Falcon Elects Four Independent Directors to Board

Falcon has noted the election of four independent directors to the Falcon board, nominated by shareholders present or represented by proxy at the Company's annual and special meeting of shareholders held on December 22, 2009. Robert C. Macaulay, Thomas G. Harris, John Craven, and Gregory Smith, join the following five returning directors: Dr. Gyorgy Szabo, Marc A. Bruner, JoAchim Conrad, Daryl H. Gilbert, and Carl Stadelhofer. The appointment of each of the new directors is subject to TSX Venture Exchange approval.

Commenting on the appointments, Dr. Gyorgy Szabo, Falcon Oil & Gas Ltd.'s Chairman of the Board of Directors stated, "It is with great pleasure that we welcome this new group of members to the Falcon board. The addition of these directors brings our total independent director membership count to seven and adds a level of industry expertise and diversity in areas such as petroleum engineering, geology, finance and accounting, that is unprecedented in the history of the company. As a group, the board will work closely with the Falcon management team to maximize the potential of our opportunities in Hungary, Australia, and beyond, with a focus of building long term shareholder value. This has the potential to be a very exciting time for Falcon and we look forward to the contributions that each of these seasoned industry veterans can make in the continued development of the Company."