Mr. Marc Bruner reports

FALCON OIL & GAS LTD. ANNOUNCES THE GRANTING OF STOCK OPTIONS, THE APPOINTMENT OF A NEW CORPORATE SECRETARY AND THE RESIGNATION OF A DIRECTOR

Under the stock option plan approved at Falcon Oil & Gas Ltd.'s annual and special shareholders meeting held on Dec. 22, 2009, it has granted incentive stock options to purchase a total of 4,725,000 common shares of Falcon to a number of recipients, including directors, officers, employees and consultants. The stock option grants are all subject to regulatory approval.

Terms of the options include an exercise price of 17 cents per common share, a vesting schedule allowing for one-third of the options to vest immediately with an additional one-third vesting each subsequent year until the options are fully vested on Aug. 30, 2012, respectively, and an expiry date of the options of Aug. 30, 2015.

A maximum of 10 per cent of the issued and outstanding shares of Falcon are reserved for the issuance of the Falcon's stock option plan.

The company is pleased to announce the appointment, subject to regulatory approval, of Daniel Bloch as the company's corporate secretary upon the resignation of David Brody from this position. Additionally, the company has agreed to issue, subject to regulatory approval, one million common shares to a previous officer of the company in consideration of past services provided and cessation of a consulting contract.

The company also announced that it has received, and has accepted the resignation, of one of its directors, Carl Stadelhofer. Marc A. Bruner, Falcon's chief executive officer and a director, expressed his gratitude to Mr. Stadelhofer stating that, "I would like to thank Carl on behalf of Falcon, and the other members of Falcon's board, for his years of service as a director of Falcon."