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 it has repaid the full amount
outstanding on its Convertible Loan Note of CAD $10.657m.


The 11% Convertible Debt was issued on 30th June 2009 to a small number of
Institutional and retail debenture holders and was due to expire on the 30th
June 2013. The conversion price at the time of the Issue was CAD 0.60 per common
share. 


The Company raised approximately US$25m in March of this year and it was always
the intention to use part of the proceeds to repay the debt in full on or before
its maturity date. This repayment means that the Company is now completely debt
free.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Falcon Oil & Gas Ltd.
+353 1 417 1900


Falcon Oil & 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 (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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