Falcon Oil & Gas Begins Hungarian Drilling Program

Falcon Oil & Gas Ltd. has commenced drilling operations on its deep gas project in Hungary and moves forward on its coalbed methane project in Romania.

Hungary

Drilling operations commenced during the last week of October on the Mako License with the setting of the first string of casing at the Mako-6 well location. Drilling operations also commenced during the last week of October on the Tisza License with the setting of the first string of casing at the Pusztaszer-1 well location.

"We are pleased to announce the beginning of drilling operations in Hungary," said Marc A. Bruner, President, CEO and Chairman of Falcon. "If progress on the intermediate depth Pusztaszer well moves quickly, we would like to move that rig over and spud a third well at the Szekkutas location during 2005."

Romania

Since the previous operations update in Falcon's September 12 news release, Falcon has proceeded to enlarge the cored section of the Lupeni South-1 well in the Jiu Valley Coalbed Methane Concession in Romania and has now run production casing. The cores have been shipped to the United States for analyses and the design of the completion and testing operations.

"The gas shows and core information in this coalbed methane prospect were encouraging enough for us to run casing," stated Marc A. Bruner. "The frac design is in the final stages and the logistics involved with moving the necessary men, equipment and materials is underway. We believe our operations are still on track to have this well completed and tested before the end of the year. While the Hungarian project has much larger potential, the Romanian project could also be very important to Falcon."

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