Falcon Oil & Gas Ltd. Announces the Grantin...

Falcon Oil & Gas Ltd. announces the granting of stock options

18  January  2016  -  Falcon  Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)  ("Falcon"  or  the  "Company")
announces  that on 15 January 2016 it granted incentive stock options ("Options") to purchase an  aggregate
of 38,700,000 common shares of Falcon to a number of recipients, including directors and officers under the
stock  option  plan approved at Falcon's annual shareholders meeting held on 9 December  2015.  The  Option
grant is subject to regulatory approval by the TSX Venture Exchange.

A  maximum  of  10%  of the issued and outstanding shares of Falcon are reserved for issuance  pursuant  to
Falcon's stock option plan.

The  Options were granted at an exercise price of CDN$0.11 being the closing share price on the TSX Venture
Exchange on 15 January 2016 to the following:

Name                                                         Number of              Total number of Options
                                                       Options granted                     held after grant
JoAchim Conrad - Non- Executive Chairman                     4,000,000                            4,700,000
Philip O'Quigley - CEO                                      12,000,000                           20,000,000
Michael Gallagher - CFO                                      6,000,000                            9,300,000
Daryl Gilbert - Non- Executive Director                      2,500,000                            3,200,000
Greg Smith - Non- Executive Director                         2,500,000                            3,200,000
Dr. György Szabó - Non Executive Director                    2,500,000                            4,000,000
John Craven - Non- Executive Director                        2,500,000                            6,300,000
Maxim Mayorets - Non- Executive Director                     2,500,000                            2,500,000

The  remaining 4,200,000 Options were granted to employees and a consultant of Falcon at an exercise  price
of CDN$0.11.

The  Options  granted have a vesting schedule allowing for 1/3 of the Options to vest immediately  with  an
additional  1/3  vesting on each subsequent anniversary until the Options are fully vested  on  14  January
2018. The Options have an expiry date of 14 January 2021.

After  this  grant,  there  are  70,140,000 Options outstanding,  representing  7.61%  of  the  issued  and
outstanding common shares of Falcon.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.                                    [phone]
JoAchim Conrad, Non- Executive Chairman           [phone]
Philip O'Quigley, CEO                                    [phone]
Michael Gallagher, CFO                                   [phone]

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

CAMARCO
Billy Clegg                                              [phone]
Georgia Mann                                             [phone]

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.
Falcon  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  Falcon. Additional information identifying  risks  and  uncertainties  is
contained  in  Falcon's  filings with the Canadian securities regulators, which filings  are  available  at
www.sedar.com.

Falcon Oil & Gas Ltd.