ($mm) unaudited

9m14 9m13

Total revenues $29.9 $25.9

Operating Costs 5.6 3.1

Exploration Costs 8.8 17.3

Non-cash expenses 14.2 11.3

G&A 5.8 6.5

Total Costs 34.4 38.2

Operating inc (loss) $(4.5) $(12.3)

(fully diluted)

8.6%

26.5%

65.0%

Ownership by Shareholder Category

Officer andDirector

Institutional

Retail

Reserve Based Credit Facility Banks: BNPP and ING Available: $65 million Drawn: $50 million Reduction: 1/5th every 6 months beginning 6/30/16 Currently in discussions to refresh the facility

for a 6-year term beginning mid-2015

NASDAQ: FXEN 4

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; deeply rooted in Western culture, 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; intends to adopt euro in the future

• Poland’s GDP has continued to grow since 2008, despite economic upset in the EU

• 2014 GDP: Poland: +3.3%; Euro area: +0.8%

• Currency: zloty and euro both weakened about 15% in recent months, compared to $U.S.

Poland Overview

NASDAQ: FXEN

12/31/2013

Reserve Category

Bcfe Bcme PV10 pretax

PV10 per/sh

Proved Developed 40 1.1 $152

Proved Undeveloped 1 0.0 $1

Total Proved (P90 or 1P) Value 41 1.1 $153 $2.84

Probable Reserves 21 0.6 $40 $0.74

Proved+Probable (P50/2P) 62 1.7 $193 $3.58

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FX Energy is Focused on Poland Why Poland

• Poland is underexplored; it still has conventional deposits (vertical wells, no stimulation; high ROI) • Gas prices in Europe at about $7 are significantly higher than U.S. gas at $3-$4

FX knows Poland well • Building reserves since 2003; producing since 2006: 12.6 mmcfe/d avg. for 9m2014 • Successful track record drilling in core area in Poland; exploration success in a new hydrocarbon play

Growth potential • New production: 1Q2016 Karmin to add 2.5 mmcf/d net; 2Q2017 Tuchola could add 10.0 mmcf/d net to FX • New exploration play: Tuchola discovery points to potentially company-making reef play

Note: Reserves in table are per RPS Energy and Hohn Engineering as of 12/31/2013 adjusted for Szymanowice-1, not including Tuchola or Karmin discoveries. Our oil production is entirely in the U.S. and represents 7% of PDP and 0% of PUD; gas production is entirely in Poland and represents 93% of PDP and 100% of PUD. Readers are cautioned not to simply add Tuchola and Karmin reserves to year-end 2013 figures. Production during 2014 and any revisions of previous reserve estimates should also be considered. These figures should be available shortly after year-end 2014.

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Polish Gas Prices Are Higher Than U.S.

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: 420 Mmcf/day; 150 Bcf/year; 4.2 Bcm/year • Natural Gas Imports: 1.1 Bcf/day; 400 Bcf/year; 11.2 Bcm/year

The Polish low methane gas tariff dropped 6% from 1,014 to 953 zl/mcm comparing avg. 2014 to 1H2015

Meanwhile, the zloty/dollar exchange rate dropped 14% from 3.15 to 3.65 comparing avg. 2014 to 2/5/2015

Result: the U.S. dollar value of the tariff dropped 18% from $10.36 to $8.45 per mmbtu

The FX wellhead price dropped 18% from $6.99 to $5.70 per mcf (adjusted for energy content)

Note that exploration and drilling costs are denominated in zloty, so largely unaffected by zloty/dollar exchange rate changes

Some FX costs (interest, dividends and a portion of overhead) are denominated in U.S. dollars; these costs have accordingly changed in zloty terms

$0$2$4$6$8

$10$12$14$16

Jan-

03

Nov

-03

Oct

-04

Aug

-05

Jul-0

6

May

-07

Apr

-08

Feb-

09

Jan-

10

Nov

-10

Oct

-11

Sep

-12

Jul-1

3

Jun-

14

Apr

-15

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

PolandUS

0 zł

200 zł

400 zł

600 zł

800 zł

1,000 zł

1,200 zł

Jan-

03

Dec

-03

Nov

-04

Nov

-05

Oct

-06

Sep

-07

Sep

-08

Aug

-09

Jul-1

0

Jul-1

1

Jun-

12

Jun-

13

May

-14

Apr

-15

Polish Low Methane Gas Tariff - PLN/1000m3

NASDAQ: FXEN

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

Poland has significant undiscovered conventional hydrocarbon potential

• 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 Netherlands and Germany

• The North Sea was – and continues to be – explored by dozens of companies

• But only one company (state-owned) was exploring Poland during the Iron Curtain decades

• Geology doesn’t stop at the border; Poland is just under-explored

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Untapped Resources in Poland

NASDAQ: FXEN 8

Fences license • core producing area; large prospect inventory • FX holds 49% interest; PGNiG holds 51% and

operates

Edge license • FX new hydrocarbon play led to the Tuchola field

discovery • FX holds 100% interest and operates

FX holds five license areas covering 1.8 million gross acres

FX Energy: Licenses in Poland

Main gas distribution lines in red

Gross (mm acres)

Working Interest

Net (mm acres)

Net (sq. km.)

