Falcon Oil & Gas Secures Permit to Evaluate South African Properties


    
    - One Year Appraisal Program to Evaluate Opportunity -



    
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<p><location>DENVER</location>, <chron>Oct. 27</chron> /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company"), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, today announced that the Company has secured a Technical Cooperation Permit (the "Permit") to evaluate the Karoo Basin in central <location>South Africa</location>.</p>
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<p>Falcon has up to one year to conduct a technical appraisal of the area covered by the Permit which will include review of the South African Petroleum Data Base. The Permit does not require Falcon to drill any wells during the one-year appraisal period, and establishes Falcon in a priority position for exercising future exploration rights within the lands covered by the Permit.</p>
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<p>The principal focus of the 7.5 million acre Karoo Basin Technical Cooperation Permit, located about 120 miles northeast of <location>Cape Town</location>, <location>South Africa</location>, is gas from fractured shale and sandstone in Permian age rocks.  Nine wells have been drilled in the area (late 60's and early 70's) and all have encountered gas shows.  One of the wells, drilled in 1968, had an unstimulated flow rate of 1.84 million cubic feet of gas per day from fractures.*</p>
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<p>"The acquisition of the permit gives Falcon access to another potential unconventional energy basin and an additional option for Falcon's exploration portfolio," stated Marc A. Bruner, CEO and President of Falcon Oil & Gas.</p>
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<p>*Geological well completion report of borehole CR 1/68, Leith, M.J., 1970, Soekor Drilling Geology</p>
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    About Falcon Oil & Gas Ltd.
    
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<p>Falcon Oil & Gas Ltd. is an international oil and gas exploration and production company, headquartered in <location>Denver</location>, Colorado, incorporated in British Columbia, <location>Canada</location>, and trading on the TSX Venture Exchange under the symbol "FO." The Company specializes in the business of conventional and unconventional oil and gas exploration and production and holds interests in prospective properties in <location>Hungary</location> and <location>Australia</location>. The Company is focused on discovering, acquiring, and maturing a globally diversified portfolio of drilling opportunities with a goal of maximizing shareholder value through strategic relationships. Additional information concerning Falcon Oil & Gas Ltd. is available at <a href="http://www.falconoilandgas.com">www.falconoilandgas.com</a>. Investor inquiries may be directed to <a href="mailto:investor@falconoilandgas.com">investor@falconoilandgas.com</a>.</p>
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<p>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 various drilling projects 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, or successfully engaging a partner in any of the Company's endeavours. 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 <a href="http://www.sedar.com">www.sedar.com</a> before making investment decisions with regard to the Company.</p>
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<p>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.</p>
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For further information: For further information: Stephen Schultz, Falcon Oil & Gas Ltd., Investor Relations, +1-303-893-1800, investor@falconoilandgas.com; or Al Palombo, Cameron Associates, Investor Relations, +1-212-554-5488, al@cameronassoc.com Web Site: http://www.falconoilandgas.com

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