Falcon Oil & Gas Ltd. Announces Transaction...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

November 1, 2013

Falcon Oil & Gas Ltd. Announces Transaction to Reduce the Beetaloo Basin Overriding Royalty in Australia

DUBLIN, IRELAND--(Marketwired - Nov. 1, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon" or the "Company") announces that its subsidiary, Falcon Oil & Gas Australia Ltd ("FOGA"), has entered
into an Agreement with CR Innovations AG ("CRIAG") to acquire its 4% Overriding Royalty Interest ("ORRI")
relating to its Exploration Permits in the Beetaloo Basin ("the Agreement").

Transaction details:

--  FOGA has made an initial payment to CRIAG of US$999,000 on signing the
    Agreement
--  FOGA to make second payment to CRIAG of US$999,000 to acquire the first
    3% of the ORRI.
--  Second payment to be made upon completion of a farm-out deal in
    Australia
--  CRIAG has granted FOGA a five year call option to acquire the remaining
    1% for US$5,000,000
--  All ORRI's acquired under the Agreement will be immediately cancelled by
    FOGA

Philip O'Quigley, CEO of Falcon commented:

"We are delighted to have negotiated this reduction in the Overriding Royalty on our Australian assets. This
transaction should help to further progress our farm-out negotiations, which are at an advanced stage. Together
with the significant seismic programme completed last year, this transaction further increases the value of our
assets in the Northern Territory."

FOGA is a 98% subsidiary of Falcon and is the registered holder of four Exploration Permits covering seven
million acres in the Beetaloo Basin, Northern Territory, Australia.

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.

About the Overriding Royalty Interests

The total amount of the private ORRI's is 12%. The ORRI entitles its owners to earn 12% of the gross well head
proceeds of any future production, subject only to transportation and marketing costs. CRIAG is the owner of 4%
with the balance of 8% being held through a small number of families based primarily in the US. The privately
held ORRI's were created during the years 2006 to 2008 when the Exploration Permits were sold by their original
owners.

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, including comments made
with respect to when payments due under the agreement will be made. 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.
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 / Anthony Farrell
[phone]

OR

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

OR

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

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Falcon Oil & Gas Ltd.