Falcon Oil & Gas Ltd.-Extension of Term for Existing Warrants

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") announces today, that further to its press release of 13 July 2011
which announced the closing of the Beetaloo Participation Agreement and the
granting by Falcon to Hess Oil and Gas Holdings Inc. ("Hess") a warrant
exercisable for 10,000,000 common shares in the capital of Falcon ("Common
Share") at a price of CDN$0.19 per Common Share for a period from November 14,
2011 until January 13, 2015, the extension of the warrant to January 13, 2020 to
facilitate the termination of the Participation Agreement and Joint Operating
Agreements with Hess. All other terms remain unchanged. The extension is subject
to 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
Philip O'Quigley, CEO
+353 87 814 7042
John Craven, Non-Executive Chairman
+353 1 417 1900


CAMARCO
Billy Clegg
+44 20 3757 4983
Georgia Mann
+44 20 3757 4980


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


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

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