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

FOR:  FALCON OIL & GAS LTD.

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

January 27, 2015

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

DUBLIN, IRELAND--(Marketwired - Jan. 27, 2015) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or
the "Company") announces that on 26 January 2015 it granted incentive stock options ("Options") to purchase an aggregate
of 6 million common shares of Falcon to a number of recipients, including directors and officers under the stock option
plan approved at Falcon's annual shareholders meeting held on 10 December 2014. The Option grant is 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.

The Options were granted at an exercise price of CDN$0.15 (a 26% premium to the closing share price on 23 January 2015)
to the following:

Name                                     Number of  Total number of Options
                                   Options granted          held after grant
John Craven - Non- Executive
 Chairman                                1,000,000                 4,100,000
Philip O'Quigley - CEO                   2,000,000                 8,000,000
Michael Gallagher - CFO                  3,000,000                 3,300,000

The Options granted to Mr. Craven and Mr. O'Quigley vest immediately. The Options have an expiry date of 25 January
2020.

The Options granted to Mr. Gallagher 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 on each subsequent anniversary until the Options are fully
vested on 25 January 2018. The Options have an expiry date of 25 January 2020.

Falcon's closing price on the TSX Venture Exchange on 23 January 2015 was CDN$0.11. After this grant, there are
34,752,000 Options outstanding, representing 3.77% of the issued and outstanding common shares of Falcon.

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.

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 / Emily Morris
[phone]

OR

CAMARCO
Billy Clegg
[phone]

OR

CAMARCO
Georgia Mann
[phone]

Falcon Oil & Gas Ltd.