Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FALCON PROVIDES UPDATE ON TRANSACTION WITH TAMBORAN

Falcon Oil & Gas Ltd.has provided an update regarding the transaction between Falcon and Tamboran Resources Corp., hich was approved by the company's shareholders on March 11, 2026. The terms and conditions of the transaction are set forth in the arrangement agreement dated Sept. 30, 2025, and a statutory plan of arrangement.

Further to the company's news release dated March 25, 2026, Falcon appeared before the Supreme Court of British Columbia on March 26, 2026, seeking the court's final order to approve the transaction. Lamesa Holding SA, a beneficial shareholder of the company, opposed the granting of the final order and appeared at the hearing. The court approved the final order, subject to certain amendments to the plan of arrangement relating to the treatment of Falcon shareholders that are subject to sanctions.

Falcon and Tamboran are considering the amendments to the plan of arrangement required by the final order and the impact of the amendments on the implementation of the transaction. Closing of the transaction remains subject to the satisfaction or waiver of the conditions contained in the arrangement agreement. Tamboran and Falcon plan to extend the outside date under the arrangement agreement to provide additional time for the satisfaction of such conditions. The company will provide further updates related to the transaction as they become available.

For further information regarding the transaction, please refer to the notice of meeting, the management information circular and related documents, which are available on SEDAR+ and Falcon's website.

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.

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