Falcon Oil & Gas Ltd. - Holdings in Company

FOR:  FALCON OIL & GAS LTD.

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

October 16, 2015

Falcon Oil & Gas Ltd. - Holdings in Company

DUBLIN, IRELAND--(Marketwired - Oct. 16, 2015) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)
("Falcon") was notified on 16 October 2015 that on 17 September 2015 Wedgwood Management Ltd. ("Wedgwood"), an
indirect subsidiary of Renova Holding Ltd ("Renova Holding") acquired beneficial ownership of 38,000,000 common
shares ("Shares") of Falcon from Ruby Blue Ltd, representing approximately 4.12% of Falcon's issued and
outstanding Shares.

Following the transfer, Renova Holding has an indirect beneficial ownership over an aggregate of 150,810,134
Shares, representing approximately 16.37% of Falcon's issued and outstanding Shares, being 112,810,134 Shares,
representing 12.24% of Falcon's outstanding Shares, held through its indirect subsidiary Soliter Holdings Corp.
and 38,000,000 Shares, representing 4.12% of Falcon's outstanding Shares, held through its indirect subsidiary
Wedgwood.

Falcon was also notified that Sweetpea Petroleum Pty Ltd. has beneficial ownership over an aggregate of
89,281,170 Shares, representing approximately 9.68% 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.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

OR

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

OR

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

OR

Falcon Oil & Gas Ltd.
John Craven
Non-Executive Chairman
[phone]

OR

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

OR

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

OR

CAMARCO
Billy Clegg
[phone]

OR

CAMARCO
Georgia Mann
[phone]

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Falcon Oil & Gas Ltd.