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 further to its press release dated 14
January 2013, NIS has executed a drilling contract with Germany-based drilling
company DrillTec Grossbohr- und Umwelttechnik GmbH ("DrillTec") for the multi
well programme.


Under the terms of the contract NIS will drill the first exploration well
"Kutvolgy-1", targeting gas prospects in the Algyo Formation at a depth of
approximately 3,000m in the Mako Trough. Mobilisation of the rig is expected to
commence around the end of this month, and spudding of the well in mid June
2013.


The drilling program is planned to initially drill one to two wells in the Algyo
Formation, log and then suspend the wells pending further evaluation before
carrying out an appropriate testing program. Drilling of the initial well is
expected to take approx. 40 days


In accordance with the agreement with NIS, announced on 14 January 2013, Falcon
is fully carried and all costs associated with the drilling program will be paid
for by NIS. Any revenue from the initial three well program will be shared 50:50
between Falcon and NIS.


Philip O'Quigley, CEO of Falcon commented:

"We are delighted to announce the commencement of drilling operations in
Hungary. The partnership with NIS has been excellent over the last few months
and we now are looking forward to exploring the further hydrocarbon potential of
the Mako trough"


About the Algyo

The Algyo is a relatively shallow play between 2,300m and 3,500m. A number of
Falcon wells have been drilled through the Algyo in recent years, some of which
encountered gas shows, but to date no well has ever tested the play concept at
an optimal location as previous wells targeted deeper intervals of up to 6,000m.


Multiple Algyo prospects have subsequently been identified by Falcon through
extensive AVO analysis and the upcoming exploration drilling program with NIS
will be targeting three separate high-graded prospects.


A recent independent study by RPS Energy (January 2013) included for the first
time Prospective Resource recoverable volumes attributable to the shallow "Algyo
Play". According to the RPS CPR report, eight of the ten prospects identified by
Falcon contain 568 BCF of prospective recoverable gas resources, each with a 10%
Geological Probability of Success ("GPoS").


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.


About NAFTNA INDUSTRIJA SRBIJE JSC (NIS)

NIS is one of the largest, vertically integrated oil and gas companies in
Southeast Europe, focusing on exploration and production of hydrocarbons,
refining of crude oil and sales of a broad range of petroleum products.


The company's headquarters and main production assets are located in Serbia,
with part of the oil production coming from offshore Angola, where NIS has been
present since 1980. The company has two refineries and a network of more than
450 filling stations which comprise the backbone of its downstream operations.


Since 2010 the NIS has increased its international activities by acquiring a
number of exploration and production as well as retail assets in the region. At
present the company operates in Bosnia and Herzegovina, Hungary, Romania and
Bulgaria with offices in Banja Luka, Budapest, Bucharest, Timisoara, Sofia,
Ashkhabad, Brussels, Zagreb and Moscow.


For further information on NIS please visit www.nis.rs.

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.


Forward-looking Statements

Forward-looking statements include, but are not limited to, statements with
respect to: the focus of capital expenditures; the sale, farming in, farming out
or development of certain exploration properties using third party resources;
the impact of changes in petroleum and natural gas prices on cash flow; drilling
plans; processing capacity; operating and other costs; the existence, operation
and strategy of the commodity price risk management program; the approximate and
maximum amount of forward sales; Falcon's acquisition strategy, the criteria to
be considered in connection therewith and the benefits to be derived therefrom;
Falcon's goal to sustain or grow production and reserves through prudent
management and acquisitions; the emergence of accretive growth opportunities;
Falcon's ability to benefit from the combination of growth opportunities and the
ability to grow through the capital markets; development costs and the source of
funding thereof; the quantity of petroleum and natural gas resources or
reserves; treatment under governmental regulatory regimes and tax laws;
liquidity and financial capital; the impact of potential acquisitions and the
timing for achieving such impact; expectations regarding the ability to raise
capital and continually add to reserves through acquisition and development; the
performance characteristics of Falcon's petroleum and natural gas properties;
and realization of the anticipated benefits of acquisitions and dispositions.


Some of the risks and other factors, which could cause results to differ
materially from those expressed in the forward-looking statements include, but
are not limited to: general economic conditions in Canada, the Republic of
Hungary, the Commonwealth of Australia, the Republic of South Africa and
globally; supply and demand for petroleum and natural gas; industry conditions,
including fluctuations in the price of petroleum and natural gas; governmental
regulation of the petroleum and natural gas industry, including income tax,
environmental and regulatory matters; fluctuation in foreign exchange or
interest rates; risks and liabilities inherent in petroleum and natural gas
operations, including exploration, development, exploitation, marketing and
transportation risks; geological, technical, drilling and processing problems;
unanticipated operating events which can reduce production or cause production
to be shut-in or delayed; the ability of our industry partners to pay their
proportionate share of joint interest billings; failure to obtain industry
partner and other third party consents and approvals, when required; stock
market volatility and market valuations; competition for, among other things,
capital, acquisition of reserves, processing and transportation capacity,
undeveloped land and skilled personnel; the need to obtain required approvals
from regulatory authorities; and the other factors considered under "Risk
Factors" in Falcon's annual information form ( AIF") dated December 31, 2011.
Risks and uncertainties that could cause Falcon's actual results to materially
differ from current expectations have not changed from those disclosed in
Falcon's Management's Discussion and Analysis (MD&A)as at September 30, 2012.
The AIF and MD&A have been filed with Canadian securities regulatory authorities
and are available at www.sedar.com. The forward-looking statements contained in
this press release are expressly qualified by this cautionary statement. Falcon
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except as required under applicable securities regulation.


In addition, other factors not currently viewed as material could cause actual
results to differ materially from those described in the forward-looking
statements.


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


GMP
James Pope
+442076472835

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