A mathematical model for computation of the fluid pressure in a reservoir drained by a horizontal multiple fractured well is proposed. The model is applicable for an arbitrary network of fractures with different finite conductivities of each segment, for variable in space and time physical parameters of the reservoir and for different field development plans. The variational formulation of the model allows effective numerical simulation using the finite element method.Case studies demonstrate how the main flow characteristics (well productivity, pressure distribution) depend on the geometrical and physical characteristics of the reservoir and of the fracture network. The presented model is suitable for estimation of the productivity of a multiple fractured well and as an optimization tool for efficient reservoir development.