Notification of Discovery - Amungee NW-1H

FOR:  FALCON OIL & GAS LTD.

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

October 12, 2016

Notification of Discovery - Amungee NW-1H

DUBLIN, IRELAND--(Marketwired - Oct. 12, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is 
pleased to announce that Origin Energy Resources Limited ("Origin"), our Joint Venture partner, has submitted a 
notification of discovery and an initial report on discovery ("Notification of Discovery") to the Department of 
Primary Industry and Resources of the Northern Territory, Australia ("DPIR") on the Amungee NW-1H well in the 
Beetaloo Basin, Australia. The Notification of Discovery is a requirement per the Reporting a Petroleum Discovery 
Guideline under the NT Petroleum Act. 

Details of Notification of Discovery from Origin to the DPIR are as follows:

--  Origin has now gathered sufficient data to confirm the discovery of a
    petroleum accumulation 
--  Production test data supported by petrophysical log data along with full
    and sidewall core analysis confirms the discovery 
--  Gas rates range between 0.8 and 1.2 million standard cubic feet per day
    with continuing flow back of hydraulic fracture stimulation fluid of
    volumes between 100 and 400 barrels per day 
--  Initial estimates suggest a dry gas composition with less than 4% CO2 
--  Main physical properties of the discovered accumulation are thickness of
    30 meters, between 4.0% and 7.5% porosity, a gas saturation range of 50%
    to 75%, and permeability between 50 and 500 nano-Darcy 
--  Evaluation to determine the resource size is underway 

Philip O'Quigley, CEO of Falcon commented:

"The Notification of Discovery issued by Origin is an exciting development and provides further evidence of the 
scale of the resource potential of the Beetaloo Basin. 

We look forward to updating the market when the evaluation to determine the resource size is concluded."

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

About Origin Energy 

Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in 
energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned 
and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its 
leadership in the supply of green energy, Origin also aspires to be the number one renewables company in 
Australia. 

Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is 
developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base.

www.originenergy.com.au

Glossary of terms                                                           
CSG         Coal seam gas                                                   
CO2         Carbon dioxide                                                  
LNG         Liquefied natural gas                                           
MW          Megawatt                                                        

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 type, number, schedule, 
stimulating, 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 & Kyalla shale plays 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.
Philip O'Quigley
CEO
[phone]
[phone]

OR

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

Falcon Oil & Gas Ltd.