Falcon Announces Search for Strategic Partners



    BUDAPEST, Hungary, June 27 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)
("Falcon" or the "Company") announced that it has retained BMO Capital Markets
as its exclusive financial advisor to help identify potential strategic
partners.  Falcon will focus on companies which can add value to the Company's
oil and gas project in Hungary by contributing to the technical understanding
of the assets, accelerating development, securing services required for
commercial production of oil and gas, and/or granting access to high-value end
markets.
    Falcon President, Chairman and CEO Marc A. Bruner stated, "Today's
announcement is part of the Company's long-term plan and commitment to prepare
for large-scale drilling and development on our 245,000-acre production
license, and reflects our focus on laying the foundation to move beyond
exploration to production.  Falcon's short-term goals and strategy have not
changed.  We will determine the most appropriate course of action as we
continue to evaluate our results in the field over the next several weeks and
months, as we work to take appropriate steps to address the commercial
development phase."

    
    About Falcon Oil & Gas Ltd.
    
    Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the
business of oil and gas exploration and production. It has operations in
Hungary through its wholly-owned subsidiary TXM Oil and Gas Exploration and in
Romania through its wholly-owned subsidiary JVX Energy Corporation. Further
information about Falcon is available at www.falconoilandgas.com

    Contacts:

    
    Falcon Oil & Gas Ltd.
    Marc A. Bruner, President, Chairman & CEO

    Weber Shandwick Worldwide
    Peter Duda
    +1 (212) 445-8213

    BMO Capital Markets
    Dan Barclay
    +1 (416) 359-4754
    daniel.barclay@bmo.com
    

    Falcon's discovered resources are not reserves. Only those quantities of
oil and gas that are anticipated to be economically recoverable from
discovered resources are classified as reserves.  Until such time as Falcon's
discovered resources are proven to be reserves, there is a risk that Falcon
may not achieve ongoing operations from which it may generate significant
revenue.

    In the interests of providing Company shareholders and potential
investors with information regarding the Company, including the Company's
assessment of its and its subsidiaries' future plans and operations, certain
statements included in this press release may constitute forward-looking
information or forward-looking statements (collectively, "forward-looking
statements"). All statements contained herein that are not clearly historical
in nature are forward-looking, and the words "anticipate", "believe",
"expect", "estimate" and similar expressions are generally intended to
identify forward-looking statements. Similarly, forward-looking statements in
this press release include, but are not limited to anticipated developments of
the Company's drilling project in Hungary and the timing thereof, the
Company's drilling project in Romania and the timing thereof, capital
investment levels and the allocation thereof, pipeline capacity, government
royalty rates, reserve and resources estimates, the level of expenditures for
compliance with environmental regulations, site restoration costs including
abandonment and reclamation costs, exploration plans, acquisition and
disposition plans including farmout plans, net cash flows, geographic
expansion and plans for seismic surveys. In addition, please note that
statements relating to "reserves" or "resources" are deemed to be
forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves and resources described
can be profitably produced in the future. Such statements represent the
Company's internal projections, estimates or beliefs concerning, among other
things, an outlook on the estimated amounts and timing of capital
expenditures, anticipated future debt levels and incentive fees or revenues or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance.  These statements are only
predictions. Actual events or results may differ materially. Although the
Company believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results, levels of
activity, performance or achievement since such expectations are inherently
subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors could cause the Company's actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company and the
foregoing list of important factors is not exhaustive. These forward-looking
statements are made as of the date hereof disclaims any intent or obligation
to update publicly any forward-looking statements, whether as a result of new
information, future events or results or otherwise. Company shareholders and
potential investors should carefully consider the information contained in the
Company's filings with Canadian securities administrators at www.sedar.com
before making investment decisions with regard to the Company.

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.





For further information:

For further information: Peter Duda of Weber Shandwick Worldwide, 
+1-212-445-8213, for Falcon Oil & Gas Ltd., or Dan Barclay of BMO Capital 
Markets, +1-416-359-4754, or daniel.barclay@bmo.com Web Site:
http://www.falconoilandgas.com

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Falcon Oil & Gas Ltd.

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