FALCON OIL & GAS LTD. PROVIDES UPDATE ON STATUS OF PRIVATE PLACEMENT

DENVER, Jan. 11 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") today announced that it is continuing to work on completing its previously announced private placement (the "Offering"). Further details relating to the Offering are available in the press release issued by Falcon on November 24, 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

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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