Falcon Oil & Gas Ltd. Announces Issuance of Shares to Former Officer and Announces Engagement of FTI Consulting

Falcon Oil & Gas Ltd. (TSX VENTURE:FO), ("Falcon" or the "Company") the
international oil and gas exploration and production company focused on
unconventional and conventional oil and gas exploration and producing assets in
Hungary, Australia and South Africa, announces that it has issued 300,000 common
shares in the capital of the Company ("Common Shares") to Robert Macaulay, the
former Chief Executive Officer of the Company. The Common Shares have been
issued in consideration of services rendered to the Company pursuant to an
employment agreement between the Company and Mr. Macaulay effective as of
November 10, 2010, as amended. The Common Shares are subject to a one four month
hold period that expires on May 2, 2013, in accordance with applicable
securities legislation. 


Engagement of FTI Consulting

The Company also announces that it has engaged FTI Consulting LLP ("FTI")
effective May 21, 2012 to provide business communications services (the
"Services"). The Services include bringing attention and exposure to the Company
to help enhance and increase the Company's image and public awareness.


FTI is a global business advisory firm that provides multidisciplinary solutions
to complex challenges and opportunities, and is headquartered in Florida, U.S.A.


FTI will provide Falcon with the Services until the agreement between the
parties is terminated by either party on three months' written notice (except
upon a change of control). Pursuant to the agreement between the parties, FTI
will be paid a monthly fee commensurate with the market standard, with
additional payments owing in relation to special projects.


About Falcon Oil & Gas Ltd. 

Falcon Oil & Gas Ltd. is an international oil and gas exploration and production
company, listed on the TSX Venture Exchange in Toronto under the symbol FO.V. It
is headquartered in Dublin, Ireland, and has an office in Budapest, Hungary.


The Company is focused on unconventional and conventional oil and gas
exploration and production, and holds producing assets in three major
underexplored basins in Australia, Hungary, and South Africa.


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


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
statement. 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.
Philip O'Quigley
Chief Executive Officer
+353 (1) 417 1900 or +353(87) 814 7042
www.falconoilandgas.com


FTI Consulting, London and Toronto
Billy Clegg/Edward Westropp
+44 207 837 3113

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