Falcon Oil & Gas Ltd. Holds Annual & Sp...

FOR:  FALCON OIL & GAS LTD.

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

June 22, 2016

Falcon Oil & Gas Ltd. Holds Annual & Special Shareholder Meeting

DUBLIN, IRELAND--(Marketwired - June 22, 2016) - Falcon Oil & Gas Ltd. ("Falcon" or the "Company" or the
"Group") (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) held its Annual & Special Shareholder meeting ("AGM") in Calgary,
Canada yesterday.

All of the resolutions considered and voted upon by the shareholders were approved. The full text of each
resolution was included in the Management Information Circular communicated in advance of the AGM to
shareholders.

Management presented an operational update on Australia confirming the following:

--  Operations to re-enter the horizontal Amungee NW-1H well have commenced

--  The Company's operating partner, Origin, expects the running of
    production casing and cementing on this well to be completed by the end
    of June

--  A multi-stage fracture stimulation programme to test the Middle Velkerri
    "B" shale reservoir will be performed on Amungee NW-1H by the end of
    July, followed by a 90 day production testing program

--  Civil works at the Beetaloo W-1 vertical well commenced mid-May 2016

--  Spudding of this well will take place in July after the rig is released
    from the Amungee NW-1H well.

The presentation is available on the Company's website (www.falconoilandgas.com). No further new material
information was disclosed in this presentation.

John Craven stepped down from the Board with effect from the AGM date.

JoAchim Conrad commented:

"On behalf of the Board, I would like to sincerely thank John for his supportive contribution as former
Chairman and non-executive Director of Falcon since joining the Board of Directors. I wish him well in his
future endeavours."

John Craven, commented:

"After many years as a Director of Falcon, I now step down from the Board. I believe the Company has a strong
platform on which to build value across its portfolio. I wish the Board and Management every success for the
future."

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr.
Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije
Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.

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.

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.
Such information may include, but is not limited to comments made with respect to the awarding of an
exploration license in South Africa, to the type, number, schedule, testing and objectives of the wells to be
drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the
Middle Velkerri shale play and the prospect of the exploration programme being brought to commerciality. 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

Falcon Oil & Gas Ltd.
JoAchim Conrad
Non-Executive Chairman
[phone]

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

Falcon Oil & Gas Ltd.
Michael Gallagher
CFO
[phone]
www.falconoilandgas.com

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

Falcon Oil & Gas Ltd.