Falcon Names New Board Directors

Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. announced that Joachim Conrad and Janos Csak have been elected to Falcon's Board of Directors at Falcon's annual and special meeting of shareholders held on October 6, 2008.

The appointment of each of Conrad and Csak is subject to TSX Venture Exchange approval. These two new directors join the following seven returning directors: Marc Bruner, David E. Fisher, Daryl H. Gilbert, Prof. Ferenc Horvath, Stephen Schultz, Carl Stadelhofer and Dr. Gyorgy Szabo. Jan Van Holsbeeck did not stand for re-election.

"We are pleased to welcome Joachim Conrad and Janos Csak, as members of Falcon's board," stated Marc A. Bruner, Falcon's President, Chief Executive Officer and Chairman of the Board. "With their experience and expertise, we see these two gentlemen becoming valuable contributors to Falcon's future. We would also like to take this opportunity to acknowledge and thank Jan Van Holsbeeck for his time and commitment to Falcon during his tenure as a director of Falcon."

At the shareholders meeting Falcon's shareholders also re-appointed Hein & Associates LLP, Certified Public Accountants, as the auditors of Falcon, and passed, without variation, the resolution approving Falcon's stock option plan, all as more particularly disclosed in Falcon's management information circular dated September 8, 2008.