Falcon Oil & Gas Extends Due Diligence Period with Macquarie Bank

Falcon Oil & Gas Ltd. (TSXV: FO) has reached an agreement with Macquarie Bank Limited to extend the due diligence period and the negotiation period to January 31, 2007 on the non-binding letter of intent, whereby Macquarie would provide Falcon with a US$250,000,000 credit facility as announced in the press release dated February 6, 2006.

Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Oil and Gas Exploration, and in Romania through its wholly-owned subsidiary JVX Energy Corporation.

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