FALCON OIL & GAS LTD. ANNOUNCES THE FILING OF ITS FINANCIAL STATEMENTS, MD&A, AIF AND RESERVES DATA

(TSXV Symbol:  FO)

TORONTO, May 3 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) announces that it has filed its audited financial statements for the year ended December 31, 2010, the accompanying management's discussion and analysis, the annual information form for the year ended December 31, 2010 dated May 2, 2011 and Falcon's Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101 Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators.

These filings are available for review at www.sedar.com and on Falcon's website at www.falconoilandgas.com.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international oil and gas exploration and production company, headquartered in Denver, Colorado, incorporated in British Columbia, Canada, and trading on the TSX Venture Exchange under the symbol "FO." The company specializes in the business of unconventional and conventional oil and gas exploration and production and holds interests in prospective properties in Australia, Hungary, and South Africa. The company is focused on discovering, acquiring, and maturing a globally diversified portfolio of drilling opportunities with a goal of maximizing shareholder value through strategic relationships.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

SOURCE Falcon Oil

For further information:

Additional information concerning Falcon Oil & Gas Ltd. is available at www.falconoilandgas.com. Investor inquiries may be directed to investor@falconoilandgas.com.

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Falcon Oil & Gas Ltd.

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