FO Falcon Oil and Gas Ltd

Falcon Oil & Gas Ltd. (TSX VENTURE:FO) (AIM:FOG) (ESM:FAC) ("Falcon" or the
"Company"), announces that Hess Australia (Beetaloo) Pty Ltd ("Hess"), did not
elect to commit to drilling the five wells required to earn their interest in
the Beetaloo permits by the agreed deadline of 10pm Friday the 28th June. 


In accordance with the Participation Agreement dated 28th April 2011, as amended
on the 2nd August 2012, which granted Hess the first extension, failure to elect
on time means that Hess forfeits their right to earn 62.5% in three of the
Beetaloo permIts. A late request by Hess to defer the election date again was
unanimously rejected by Falcon's Board for reasons outlined below.




--  Falcon retains a 100% working interest in the four Beetaloo exploration
    permits which puts Falcon in a stronger position going forward. 
--  Hess has transferred a perpetual, royalty-free and irrevocable licence
    to Falcon over the 3,490 km of seismic acquired by them. 
--  The interpretation of 3,490 kms of new seismic data, acquired and
    processed at no cost to Falcon, is extremely encouraging. 
--  Identification of a shale oil play in the northern part of the permits
    in addition to the shale gas and conventional plays throughout the
    acreage. 
--  Unsolicited interest from major oil and gas companies.  
--  Falcon had already granted Hess an extension from August 2012 to June
    2013. 



Philip O'Quigley, CEO of Falcon commented: 

We regard the Beetaloo Basin as a potential world class conventional and
unconventional play with significant oil and gas potential. Hess requested a one
month extension to allow them sufficient time to conclude a farm-out deal with a
third party, which they described as one of the largest oil and gas companies in
the world. 


Falcon's rejection of their request and Hess's subsequent decision not to elect
by the agreed deadline was viewed by the Board of Falcon as an opportunity for
Falcon shareholders to increase their interest in what promises to be a very
prolific basin enhanced and de-risked by the new seismic data. 


I would like to thank Hess for their significant contribution to the Beetaloo
project both in terms of their technical input but also in terms of their
financial investment which we estimate to be approximately US$80m to date. 


I look forward to updating the market as we move forward on our extensive
acreage in the Beetaloo Basin"


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 the Beetaloo Basin 

Falcon Australia, Falcon's 72.7 per cent. owned subsidiary, is the registered
holder of four exploration permits covering approximately 7 million acres
(approximately 28,000 km2) in the Beetaloo Basin, a sparsely populated area of
the Northern Territory. The Beetaloo Basin is a Proterozoic and Cambrian age
tight oil and gas basin that the Board believes is well suited for
unconventional oil and gas projects. RPS Energy, in its independent Competent
Person's Report ("CPR") dated 1 January 2013, estimates gross un-risked
recoverable prospective resource (play level) potential of 162 Tcf of gas and
21,345 Mmbo of oil (P50) for Falcon Australia's Beetaloo Exploration Permits.


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 and Gas Ltd.
+353 1 417 1900


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


Falcon Oil and Gas Ltd.
John Craven, Non Exec Chrmn
+353 1 417 1900


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 2835


Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Richard Redmayne / Julian Erleigh
+44 207 894 7000

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