Falcon Oil & Gas Ltd. Announces its Intention to Complete its Mako-4, Mako-6 and Mako-7 Wells



    BUDAPEST, Hungary, Nov. 29 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)
("Falcon" or the "Company") today announced it has filed its third quarter
financial results for the period ended September 30, 2007 with the Canadian
Securities Administrators. The financial statements and accompanying
management discussion and analysis (MD&A) are available on www.sedar.com.
    
    Operational Update
    
    On November 21, 2007, Falcon Oil and Gas submitted its Technical
Operating Plan (the "Testing Program") to the Hungarian Mining Bureau. The
Testing Program will focus on the center of Falcon's basin centered gas play
with the completion of the existing Mako-4, Mako-6 and Mako-7 wells. Falcon
expects the Testing Program to commence in the second quarter of 2008 and to
continue into early 2009, with exact timing to be determined by delivery
schedules for long lead time items.
    
    Financing Update
    
    On November 22, 2007, Falcon announced a public offering underwritten by
a group led by Orion Securities Inc. and including Evergreen Capital Partners
Inc., agreeing to purchase 100 million Common Shares at a price of CDN$0.40
per share for aggregate gross proceeds of CDN$40 million. Falcon intends to
apply the proceeds from the financing to fund the Testing Program and to
provide working capital. Closing of the offering is expected to occur on or
about December 11, 2007 and is subject to certain conditions, including but
not limited to, receipt of all necessary securities regulatory approvals,
including the approval of the TSX Venture Exchange.
    
    Strategic Partner Update
    
    Falcon announced previously an initiative to identify potential strategic
partners who can add value in respect of the development of its oil and gas
properties in Hungary and/or in developing infrastructure and markets for the
gas produced from those properties.
    Since that time, a number of parties have executed confidentiality
agreements and are in the process of completing a detailed review of this
opportunity to enter into an agreement with Falcon. Falcon's Board of
Directors will carefully consider the terms of proposals when received from
these potential strategic partners, as compared to Falcon's standalone
development plan, and will make a determination as to the best course of
action for the Company and its shareholders. The Company will provide further
updates as appropriate.
    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The Securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
    
    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, LLC,
and in Romania through its wholly-owned subsidiary JVX Energy Corporation.
Further information about Falcon is available at www.falconoilandgas.com.

    
    Investor and Public Relations:
    Falcon Oil and Gas Ltd
    Alexander Hubbard-Ford
    +44 (0) 79 8448 1541
    

    
    Investor Relations North America:
    Weber Shandwick
    Peter Duda / JJ Rissi
    +1 (212) 445-8213 / +1 (917) 587-7090
    

    
    Investor Relations Europe:
    4C-Burvale
    Carina Corbett
    + 44 (0)20 7559 6715
    
    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: Alexander 
Hubbard-Ford of Falcon Oil & Gas Ltd., +44-(0)-79 8448 1541; Investor
Relations  North America: Peter Duda, 1-212-445-8213, or JJ Rissi
+1-917-587-7090, both of  Weber Shandwick for Falcon Oil & Gas Ltd.; Investor
Relations Europe: Carina  Corbett of 4C-Burvale, + 44-(0)-20-7559-6715, for
Falcon Oil & Gas Ltd. Web Site: http://www.falconoilandgas.com

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