FALCON OIL & GAS LTD. ANNOUNCES FINALIZED EMPLOYMENT AGREEMENT WITH THE CEO

VANCOUVER, Jan. 7 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") announces today that it has finalized an employment agreement with Robert C. Macaulay, its recently appointed President and CEO.

Mr. Macaulay will, as part of his compensation, receive 1,000,000 incentive options under the stock option plan approved at Falcon's annual and special shareholders meeting held on December 14, 2010. Terms of the options include an exercise price of $0.15 per common share, a vesting schedule allowing for 1/3 of the options to vest immediately with an additional 1/3 vesting each subsequent year until the options are fully vested on December 24, 2012, and an expiry date of the options of December 24, 2015.

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

For further information:

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

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Falcon Oil & Gas Ltd.

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