Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. : HOLDING(S) IN COMPANY

Falcon Oil & Gas Ltd. has been informed by Burlingame Asset Management LLC that it now holds 48,772,302 common shares of Falcon, representing 5.24 per cent of Falcon's issued and outstanding shares.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas is an international oil and gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary.