Falcon Oil & Gas Ltd. announces that The Foldeak-1 Well Has Reached Total Depth



    (TSXV Symbol: FO)

    DENVER, CO, May 4 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") is
pleased to announce that the Foldeak-1 well has reached total depth. This well
is part of the "Initial Work Program" under Falcon's April 10, 2008 Production
and Development Agreement, as amended, with ExxonMobil Corporation affiliate
Production Ventures East Hungary Kft and MOL Hungarian Oil and Gas Plc.
    The primary focus of the Initial Work Program and the Foldeak-1 well is
to test the Szolnok Formation. A complete thickness of the Szolnok Formation
was drilled. The well reached a total depth of 4421 meters and is currently
being evaluated for testing.

    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, in
Romania through its wholly owned subsidiary JVX Energy Corporation, in
Colorado through its wholly owned subsidiary Falcon Oil & Gas USA, Inc., and
in Australia through its wholly owned subsidiary Falcon Oil & Gas Australia
Pty Ltd. Further information about Falcon is available at
www.falconoilandgas.com and www.sedar.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 Relations: Falcon Oil & Gas Ltd: North
America: Brad Long, Toll Free (888) 541-3624, Direct (360) 332-9821,
blong@falconoilandgas.com; Europe: Alexander Hubbard-Ford, Phone + 44 (0) 20
79351543, Mobile + 44 (0) 7984481541, investor@falconoilandgas.com; Falcon Oil
& Gas Ltd.: Marc Bruner, CEO, 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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