Falcon Oil & Gas Ltd. - Holdings in Company

FOR:  FALCON OIL & GAS LTD.

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

December 9, 2016

Falcon Oil & Gas Ltd. - Holdings in Company

DUBLIN, IRELAND--(Marketwired - Dec. 9, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon") was notified today that Nicolas Mathys is the beneficial owner of 50,551,600 common shares of Falcon
("Shares"), representing 5.49% of Falcon's issued and outstanding Shares.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

OR

Falcon Oil & Gas Ltd.
Anne Flynn
CFO
[phone]

OR

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

Falcon Oil & Gas Ltd.