Falcon Oil & Gas Ltd. Announces Transaction to Reduce the Beetaloo Basin Overriding Royalty in Australia

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") announces that its subsidiary, Falcon Oil & Gas Australia Ltd
("FOGA"), has entered into an Agreement with CR Innovations AG ("CRIAG") to
acquire its 4% Overriding Royalty Interest ("ORRI") relating to its Exploration
Permits in the Beetaloo Basin ("the Agreement"). 


Transaction details:



--  FOGA has made an initial payment to CRIAG of US$999,000 on signing the
    Agreement 
--  FOGA to make second payment to CRIAG of US$999,000 to acquire the first
    3% of the ORRI. 
--  Second payment to be made upon completion of a farm-out deal in
    Australia 
--  CRIAG has granted FOGA a five year call option to acquire the remaining
    1% for US$5,000,000 
--  All ORRI's acquired under the Agreement will be immediately cancelled by
    FOGA



Philip O'Quigley, CEO of Falcon commented: 

"We are delighted to have negotiated this reduction in the Overriding Royalty on
our Australian assets. This transaction should help to further progress our
farm-out negotiations, which are at an advanced stage. Together with the
significant seismic programme completed last year, this transaction further
increases the value of our assets in the Northern Territory."


FOGA is a 98% subsidiary of Falcon and is the registered holder of four
Exploration Permits covering seven million acres in the Beetaloo Basin, Northern
Territory, Australia. 


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.


About the Overriding Royalty Interests

The total amount of the private ORRI's is 12%. The ORRI entitles its owners to
earn 12% of the gross well head proceeds of any future production, subject only
to transportation and marketing costs. CRIAG is the owner of 4% with the balance
of 8% being held through a small number of families based primarily in the US.
The privately held ORRI's were created during the years 2006 to 2008 when the
Exploration Permits were sold by their original owners.


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, including comments made with respect to when payments due under the
agreement will be made. 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 and Gas Ltd.
Philip O'Quigley
CEO
+353 87 814 7042


Falcon Oil and Gas Ltd.
John Craven
Non-Executive Chairman
+353 1 417 1900
www.falconoilandgas.com


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)
David Porter / Richard Redmayne
+44 207 894 7000

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