South African Exploration Licence Being Process...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

November 3, 2014

South African Exploration Licence Being Processed by Petroleum Agency SA

DUBLIN, IRELAND--(Marketwired - Nov. 3, 2014) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) (the
"Company" or "Falcon") is pleased to announce, that it has been notified by the Petroleum Agency of South
Africa ("PASA") that a decision has been taken to proceed with processing of the Company's application for a
shale gas Exploration Licence in South Africa's Karoo Basin.

In addition, the South African Department of Mineral Resources ("DMR") last week informed members of South
Africa's parliament that the government is soon expected to issue companies with licences to explore for shale
gas. Director General Thibedi Ramontja commented that it is anticipated that technical regulations pertaining
to hydraulic fracturing, would be gazetted by Government at the end of January 2015, after a final round of
public consultation.

The PASA has requested Falcon to review and update its already drafted Environmental Management Programme where
necessary. In accordance with the South African Mineral and Petroleum Resources Development Act 2002, Falcon is
required to notify and consult with communities and parties in respect of any such revisions. Falcon has been
requested to complete this process by 27 February 2015.

Falcon was granted a Technical Cooperation Permit ("TCP") in 2009 covering 7.5 million (30,327 km2) acres in
the southern part of the Karoo Basin. The TCP gives Falcon an exclusive right to an Exploration Licence to find
commercial hydrocarbon deposits over all or part of this area. The granting of the Exploration Licence was
delayed to allow for appropriate regulation governing hydraulic fracturing to be put in place. The US Energy
Information Administration ("EIA") has estimated that the Karoo Basin contains 390 TCF(i) of technically
recoverable shale gas resources.

In December 2012, the Company announced a cooperation agreement with Chevron Business Development South Africa
Ltd. ("Chevron"). The agreement enables Falcon to work exclusively with Chevron for a period of five years in
jointly obtaining Exploration Licences.

Philip O'Quigley, CEO of Falcon commented:

"We are encouraged by these developments and will work to meet all the requirements set by the PASA. The 7.5
million acres in the Karoo Basin, for which Falcon is seeking an exploration licence, are geologically
prospective with the Whitehill shale believed to be thick, organically rich and thermally mature. We will
update shareholders as and when appropriate."

This announcement has been reviewed by Dr. Gabor Bada, Falcon'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 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.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Chevron Business Development South Africa Ltd.

Chevron Business Development South Africa Limited is a subsidiary of Chevron Global Energy Inc. Chevron is one
of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The
company is involved in virtually every facet of the energy industry. Chevron explores for, produces and
transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants;
manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy
efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in
San Ramon, California. More information about Chevron is available at www.chevron.com

Glossary of terms

TCF Trillion cubic feet

(i)Source: US Energy Information Administration ("EIA"): World Shale Gas Resources: An initial assessment of 41
countries outside the USA (June 2013)

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
including comments made with respect the granting of an exploration right in South Africa and the prospective
nature of the Whitehill shale 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 & Gas Ltd.
[phone]

OR

Philip O'Quigley
CEO
[phone]

OR

Michael Gallagher
CFO
[phone]

OR

John Craven
Non-Executive Chairman
[phone]

OR

CAMARCO
Billy Clegg
[phone]

OR

Georgia Mann
[phone]

OR

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

OR

GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson / Emily Morris
[phone]

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Falcon Oil & Gas Ltd.