FALCON OIL & GAS LTD. ANNOUNCES THE CLOSING OF FALCON AUSTRALIA PRIVATE PLACEMENT

	    DENVER, Nov. 17 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon")
announces today that, further to its press release of June 3, 2010, its 73.1%
owned subsidiary, Falcon Oil & Gas Australia Limited ("Falcon Australia") has
received subscriptions to its previously announced offering for gross proceeds
of $1,217,578.00. The offering is expected to close imminently.  Following
closing Falcon will own 72.7% of Falcon Australia.
	    About Falcon Oil & Gas Ltd.
	    Falcon Oil & Gas Ltd. is an international oil and gas exploration and
production company, headquartered in Denver, Colorado, incorporated in British
Columbia, Canada, and trading on the TSX Venture Exchange under the symbol
"FO."  The company specializes in the business of unconventional and
conventional oil and gas exploration and production and holds interests in
prospective properties in Australia, Hungary, and South Africa.  The company
is focused on discovering, acquiring, and maturing a globally diversified
portfolio with a goal of maximizing shareholder value through strategic
relationships.  Additional information concerning Falcon Oil & Gas Ltd. is
available at www.falconoilandgas.com. Investor inquiries may be directed to
investor@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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Contacts:

Falcon Oil & Gas Ltd.                     Ray Catroppa

(303) 893-1800                            Cameron Associates

investor@falconoilandgas.com              Investor Relations 

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	                                          ray@cameronassoc.com