Falcon Oil & Gas Ltd. Announces the Complet...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

July 18, 2013

Falcon Oil & Gas Ltd. Announces the Completion of the Acquisition of Sweetpea's 24% Minority Interest in
Subsidiary Falcon Oil & Gas Australia Limited

DUBLIN, IRELAND--(Marketwired - July 18, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon" or the "Company"), announces that, further to its press release dated the 11th July 2013, it has now
completed the acquisition of Sweetpea Petroleum Pty Ltd's ("Sweetpea") 50 million shares or 24.22% interest in
Falcon Oil & Gas Australia Limited ("FOGA") (the "Share Purchase").

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin,
Northern Territory, Australia. Following the completion of the Share Purchase, Falcon owns 200 million shares
in FOGA representing 96.90% of the issued share capital of FOGA.

The terms of the Agreement, as announced on the 24th May, 2013, included a cash consideration of US$3 million
together with the issue of 97.86 million Falcon shares ("New Falcon Shares") to Sweetpea. Based on Falcon's
share price at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the
consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation, now
owns 10.7% of the issued share capital of Falcon.

The New Falcon Shares will be held in an Escrow account with the New Falcon Shares locked up for three years
commencing on the July 17th, 2013, with Sweetpea being permitted to sell 15% each year during the lock up
period, commencing on July 17th 2013.

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.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil and Gas Ltd.
[phone]

OR

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

OR

Falcon Oil and Gas Ltd.
John Craven
Non-Executive Chairman
[phone]
www.falconoilandgas.com

OR

FTI Consulting
Edward Westropp
[phone]

OR

FTI Consulting
Natalia Erikssen
[phone]

OR

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

OR

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

OR

GMP Securities Europe LLP (Joint Broker)
Rob Collins
[phone]

OR

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

OR

Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson
[phone]

OR

Cantor Fitzgerald Europe (Joint Broker)
Richard Redmayne
[phone]

OR

Cantor Fitzgerald Europe (Joint Broker)
Julian Erleigh
[phone]

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Falcon Oil & Gas Ltd.