Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FULL YEAR RESULTS

Falcon Oil & Gas Ltd. has released its financial results for the year ended Dec. 31, 2022. The following should be read in conjunction with the complete audited financial statements and the accompanying management discussion and analysis (MD&A) for the year ended Dec. 31, 2022.

2022 financial highlights:

• Strong financial position, debt-free with cash of $16.8-million (U.S.) at Dec. 31, 2022 (Dec. 31, 2021: $8.9-million (U.S.));
• Continued focus on strict cost management and efficient operation of the portfolio.

Filing of financial statements, MD&A, AIF (annual information form), and reserves data

Falcon has filed its audited financial statements for the year ended Dec. 31, 2022; the accompanying MD&A for the year ended Dec. 31, 2022, dated April 27, 2023; its annual information form dated April 27, 2023; and the statement of reserves data and other oil and gas information (National Instrument 51-101, Form 51-101F1, Form 51-101F2 and Form 51-101F3) with the relevant provincial securities regulators. These filings are available for review on SEDAR. The audited financial statements, MD&A and AIF are also available on Falcon's website.

Beetaloo operational update -- Amungee NW-2H (A2H) well

Following the successful completion of a 25-stage stimulation program at the A2H well announced on March 22, 2023, and after an initial period of stimulation fluid flowback, Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran B2 Pty. Ltd., contracted Silver City Drilling to undertake completion operations at A2H. Operations to install production tubing were completed in late April and the well was reopened in preparation to commence flow testing.

Thirty-day initial production (IP30) rates are expected during the second quarter of 2023.

Drilling locations for the forward program are expected to be announced following the release of the A2H well IP30 flow results, subject to joint venture approval.

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas's head of technical operations. Dr. Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary, and his PhD at the Vrije Universiteit Amsterdam in the Netherlands. He is a member of the American Association of Petroleum Geologists (AAPG).

All dollar amounts in this document are in U.S. dollars, except as otherwise indicated.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia is an approximately 98-per-cent subsidiary of Falcon Oil & Gas.

We seek Safe Harbor.