DUBLIN, IRELAND--(Marketwired - July 11, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the "Company"), announces that, further to its press release dated the 24th May 2013, it has received approval from the shareholders of Falcon Oil & Gas Australia Limited ("FOGA") for the acquisition of Sweetpea Petroleum Pty Ltd's ("Sweetpea") 50 million shares or 24.22% interest in FOGA. Closing of the acquisition is anticipated to occur within the next 5 business days and is subject to TSX Venture Exchange final approval.

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion of the Share Purchase Falcon will own 200 million shares in FOGA representing 96.90% of the issued share capital of FOGA.

The terms of the Agreement, as announced on the 24th May, 2013, included a cash consideration of US$3 million together with the issue of 97.86 million Falcon shares ("New Falcon Shares") to Sweetpea. Based on Falcon's share price, at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation will own 10.7% of the issued share capital of Falcon.

The New Falcon Shares will be held in an Escrow account with the New Falcon Shares locked up for three years, and Sweetpea, commencing on the day after the closing date will be permitted to sell 15% each year during the lock up period.

Philip O'Quigley, CEO of Falcon commented:

"We look forward to completing this successful consolidation of our interest in this high potential asset in the Beetaloo Basin, Northern Territory, Australia. The extensive seismic program carried out and funded by Hess over the past two years added to our confidence in the resource potential of this very prolific basin."

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.

About the Beetaloo Basin

Falcon Australia, Falcon's 96.9 per cent. owned subsidiary, is the registered holder of four exploration permits covering approximately 7 million acres (approximately 28,000 km2) in the Beetaloo Basin, a sparsely populated area of the Northern Territory. The Beetaloo Basin is a Proterozoic and Cambrian age tight oil and gas basin that the Board believes is well suited for unconventional oil and gas projects.

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.