1st Quarter Results

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

May 31, 2013

Falcon Oil & Gas Ltd. Announces the Filing of Its Interim Financial Statements and Accompanying MD&A - Three Months
Ended 31 March 2013

DUBLIN, IRELAND--(Marketwired - May 31, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO) (AIM:FOG) (ESM:FAC) ("Falcon")
announces that it has filed its interim financial statements for the three month period ended 31 March 2013 and the
accompanying management's discussion and analysis.

These filings are available at www.sedar.com and on Falcon's website at www.falconoilandgas.com.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil and Gas Ltd.
Head Office
[phone]

OR

Falcon Oil and Gas Ltd.
Philip O'Quigley
CEO
[phone]

OR

FTI Consulting
Billy Clegg
[phone]

OR

FTI Consulting
Edward Westropp
[phone]

OR

FTI Consulting
Natalia Erikssen
[phone]

OR

Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
[phone]

OR

GMP Securities Europe LLP (Joint Broker)
James Pope / Alexandra Carse
[phone]

OR

Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Richard Redmayne / Julian Erleigh
[phone]

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.

INDUSTRY:  Energy and Utilities-Oil and Gas
SUBJECT:   ERN

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Falcon Oil & Gas Ltd.