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 11th July
2013, it has now completed the acquisition of Sweetpea Petroleum Pty Ltd's
("Sweetpea") 50 million shares or 24.22% interest in Falcon Oil & Gas Australia
Limited ("FOGA") (the "Share Purchase"). 


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 owns 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, now owns 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 commencing on the July 17th, 2013, with
Sweetpea being permitted to sell 15% each year during the lock up period,
commencing on July 17th 2013.


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.


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.
+353 1 417 1900


Falcon Oil and Gas Ltd.
Philip O'Quigley
CEO
+353 87 814 7042


Falcon Oil and Gas Ltd.
John Craven
Non-Executive Chairman
+353 1 417 1900
www.falconoilandgas.com


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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