Falcon Oil & Gas Ltd. Announces Engagement Of Weber Shandwick

    BUDAPEST, Hungary, Oct. 4 /CNW/ -- Under Falcon Oil & Gas Ltd.'s (TSXV:
FO) ("Falcon" or the "Company") ongoing requirements and policy of complying
with TSX Venture Exchange continuous disclosure obligations, Falcon officially
announces that it has, effective May 2007, engaged global public relations
firm Weber Shandwick to provide media and investor relations services (the
"Services") to Falcon.  Weber Shandwick has been engaged by Falcon to refine
and execute an investor relations strategy that will enhance and expand
Falcon's exposure with the Canadian and international investment community.
    "We are excited to have engaged Weber Shandwick to assist Falcon in
refining our investor relations strategy and our communications with our
current and future shareholders," said Marc A. Bruner, President, Chairman and
CEO of Falcon.  "Weber Shandwick brings world class expertise in strategic
financial communications as well as a top quality team that understands our
marketplace and the industry."
    Weber Shandwick will provide Falcon the Services until the agreement is
terminated by either party on at least 30 days prior written notice.  Falcon
has agreed to pay Weber Shandwick hourly time charges based on rates between
$50-$450/hour (depending on the individual providing the Services) for the
Services performed on Falcon's behalf. In addition, the Company will reimburse
Weber Shandwick for reasonable, actual out-of-pocket expenditures, including
travel, sales tax, printing, postage and other services charges.
    About Falcon Oil & Gas Ltd.
    Falcon Oil & Gas Ltd. is a British Columbia corporation which is 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,
and in Romania through its wholly-owned subsidiary JVX Energy Corporation.
Further information about Falcon is available at www.falconoilandgas.com.
    About Weber Shandwick
    Weber Shandwick is one of the world's leading global public relations
firms with offices in major media, business and government capitals around the
world.  The firm specializes in strategic marketing communications, media
relations, public affairs, reputation and issues management, and offers
corporate communications counseling services.  Weber Shandwick also provides
specialized integrated services including Web relations, advocacy advertising,
market research and visual communications.  In 2006, Weber Shandwick was named
Large PR Firm of the Year (PR News U.S.), European Consultancy of the Year
(The Holmes Report) and Network of the Year (Asia Pacific PR Awards).  The
firm also won the United Nations Grand Award for outstanding achievement in
public relations.  To learn more, please visit www.webershandwick.com.
    Weber Shandwick is a unit of The Interpublic Group (NYSE:   IPG), which is
one of the world's leading organizations of advertising agencies and marketing
services companies.

    Contacts: Weber Shandwick
    Peter Duda / JJ Risi
    +1 (212) 445-8213 / +1 (917) 587-7090
    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: Peter Duda +1-212-445-8213, or JJ Risi, 
+1-917-587-7090, both of Weber Shandwick Web Site:

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