Shareholder Interest and Warrant Transfer

FALCON OIL & GAS LTD.
("Falcon")

Shareholder Interest and Warrant Transfer

3 October 2017- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) was notified on 2 October 2017 of the transfer of the warrant to acquire 10,000,000 common shares in the capital of Falcon by Hess Oil and Gas Holdings Inc. to Nicolas Mathys. The terms of the warrant remain unchanged, with an exercise price of CDN$0.19 per share and an expiry date of 13 January 2020. 

Nicolas Mathys is the beneficial owner of 50,551,600 common shares of Falcon ("Shares"), representing 5.43% of Falcon's issued and outstanding Shares.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell	[phone]
RBC (Joint Broker)
Matthew Coakes / Martin Copeland	[phone]

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. 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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Source: Falcon Oil & Gas Ltd. via Globenewswire