Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FILING OF INTERIM FINANCIAL STATEMENTS

Falcon Oil & Gas Ltd. has filed its interim financial statements for the three and nine months ended Sept. 30, 2025, and the accompanying management discussion and analysis (MD&A). All dollar amounts in this document are in U.S. dollars, except as otherwise indicated.

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three and nine months ended Sept. 30, 2025, which are available on SEDAR+ and on Falcon's website.

2025 financial highlights and other financial updates:

• The definitive agreement entered into between Falcon and Tamboran Resources Corp. is progressing and is expected to close in the first quarter of 2026;
• Cash of $2-million at Sept. 30, 2025 (Dec. 31, 2024: $6.8-million);
• Continued focus on cost management and the efficient operation of the portfolio.

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, with a registered office at Suite 1200, Waterfront Centre, 200 Burrard St., Vancouver, B.C., V7X 1T2, Canada, and headquartered in Dublin, Ireland.

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