FO Falcon Oil and Gas Ltd

Falcon Oil & Gas Ltd. (TSX VENTURE:FO) (AIM:FOG) (ESM:FAC) ("Falcon" or the
"Company"), is pleased to announce that it has offered to purchase shares from
certain of the remaining shareholders in Falcon Oil & Gas Australia Ltd.
("FOGA").


FOGA is a subsidiary of Falcon and is the registered holder of four exploration
permits in the Beetaloo Basin, Northern Territory, Australia. After the recent
Acquisition of Sweetpea Petroleum Pty Ltd's ("Sweetpea") 24.2% holding, Falcon
owns 200 million shares in FOGA, representing 96.9% of the issued share capital
of FOGA.


The offer comprises of 2.25 common shares in Falcon for every one FOGA ordinary
share held. This offer is valid until 22nd August 2013. The valuation used in
this offer is the same as used in the recently completed acquisition of
Sweetpea's 24.2% holding in FOGA. 


The maximum of Falcon Shares that may be issued in connection with this offer is
11,009,783.


The offer is subject to TSX Venture Exchange ("TSXV") approval.

About Falcon Oil & Gas Ltd. 

Falcon is an international oil & gas company engaged in the acquisition,
exploration and development of conventional and unconventional oil and gas
assets, with the current portfolio spread between Australia, South Africa and
Hungary. Falcon is incorporated in British Columbia, Canada and headquartered in
Dublin, Ireland with a technical team based in Budapest, Hungary.


For further information on Falcon Oil & Gas Ltd. please visit
www.falconoilandgas.com.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 


Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements unless and until required by
securities laws applicable to Falcon. Additional information identifying risks
and uncertainties is contained in Falcon's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Falcon Oil & Gas Ltd.
+353 1 417 1900


Falcon Oil & Gas Ltd.
Philip O'Quigley
CEO
+353 87 814 7042


Falcon Oil & Gas Ltd.
John Craven
Non-Executive Chairman
+353 1 417 1900


FTI Consulting
Edward Westropp
+44 207 269 7230


FTI Consulting
Natalia Erikssen
+44 207 269 9348


Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
+353 1 679 6363


GMP Securities Europe LLP (Joint Broker)
Rob Collins / Alexandra Carse
+44 20 7647 2800


Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Richard Redmayne / Julian Erleigh
+44 207 894 7000

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Falcon Oil and Gas (TSXV:FO)
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