Falcon Oil & Gas Granted License Extensions in Hungary

Falcon Oil & Gas Ltd. says that the Hungarian government has granted Falcon's request to extend both the Tisza and Mako exploration licenses through December 31, 2007.

"The issuance of these license extensions is a result of the Hungarian authorities' review of our progress," stated Marc A. Bruner, President, CEO and Chairman of Falcon. "This clears the way for Falcon to continue the operations that we've commenced on both licenses and allows us to carry out our exploration plans over the next two years."