Falcon Oil & Gas Completes Fracture Stimulations of Magyarcsanad-1

Falcon Oil & Gas has completed fraccing the Magyarcsanad-1 well. The Endrod sequence in Magyarcsanad-1 was tested with two fracture stimulations. The Company continues to expect to have results from the fracture stimulations during August 2007, and plans to announce such results during that time.

Further information regarding the overall fracture stimulation program will be forthcoming after the test results on Magyarcsanad-1 have been analyzed.

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.