FALCON OIL & GAS LTD. PROVIDES UPDATE ON STATUS OF PRIVATE PLACEMENT

	    DENVER, Jan. 11 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") today
announced that it is continuing to work on completing its previously announced
private placement (the "Offering"). Further details relating to the Offering
are available in the press release issued by Falcon on November 24, 2010.
	    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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	    /For further information:
	    Falcon Oil & Gas Ltd. (303) 951-1110 investor@falconoilandgas.com