http://falconoilandgas.com/news/release.php?id=33

Falcon Oil & Gas Announces Appointment of Directors

DENVER, CO, October 9 /CNW/ -- Falcon Oil & Gas Ltd. (“Falcon”) announced today that Joachim Conrad and Janos Csak have been elected to Falcon’s Board of Directors at Falcon’s annual and special meeting of shareholders held on October 6, 2008. The appointment of each of Mr. Conrad and Mr. Csak is subject to TSX Venture Exchange approval. These two new directors join the following seven returning directors: Marc Bruner, David E. Fisher, Daryl H. Gilbert, Prof. Ferenc Horváth, Stephen Schultz, Carl Stadelhofer and Dr. György Szabó. Jan Van Holsbeeck did not stand for re-election.

“We are pleased to welcome Joachim Conrad and Janos Csak, as members of Falcon’s board,” stated Marc A. Bruner, Falcon’s President, Chief Executive Officer and Chairman of the Board. “With their experience and expertise, we see these two gentlemen becoming valuable contributors to Falcon’s future. We would also like to take this opportunity to acknowledge and thank Jan Van Holsbeeck for his time and commitment to Falcon during his tenure as a director of Falcon.”

At the shareholders meeting Falcon’s shareholders also re-appointed Hein & Associates LLP, Certified Public Accountants, as the auditors of Falcon, and passed, without variation, the resolution approving Falcon’s stock option plan, all as more particularly disclosed in Falcon’s management information circular dated September 8, 2008.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is a British Columbia corporation in the business of oil and gas exploration and production. It has operations in Hungary through its wholly owned subsidiary TXM Oil and Gas Exploration, LLC, in Romania through its wholly owned subsidiary JVX Energy Corporation and in Australia through its wholly owned subsidiary Falcon Oil & Gas Australia Pty Ltd. Further information about Falcon is available at www.falconoilandgas.com.

Contacts:

Investor and Public Relations
Falcon Oil and Gas Ltd.
Alexander Hubbard-Ford
(303) 951-1116
investor@falconoilandgas.com

Falcon Oil & Gas Ltd.
Corporate Address
1875 Lawrence Street, Suite 1400
Denver Colorado 80202 USA
Phone (303) 893-1800,
Fax (303) 572-8927

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company’s assessment of its and its subsidiaries’ future plans and operations, certain statements included in this press release may constitute forward-looking information or forward looking statements (collectively, “forward-looking statements”). All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “expect”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Similarly, forward-looking statements in this press release include, but are not limited to anticipated developments of the Company’s drilling project in Hungary and the timing thereof, the Company’s drilling project in Romania and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farmout plans, net cash flows, geographic expansion and plans for seismic surveys. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Such statements represent the Company’s internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company’s filings with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.