The average bulk density \( \rho_b \) of a fully saturated sandstone is given by the formula:
\[
\rho_b = \phi \times \rho_f + (1 - \phi) \times \rho_m
\]
where:
- \( \phi = 0.23 \) is the fractional porosity,
- \( \rho_f = 1.05 \, \text{g/cc} \) is the fluid density,
- \( \rho_m = 2.63 \, \text{g/cc} \) is the matrix density for sandstone.
Substituting the values into the equation:
\[
\rho_b = 0.23 \times 1.05 + (1 - 0.23) \times 2.63
\]
\[
\rho_b = 0.2415 + 2.0261 = 2.2676 \, \text{g/cc}
\]
Rounding off to two decimal places, the average bulk density is:
\[
\boxed{2.27 \, \text{g/cc}}.
\]