Falcon Oil & Gas Ltd. announces fulfillment of Beetaloo Basin transaction closing condition



    (TSXV Symbol: FO)

    DENVER, Sept. 22 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or
the "Company") today announced that the Company has been advised by the
Australian Foreign Investment Review Board that they have no objection to the
Company's acquisition of a 50% working interest in PetroHunter Energy
Corporation's ("PetroHunter") 7 million acre prospect in Northern Territory,
Australia (the "Beetaloo Basin").
    Receipt of this confirmation means that the key third party condition to
completion of the Beetaloo Basin transaction announced on August 25, 2008 has
been fulfilled. As a result, the Company and PetroHunter can move towards the
closing of the Beetaloo Basin transaction subject only to the fulfillment or
waiver of closing conditions common for transactions of this nature.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd. is a British Columbia corporation 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, LLC, and in
Romania through its wholly owned subsidiary JVX Energy Corporation. Further
information about Falcon is available at www.falconoilandgas.com.

    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 made as of the date hereof disclaim 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: Investor and Public Relations Falcon Oil and
Gas Ltd: Alexander Hubbard-Ford, (303) 951-1116, investor@falconoilandgas.com;
Falcon Oil & Gas Ltd. Corporate Address: 1875 Lawrence Street, Suite 1400,
Denver Colorado 80202 USA, Phone (303) 893-1800, Fax (303) 572-8927

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Falcon Oil & Gas Ltd.

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