Crosco Provides Drilling Services for Falcon/TXM in Hungary

Crosco Integrated Drilling & Well Services Co., Ltd. will provide onshore drilling services for Falcon Oil & Gas Ltd.'s subsidiary, TXM Oil and Gas Exploration in Hungary. Drilling services will be provided with Crosco 1600 HP drilling rig National 403 (National 80 UE) and with Crosco 3000 HP drilling rig National 801 (National 1625 UDBE).

Crosco's National 403 will drill two shallow wells and be available for an optional third well on the Tisza exploration area. Crosco's National 801 will drill a deep well on the Mako License and be available for three optional deep wells. Contracts for both drilling rigs were signed in early June and include three firm wells. Falcon/TXM has options to extend the contracts to a total of seven wells.

The Tisza License grants exploration and drilling rights over approximately 236,000 net acres whereas the Mako License grants exploration and drilling rights over approximately 340,000 net acres, all of which are located in south central Hungary.

Crosco's President, Bojan Milkovic, stated: "We are very pleased to return to the Hungarian market and provide drilling services for Falcon/TXM. Crosco's previous drilling services in the Hungarian market resulted in the establishment of a Hungarian drilling record and the provision of drilling services for two international operators."

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