Falcon Oil & Gas Ltd. completes $11,910,000 debt and equity financing



    
    (TSXV Symbol:  FO)

    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
    U.S. NEWSWIRE SERVICES/
    

    DENVER, June 30 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the
"Company") is pleased to announce that it has completed its previously
announced public offering, issuing 11,910 units (the "Units") for gross
proceeds of $11,910,000, at an offering price of $1,000 per Unit (the
"Offering"). Each Unit consists of $900 worth of 11% convertible unsecured
debentures (each a "Debenture") in the principal amount of $1,000 due on the
date that is four years following the closing of the Offering and 250 common
shares in the capital of the Company. The Debentures were issued in $1,000
principal amount increments only. In no circumstances will the principal
amount of any Debenture issued be less than $1,000. The Offering was conducted
on a commercially reasonable efforts basis by Salman Partners Inc. as agent.
    The Company intends to use the net proceeds from the Offering in
accordance with the description provided in the prospectus.
    The above noted securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "1933 Act"), and may
not be offered or sold in the United States or to U.S. Persons (as defined in
Regulation S under the 1933 Act) except in accordance with an exemption from
the registration requirements of the 1933 Act and applicable state securities
laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful.

    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.

    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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