Falcon Oil & Gas Ltd. Announces Changes to ...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG
ISE SYMBOL:  FAC

December 11, 2014

Falcon Oil & Gas Ltd. Announces Changes to the Board of Directors

DUBLIN, IRELAND--(Marketwired - Dec. 11, 2014) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) (the
"Group" or the "Company") is pleased to announce that Maxim A. Mayorets has been elected to the Company's Board
of Directors (the "Board") as a Non-Executive Director at the Annual General and Special meeting ("AGM") of
shareholders held in Dublin, Ireland yesterday, 10 December 2014.

The appointment of Mr. Mayorets is subject to TSX Venture Exchange approval.

Igor Akhmerov and David Harris stepped down from the Board with effect from the AGM date.

Mr. Mayorets joins the returning six directors being John Craven, Philip O'Quigley, JoAchim Conrad, Daryl H.
Gilbert, Gregory Smith and Dr. Gyorgy Szabo.

Mr. Mayorets (Age 35) is a member of the Executive Board and Head of M&A at Renova group ("Renova"). From 2002
to 2010 Mr. Mayorets held various positions in the International Business Division at OAO Gazprom, acted as
head of several Gazprom subsidiaries and from 2007, Mr. Mayorets was Deputy Head of the International Business
Department of OAO Gazprom. Since May 2010, Mr. Mayorets has held the position as Head of M&A at Renova.

Renova is a substantial shareholder in the Company, indirectly beneficially owning, through Soliter Holdings
Corporation ("Soliter"), 12.24% of the issued share capital of the Company.

All of the resolutions considered and voted upon by the shareholders were approved. The full text of each
resolution was included in the Management Information Circular communicated in advance of the AGM to
shareholders.

The management team made a presentation which will be available on the Company's website shortly
(www.falconoilandgas.com). There was no new material information disclosed in this presentation.

John Craven, Non-Executive Chairman of Falcon Oil & Gas Ltd commented:

"I am delighted to welcome Maxim to the Company's Board. His commercial acumen and experience brings a valuable
perspective to the Company as we seek to maximise value from our Australian, South African and Hungarian
assets."

"In addition, I would like to sincerely thank Igor Akhmerov and David Harris for their service to the company."

List of Mr. Mayoret's directorships:

----------------------------------------------------------------------------
Current                               Past 5 Years
----------------------------------------------------------------------------
CJSC Renova Group of Companies        Gazprom Sakhalin Holdings B.V.
----------------------------------------------------------------------------
KGRK                                  Sakhalin Energy
----------------------------------------------------------------------------
LLC STENTEX                           CJSC Gazprom URGM Trading
----------------------------------------------------------------------------
Octo Telematics                       CJSC GEROSGAZ
----------------------------------------------------------------------------
Rotec                                 LLC SEVERENERGIA
----------------------------------------------------------------------------
Energetic Source                      Renova Management AG
----------------------------------------------------------------------------
                                      Natur Produkt
----------------------------------------------------------------------------

There is no further information that is required to be disclosed pursuant to Schedule Two paragraph (g) of the
AIM Rules or ESM Rules in relation to Mr. Mayorets.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and
development of conventional and unconventional oil and gas assets, with the current portfolio focused in
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based
on current expectations that are subject to significant risks and uncertainties that are difficult to predict.
Actual results might differ materially from results suggested in any forward-looking statements. The Company
assumes no obligation to update the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking-statements unless and until required by securities
laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the
Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

OR

Falcon Oil & Gas Ltd.
John Craven
Non-Executive Chairman
[phone]

OR

Falcon Oil & Gas Ltd.
Philip O'Quigley
CEO
[phone]

OR

Falcon Oil & Gas Ltd.
Michael Gallagher
CFO
[phone]
www.falconoilandgas.com

OR

Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
[phone]

OR

GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson / Emily Morris
[phone]

OR

CAMARCO
Billy Clegg
[phone]

OR

CAMARCO
Georgia Mann
[phone]

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Falcon Oil & Gas Ltd.