Falcon Oil & Gas Ltd. Completes Purchase of...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

September 19, 2013

Falcon Oil & Gas Ltd. Completes Purchase of Additional Shares in Australian Subsidiary

DUBLIN, IRELAND--(Marketwired - Sept. 19, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or
the "Company") is pleased to announce that, further to the press release of 24th July 2013, it has completed the
purchase of 2,462,686 shares from certain of the remaining shareholders in Falcon Oil & Gas Australia Ltd. ("FOGA").

As previously announced, the consideration was 2.25 common shares in Falcon for every one FOGA ordinary share held. The
valuation used in this offer was the same used in the recently completed acquisition of Sweetpea Petroleum Pty Ltd's
24.2% holding in FOGA. As a result of this transaction, 5,541,044 new Falcon common shares have been issued. Application
has been made to the London Stock Exchange for the new shares to be admitted to trading on the AIM Market of the London
Stock Exchange.

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern
Territory, Australia. Following the completion Falcon holds 202,462,686 shares in FOGA, representing 98.1% of the issued
share capital of FOGA.

This transaction is subject to final approval from TSXV.

About Falcon Oil & Gas Ltd.

Falcon 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 spread between Australia, South Africa and Hungary. Falcon
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.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil and Gas Ltd.
[phone]
www.falconoilandgas.com

OR

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

OR

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

OR

FTI Consulting
Edward Westropp
[phone]

OR

FTI Consulting
Natalia Erikssen
[phone]

OR

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

OR

GMP Securities Europe LLP (Joint Broker)
Rob Collins / Alexandra Carse
[phone]

OR

Cantor Fitzgerald Europe (Joint Broker)
David Porter
[phone]

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Falcon Oil & Gas Ltd.