Falcon Oil & Gas Ltd-Spudding of Second Well in Hungary & Operational Update

Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") is pleased to announce that the second of three exploration wells
"Besa-D-1", with our partner Naftna Industrija Srbije JSC ("NIS") to evaluate
the gas potential of the Algyo Formation at a depth of approximately 3,000
meters in the Mako Trough, Hungary has been spudded. The well testing operations
on the first well, Kutvolgy-1 are now completed. The testing indicated that the
well experienced improved recovery from certain intervals however well
production did not meet commercial rates. Falcon, with our partner NIS, has
discontinued testing Kutvolgy-1, the well is to be plugged and abandoned. Falcon
and NIS are now focused on Besa-D-1.


In addition, to the spudding of Besa-D-1, our partner NIS continues to study the
hydrocarbon potential of the entire Mako Trough including the Deep Mako play.


In accordance with the agreement with NIS, announced on 14 January 2013, Falcon
is fully carried as all costs associated with this three well drilling program
are funded by NIS. Any hydrocarbon sales revenue resulting from this program
will be shared equally between Falcon and NIS.


Philip O'Quigley, CEO of Falcon commented:

"Following from our press release on 2 May 2014 of the Transformational Farm-out
of our Beetaloo permits, I am pleased to announce we have spudded the second
well of our three well programme with NIS in Hungary. I look forward to sharing
the results of the second well and building on the knowledge of what we have
learned from the testing of Kutvolgy-1 with the market in due course."


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.



FOR FURTHER INFORMATION PLEASE CONTACT: 
Falcon Oil & Gas Ltd.
+353 1 417 1900
Philip O'Quigley, CEO
+353 87 814 7042
John Craven, Non-Executive Chairman
+353 1 417 1900


Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell
+353 1 679 6363


GMP Securities Europe LLP (Joint Broker)
Rob Collins / Liz Williamson
+44 20 7647 2800


Cantor Fitzgerald Europe (Joint Broker)
David Porter / Richard Redmayne
+44 207 894 7000

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