FALCON OIL & GAS LTD. ANNOUNCES NEW DIRECTOR

VANCOUVER, Dec. 16 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") announces today that Igor Akhmerov has been elected to Falcon's Board of Directors at Falcon's annual and special meeting of shareholders held on December 14, 2010. The appointment of Mr. Akhmerov is subject to TSX Venture Exchange approval.

Mr. Akhmerov, previously a member of the board from September 18, 2007 to May 29, 2008 joins the following seven returning directors: JoAchim Conrad, John Craven, Daryl H. Gilbert, Thomas G. Harris, Robert C. Macaulay, Gregory Smith and Dr. György Szabó.

"We are pleased to welcome Igor Akhmerov back to Falcon's board," stated Dr. György Szabó, Chairman of the Board. "His experience and expertise brings a valuable global perspective to Falcon's expanding international presence."

At the shareholders meeting Falcon's shareholders, among other things, appointed KPMG LLP, Certified Public Accountants, as the auditors of Falcon, and passed, without variation, a resolution approving Falcon's stock option plan, all as more particularly disclosed in Falcon's management information circular dated November 11, 2010.

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 with a goal of maximizing shareholder value through strategic relationships.  Additional information concerning Falcon Oil & Gas Ltd. is available at www.falconoilandgas.com. Investor inquiries may be directed to investor@falconoilandgas.com  

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.

SOURCE Falcon Oil & Gas Ltd.

For further information: For further information:

Falcon Oil & Gas Ltd.  
(303) 951-1110  
investor@falconoilandgas.com  

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