FX Energy, Bill Barrett started at In-Line by Imperial Capital


Imperial Capital initiates coverage of both FX Energy (FXEN) and Bill Barrett (BBG) with In-Line ratings.

While the firm sees FXEN as undervalued on a risked net asset value basis, it thinks investors may sit on the sidelines until further delineation of the Tuchola discovery or positive results come from other near-term drilling; FXEN's results in Poland have been plagued by delays that are essentially out of its control - its Polish state oil company partner and the country's slow pace of permitting.

BBG continues its transition towards a more balanced oil and gas portfolio, the firm writes; with acreage in the core of the Wattenberg, investors await the continued de-risking of BBG's acreage position, particularly as its drilling program moves to the southern portion of its Northeast Wattenberg acreage.

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