Falcon Intends to Complete 3 Wells in Hungary

On November 21, 2007, Falcon Oil and Gas submitted its Technical Operating Plan to the Hungarian Mining Bureau. The program will focus on the center of Falcon's basin centered gas play with the completion of the existing Mako-4, Mako-6 and Mako-7 wells. Falcon expects the testing program to commence in the second quarter of 2008 and to continue into early 2009.

On November 22, 2007, Falcon announced a public offering underwritten by a group led by Orion Securities Inc. and including Evergreen Capital Partners Inc., agreeing to purchase 100 million Common Shares at a price of CDN$0.40 per share for aggregate gross proceeds of CDN$40 million. Falcon intends to apply the proceeds from the financing to fund the Testing Program and to provide working capital. Closing of the offering is expected to occur on or about December 11, 2007, and is subject to certain conditions.

Falcon announced previously an initiative to identify potential strategic partners who can add value in respect of the development of its oil and gas properties in Hungary and/or in developing infrastructure and markets for the gas produced from those properties.

Since that time, a number of parties have executed confidentiality agreements and are in the process of completing a detailed review of this opportunity to enter into an agreement with Falcon. Falcon's Board of Directors is considering the company's options.

Falcon Oil & Gas Ltd. is a British Columbia corporation that has operations in Hungary through its wholly owned subsidiary TXM Oil and Gas Exploration, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation.

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