FO Falcon Oil and Gas Ltd

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company"), is pleased to announce that further to its announcement on 23 May
2013, the first of three exploration wells "Kutvolgy-1", to evaluate the gas
potential of the Algyo Formation at a depth of approximately 3,000m in the Mako
Trough, was spudded on the 11th June, 2013. 


Drilling of this first well is expected to take approximately 40 days. It is
planned to drill into the Algyo Formation, log and suspend the well for further
evaluation prior to carrying out an appropriate testing program. 


In accordance with the agreement with NIS, announced on 14 January 2013, Falcon
is fully carried as all costs associated with this three well drilling program
are funded by NIS. Any hydrocarbon sales revenue resulting from this program
will be shared equally between Falcon and NIS.


Philip O'Quigley, CEO of Falcon commented: 

"We are pleased to confirm that the drilling of the first of a three well
program with NIS in Hungary has commenced. We are fortunate to have a strong
partner in NIS funding this drilling campaign. I look forward to sharing the
result of the drilling campaign with the market in due course." 


About the Algyo

The Algyo is a relatively shallow play between 2,300m and 3,500m. A number of
Falcon wells have been drilled through the Algyo in recent years, some of which
encountered gas shows, but to date no well has ever tested the play concept at
an optimal location as previous wells targeted deeper intervals of up to 6,000m.



Multiple Algyo prospects have subsequently been identified by Falcon through
extensive AVO analysis and the upcoming exploration drilling program with NIS
will be targeting three separate high-graded prospects.


A recent independent study by RPS Energy (January 2013) included for the first
time Prospective Resource recoverable volumes attributable to the shallow "Algyo
Play". According to the RPS CPR report, eight of the ten prospects identified by
Falcon contain 568 BCF of prospective recoverable gas resources, each with a 10%
Geological Probability of Success ("GPoS").


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 NAFTNA INDUSTRIJA SRBIJE JSC (NIS)

NIS is one of the largest, vertically integrated oil and gas companies in
Southeast Europe, focusing on exploration and production of hydrocarbons,
refining of crude oil and sales of a broad range of petroleum products. 


For further information on NIS please visit www.nis.rs.

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Falcon Oil and Gas Ltd.
Philip O'Quigley
CEO
+353 1 417 1900 or +353 87 814 7042
www.falconoilandgas.com


FTI Consulting
Billy Clegg
+44 207 269 7157


FTI Consulting
Edward Westropp
+44 207 269 7230


FTI Consulting
Natalia Erikssen
+44 207 269 9348


Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
+353 1 679 6363


GMP Securities Europe LLP (Joint Broker)
James Pope / Alexandra Carse
+44 20 7647 2835


Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Richard Redmayne / Julian Erleigh
+44 207 894 7000

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