FO Falcon Oil and Gas Ltd

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon") announces
that on April 30, 2013 it granted incentive stock options ("Options") to
purchase an aggregate of 9,900,000 common shares of Falcon to a number of
recipients, including directors, officers and employees under the stock option
plan approved at Falcon's annual shareholders meeting held on September 25,
2012. The Option grants are all subject to regulatory approval by the TSX
Venture Exchange.


A maximum of 10% of the issued and outstanding shares of Falcon are reserved for
issuance pursuant to Falcon's stock option plan.


A total of 3,000,000 Options were granted at an exercise price of $0.215 to Eoin
Grindley, Falcon's Chief Financial Officer pursuant to the terms of his
employment contract.


5,500,000 Options were granted at an exercise price of $0.24 (a 23% premium to
the closing share price on April 30th, 2013) to the following Falcon directors:




        Name               Number of            Total number                
                           Options Granted      of Options after            
                                                Grant                       
        John Craven        2,000,000            3,100,000                   
        Igor Akhmerov      2,500,000            2,900,000                   
        Daryl Gilbert      200,000              2,900,000                   
        Gregory Smith      200,000              1,000,000                   
        Joachim Conrad     300,000              1,000,000                   
        David Harris       300,000              300,000                     



The remaining 1,400,000 Options were granted to employees of Falcon at an
exercise price of $0.24.


The Options all have a vesting schedule allowing for 1/3 of the Options to vest
on the first anniversary of the grant with an additional 1/3 vesting each
subsequent year until the Options are fully vested on April 30, 2016, and an
expiry date of the Options of April 29, 2018.


Falcon's closing price on the TSX Venture Exchange on April 30th, 2013 was $0.195.

After this grant, there are 42,737,000 Options outstanding, representing 5.2% of
the issued and outstanding common shares of Falcon.


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 PLEASE CONTACT: 
Falcon Oil and Gas Ltd.
Head Office
+353 1 417 1900


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


FTI Consulting
Billy Clegg
+44 207 269 7157


FTI Consulting
Edward Westropp
+44 207 269 7230


FTI Consulting
Natalia Erikssen
+44 207 269 9348


Davy
John Frain / Anthony Farrell
+353 1 679 6363

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