Statement re Possible Offer

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG

July 24, 2013

Falcon Oil & Gas Ltd. Offers to Purchase Additional Shares in Australian Subsidiary

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

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern
Territory, Australia. After the recent Acquisition of Sweetpea Petroleum Pty Ltd's ("Sweetpea") 24.2% holding, Falcon
owns 200 million shares in FOGA, representing 96.9% of the issued share capital of FOGA.

The offer comprises of 2.25 common shares in Falcon for every one FOGA ordinary share held. This offer is valid until
22nd August 2013. The valuation used in this offer is the same as used in the recently completed acquisition of
Sweetpea's 24.2% holding in FOGA.

The maximum of Falcon Shares that may be issued in connection with this offer is 11,009,783.

The offer is subject to TSX Venture Exchange ("TSXV") approval.

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.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

OR

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

OR

Falcon Oil & 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)
Stewart Dickson / Richard Redmayne / Julian Erleigh
[phone]

INDUSTRY:  Energy and Utilities-Oil and Gas
SUBJECT:   STK

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Falcon Oil & Gas Ltd.