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 initial drilling operations on the
Besa-D-1 well have reached total depth ("TD") of 3,000 metres having encountered
gas shows.


Besa-D-1 is the second of a planned three well programme to evaluate the gas
potential of the Algyo Formation in the Mako Trough License. The well has now
been cased to TD and is suspended pending further technical evaluation in order
to determine an appropriate testing programme later this year. No operational
problems occurred during drilling.


In January 2013, Falcon agreed a three-well drilling programme with Naftna
industrija Srbije jsc ("NIS") to target the Algyo Play, whereby NIS made a cash
payment of US$1.5 million to Falcon in February 2013, and agreed to drill three
wells by July 2014 at their cost. The July 2014 date for completion of drilling
and testing of the NIS three well programme has been extended to 31 December
2014. This extension has been granted to allow NIS to:




--  Complete the testing of Besa-D-1; 
--  Evaluate the hydrocarbon potential of the entire Mako Trough including
    the Deep Mako play; and 
--  Fulfill the third well obligation of the NIS three-well drilling
    programme. 



Philip O'Quigley, CEO of Falcon commented:

"We are pleased to confirm that we have drilled, without any operational
difficulties, the second of the three well drilling programme, with our partner
NIS. The technical evaluation of the well results and the testing programme will
take place during the second half of 2014.


In working together, Falcon and NIS have agreed to extend the completion date
for the three well programme from July 2014 to 31 December 2014 in order to
identify the appropriate location and geological target for the drilling of the
third obligation well within our prospective acreage in the Mako Trough." 


This announcement has been reviewed by Dr. Gabor Bada, Falcon's Head of
Technical Operations. Dr. Bada obtained his geology degree at the Eotvos L.
University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam,
the Netherlands. He is a member of AAPG, EAGE and SPE. 


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.


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

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. 


Gas shows: there is no certainty that any gas shows will eventually lead to
discovery. Even if discovery is made, there is no certainty that it will be
commercially viable to produce any portion of the resource.


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 & Gas Ltd. +353 1 417 1900
Philip O'Quigley, CEO +353 87 814 7042
Michael Gallagher, CFO +353 1 417 0814
John Craven, Non-Executive Chairman +353 1 417 1900


CAMARCO
Billy Clegg +44 20 3757 4983
Georgia Mann +44 20 3757 4980


Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell +353 1 679 6363


GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson / Emily Morris +44 20 7647 2800

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