RUBY BLUE LTD. ACQUIRES SHARES AND WARRANTS OF FALCON OIL & GAS lTD.

ROAD TOWN, Tortola, British Virgin Islands, April 12 /CNW/ - Ruby Blue Ltd. ("Ruby Blue") announces that it has acquired 38,000,000 common shares (the "Common Shares") of Falcon Oil & Gas Ltd. ("Falcon") and 28,500,000 Common Share purchase warrants (the "Warrants") in the private placement offering announced by Falcon on November 24, 2010. Units were acquired for CDN$0.15 per unit, each unit consisting of one Common Share and three quarters of one Common Share purchase Warrant. Following such transaction, Ruby Blue beneficially owns 48,268,673 Common Shares, and 28,500,000 Warrants.  Assuming exercise of the Warrants owned by Ruby Blue, Ruby Blue would own 12.15% of the issues and outstanding Common Shares.

The Warrants and Common Shares referred to above are held for investment purposes and Ruby Blue and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of common shares or other securities of Falcon whether in the open market, by privately negotiated agreement or otherwise.  Ruby Blue is located at Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands.

SOURCE Ruby Blue Ltd.

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