Fences 0.85 49% 0.41 1,648 Block 255 0.24 51% 0.12 488 Edge 0.73 100% 0.73 2,939 1.82 1.26 5,075

Fences 49%

Block 255 51%

Edge 100%

Edge - Tuchola Discovery

Fences - Producing Area

NASDAQ: FXEN

PGNiG’s Radlin field 390 Bcf (disc. 1985

Fences FX 49%

FX 24.5%

Fences concession: 850,000 acres (3,440 sq. km.) surrounding PGNiG’s 390 Bcf Radlin Gas Field

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Rotliegend gas potential • Rotliegend gas fields from the

1980s showed area potential • PGNiG had given up on the

Rotliegend play - too deep for porosity below 2,500 meters

• FX saw high potential with limited exploration risk

• FX combined modern processing procedures with the experience of Polish interpreters

• Fences: FX earned 49%; PGNiG holds 51% and operates

Fences

Fences License: Core Producing Area

NASDAQ: FXEN

Commercial Discoveries

Gross P50 Reserves(1) /well

Kleka-11 3 bcf 0.1 bcm

Zaniemysl 27 bcf 0.7 bcm

Sroda-4 + Kromolice-1 41 bcf 1.1 bcm

Winna Gora 15 bcf 0.4 bcm

Roszkow 32 bcf 0.9 bcm

Kromolice-2 8 bcf 0.2 bcm Lisewo-1 + Lisewo-2 40 bcf 1.1 bcm

Komorze-3 8 bcf 0.2 bcm

Karmin-1 28 bcf 0.8 bcm

Total 11 wells 202 bcf 5.5 bcm

Avg. 11 wells 18 bcf 0.5 bcm

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Fences License: Track Record

(1) P50 Estimated Ultimate Recovery

FX brought new seismic techniques for acquisition, processing, and depth conversion • Result: 11 commercial successes out of 17 wells (65%) targeting Rotliegend structures • Average well size (11 wells): 18 Bcf gross P50 pre-tax • Average daily production per well: approximately 4.9 Mmcf/day gross initial rate

Fences

Kromolice-1

Kromolice-2

Zaniemysl (shut-in)

Lisewo-1

Kleka-11 (depleted)

Roszkow

Winna Gora

Sroda-4

Komorze-3

Lisewo-2

Fences License (FX 49%)

Karmin-1

NASDAQ: FXEN 11

NASDAQ: FXEN

Fences License: Next Operations

Continue building production and reserves

• 8 wells now producing

• Zaniemysl sidetrack could produce 1Q15 if successful

• Karmin-1 scheduled to start producing 1Q16

• Seismic attribute processing and reinterpretation underway over entire existing 3D inventory; expect targets for 2016 drilling

• New 3D seismic acquisition underway in Kotlin

Zaniemysl-3 sidetrack underway

Karmin-1 to start producing 1Q16

Fences License (FX 49%)

Miloslaw-4

Paruchow-1

Przybyslaw-1

NASDAQ: FXEN

Tuchola structure: western segment may be fault sealed from central and eastern segments

• Estimated 10-18 Bcf (P90-P50) recoverable from Tuchola-3 and Tuchola-4 wells in the western segment of the structure in less than 50 meters of pay

• Massive carbonate buildup (5km sq. x 300 meters) shows potential for world class discoveries in the Edge license

• Central and eastern segments could increase Tuchola reserves to perhaps 35 Bcf recoverable

12 NASDAQ: FXEN

Tuchola Discovery

Tuchola-3K Tuchola-4K

NASDAQ: FXEN

Edge 100%

Edge - Tuchola Discovery

Fences - Producing Area

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Edge License: Geological Setting Source, Reservoir, and Seal in the Edge License

• Source: Carboniferous, Devonian and Silurian black shales underlie the Edge license – most old wells had oil/gas shows

• Reservoir: Devonian carbonate buildups and Carboniferous Oolites: potential reservoirs with very high flow rates

• Seal: Zechstein evaporates provide regional seal • Gravity and 2D seismic show potential target areas, help

focus/prioritize seismic • High-quality 3D seismic is critical for Zechstein and deeper

horizons; all prior wells were drilled on 2D seismic

Edge license: oil/gas shows

Tuchola new field discovery

Edge license: interpreted gravity structure map

Tuchola-3K, -4K discoveries

NASDAQ: FXEN 14

Edge License: A New Hydrocarbon Play Tuchola discovery encourages a

stepped up exploration effort

• 240 sq. km. of new 3D seismic cover the Tuchola field

• 3 wells drilled to date: 2 Tuchola wells (commercial) and 1 Angowice well (dry)

• A 300 sq. km. 3D seismic project is now underway on the other 3 blocks

• The Edge license is FX Energy’s exploration priority – it is big, we control it, and we already have our first gas field

• Currently talking with interested parties about a possible farmout

• 730,000 gross and net acres/2,900 sq. km.; FX operates and holds 100% working interest

Edge license

Tuchola-3K, -4K

Angowice-1

NASDAQ: FXEN 15

Edge license: Tuchola discovery signals a potentially significant new exploration area • Tuchola field (2 wells) estimated at 10-18 Bcf estimated recoverable (P50/P90) • Central and eastern segments of Tuchola structure could increase reserves to perhaps 35 Bcf • Tuchola discovery provides a 3D model • FX owns 100% working interest in 730,000 gross and net acres (2,937 sq. km.) • Currently talking with interested parties about a possible farmout

Fences license: reserves and production base established, steady growth • 8 Fences wells now producing; Company-wide production 12.4 Mmcfe daily average 2014 • New production coming 2016 from Karmin well • Inventory of drill-ready 3D prospects • FX owns 49% working interest in 850,000 gross and 410,000 net acres (net 1,647 sq. km.)

Recap

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

Zaniemysl Production Facility

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