The way I understand things is that Falcon Australia is a spin off company. It is currently owned 75% by Falcon Canada and 25% by PetroHunter.

I believe there is currently 100MM shares in the private company. There is currently an effort underway to sell more shares (privately) to raise operating money(10-50MM @ $1.00 I think). This would cause dilution to the % ownership that Falcon Canada (and PetroHunter) have in Falcon AUS. At some point there may be a move to list Falcon Australia on the AU exchange as well.

I don't expect any more shares to be sold for FO on the Venture exchange unless it's for operations in Hungary (even at that point it would be a poor choice for raising capital).