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

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

May 1, 2013

Falcon Oil & Gas Ltd. Announces the Granting of Stock Options

DUBLIN, IRELAND--(Marketwired - May 1, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon") announces that on April 30, 2013 it granted incentive stock options ("Options") to purchase an
aggregate of 9,900,000 common shares of Falcon to a number of recipients, including directors, officers and
employees under the stock option plan approved at Falcon's annual shareholders meeting held on September 25,
2012. The Option grants are all subject to regulatory approval by the TSX Venture Exchange.

A maximum of 10% of the issued and outstanding shares of Falcon are reserved for issuance pursuant to Falcon's
stock option plan.

A total of 3,000,000 Options were granted at an exercise price of $0.215 to Eoin Grindley, Falcon's Chief
Financial Officer pursuant to the terms of his employment contract.

5,500,000 Options were granted at an exercise price of $0.24 (a 23% premium to the closing share price on April
30th, 2013) to the following Falcon directors:

/T/

        Name               Number of            Total number
                           Options Granted      of Options after
                                                Grant
        John Craven        2,000,000            3,100,000
        Igor Akhmerov      2,500,000            2,900,000
        Daryl Gilbert      200,000              2,900,000
        Gregory Smith      200,000              1,000,000
        Joachim Conrad     300,000              1,000,000
        David Harris       300,000              300,000

/T/

The remaining 1,400,000 Options were granted to employees of Falcon at an exercise price of $0.24.

The Options all have a vesting schedule allowing for 1/3 of the Options to vest on the first anniversary of the
grant with an additional 1/3 vesting each subsequent year until the Options are fully vested on April 30, 2016,
and an expiry date of the Options of April 29, 2018.

Falcon's closing price on the TSX Venture Exchange on April 30th, 2013 was $0.195.

After this grant, there are 42,737,000 Options outstanding, representing 5.2% of the issued and outstanding
common shares of Falcon.

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
John Frain / Anthony Farrell
[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.

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Falcon Oil & Gas Ltd.