FO Falcon Oil and Gas Ltd

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company"), announces that, further to its press release dated the 24th May
2013, it has received approval from the shareholders of Falcon Oil & Gas
Australia Limited ("FOGA") for the acquisition of Sweetpea Petroleum Pty Ltd's
("Sweetpea") 50 million shares or 24.22% interest in FOGA. Closing of the
acquisition is anticipated to occur within the next 5 business days and is
subject to TSX Venture Exchange final approval.


FOGA is a subsidiary of Falcon and is the registered holder of four exploration
permits in the Beetaloo Basin, Northern Territory, Australia. Following the
completion of the Share Purchase Falcon will own 200 million shares in FOGA
representing 96.90% of the issued share capital of FOGA. 


The terms of the Agreement, as announced on the 24th May, 2013, included a cash
consideration of US$3 million together with the issue of 97.86 million Falcon
shares ("New Falcon Shares") to Sweetpea. Based on Falcon's share price, at the
time the Share Purchase was agreed between the parties of CAD 0.20, the total
value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned
subsidiary of PetroHunter Energy Corporation will own 10.7% of the issued share
capital of Falcon. 


The New Falcon Shares will be held in an Escrow account with the New Falcon
Shares locked up for three years, and Sweetpea, commencing on the day after the
closing date will be permitted to sell 15% each year during the lock up period. 


Philip O'Quigley, CEO of Falcon commented: 

"We look forward to completing this successful consolidation of our interest in
this high potential asset in the Beetaloo Basin, Northern Territory, Australia.
The extensive seismic program carried out and funded by Hess over the past two
years added to our confidence in the resource potential of this very prolific
basin."


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 the Beetaloo Basin

Falcon Australia, Falcon's 96.9 per cent. owned subsidiary, is the registered
holder of four exploration permits covering approximately 7 million acres
(approximately 28,000 km2) in the Beetaloo Basin, a sparsely populated area of
the Northern Territory. The Beetaloo Basin is a Proterozoic and Cambrian age
tight oil and gas basin that the Board believes is well suited for
unconventional oil and gas projects. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Falcon Oil and Gas Ltd.
Head Office
+353 1 417 1900


Falcon Oil and Gas Ltd.
Philip O'Quigley
CEO
+353 1 417 1900


Falcon Oil and Gas Ltd.
John Craven
Non Exec Chrmn
+353 87 814 7042


FTI Consulting
Edward Westropp
+44 207 269 7230


FTI Consulting
Natalia Erikssen
+44 207 269 9348


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


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


GMP Securities Europe LLP (Joint Broker)
Rob Collins
+44 20 7647 2800


GMP Securities Europe LLP (Joint Broker)
Alexandra Carse
+44 20 7647 2800


Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson
+44 207 894 7000


Cantor Fitzgerald Europe (Joint Broker)
Richard Redmayne
+44 207 894 7000


Cantor Fitzgerald Europe (Joint Broker)
Julian Erleigh
+44 207 894 7000

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