Falcon Oil & Gas Ltd. Announces Adoption of...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG
ISE SYMBOL:  FAC

December 16, 2014

Falcon Oil & Gas Ltd. Announces Adoption of Advance Notice Policy

DUBLIN, IRELAND--(Marketwired - Dec. 16, 2014) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon" or the "Company") announces the approval by its board of directors (the "Board") of an advance notice
policy (the "Policy") dated 15 December 2014, which includes, among other things, a provision that requires
advance notice be given to the Company in circumstances where nominations of a person or persons for election
to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition for a meeting
made pursuant to the provisions of the Business Corporations Act (British Columbia) (the "Act"); or (ii) a
shareholder proposal made pursuant to the provisions of the Act.

Among other things, the Policy fixes a deadline by which holders of record of common shares of the Company must
submit director nominations to the Company prior to any annual or special general meeting of shareholders and
sets forth the information that a shareholder must include in the notice to the Company for the notice to be in
proper written form. The Policy provides that the Board may, in its sole discretion, waive any requirement of
the Policy.

In the case of an annual general meeting of shareholders, notice to the Company must be made not less than 30
nor more than 65 days prior to the date of the annual general meeting; provided, however, that in the event
that the annual general meeting is to be held on a date that is less than 50 days after the date on which the
first public announcement of the date of the annual general meeting was made, notice may be made not later than
the close of business on the 10th day following such public announcement.

In the case of a special general meeting of shareholders (which is not also an annual general meeting), notice
to the Company must be made not later than the close of business on the 15th day following the day on which the
first public announcement of the date of the special general meeting was made.

The Policy is effective as of the date it was approved by the Board, and the Company shall seek ratification of
the Policy by an ordinary resolution of the shareholders at the next annual and special general meeting of
shareholders to be held in 2015, or any adjournment or postponement thereof (the "Meeting"). In the event that
the Policy is not ratified at the Meeting, the Policy shall be void and of no further force or effect as of the
termination of the Meeting.

The full text of the Policy is available at www.sedar.com and on Falcon's website at www.falconoilandgas.com or
upon request by contacting the Company at + 353 1 417 1900 or by email at [e-mail].

On behalf of the Board

John Craven, Director & Non-Executive Chairman

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd 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 focused in
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

OR

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

OR

Falcon Oil & Gas Ltd.
Michael Gallagher, CFO
[phone]

OR

Falcon Oil & Gas Ltd.
John Craven, Non-Executive Chairman
[phone]

OR

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

OR

GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson / Emily Morris
[phone]

OR

CAMARCO
Billy Clegg
[phone]

OR

CAMARCO
Georgia Mann
[phone]

-0-

Falcon Oil & Gas Ltd.