Falcon Oil & Gas Ltd. Announces the Appointment of Rod Wallis as Chief Operating Officer and the Assignment of Dr. James Edwards as Senior Vice President, Special Projects

    DENVER, Jan. 14 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO, "Falcon")
announced today that it has appointed Rod Wallis as its new Chief Operating
Officer. Dr. James Edwards has elected to assume the new position of Senior
Vice President, Special Projects.
    Mr. Wallis has been an employee of Falcon since September 2007. Prior to
joining Falcon, Rod Wallis was the Senior Exploration Geologist for
PetroHunter Energy Corporation. He has been in the oil and gas industry for 22
years, including 11 years as a geologist and project leader with BP, and five
years with Venture Production. Prior to joining PetroHunter, Mr. Wallis was
Vice President and Chief Geologist at Gustavson Associates where he worked on
unconventional plays, including the Mako Trough in Hungary.  Mr. Wallis
obtained his degree at the Royal School of Mines, Imperial College, London,
and is a member of the AAPG, PESGB and a Fellow of the Geological Society.
    Falcon's Chairman, CEO and President, Marc A. Bruner, stated, "On behalf
of Falcon and Falcon's board, I would like to take this opportunity to welcome
Rod as Falcon's Chief Operating Officer. His combination of technical
expertise, particularly with respect to developing unconventional oil and gas
resources, will prove very valuable to Falcon going forward.  His innovation
and commercial focus have made him a respected expert in his field, with a
reputation for producing results, pushing new technologies and ideas,
discovering plays and prospects, bringing discoveries on-stream, and managing
large projects."  Mr. Bruner continued, "We are also very pleased that Dr.
Edwards has accepted this new position.  I'd like to thank James, on behalf of
Falcon and Falcon's board, for his service as Falcon's Chief Operating
Officer. The company has benefited from Dr. Edwards' efforts in guiding
Falcon's operations to this point, and it will continue to benefit from his
expertise in his new role as we move into the next phase."
    Dr. Edwards' assumption of the new position and Mr. Wallis' appointment
are both effective immediately, while Mr. Wallis' appointment remains subject
to approval by the TSX Venture Exchange.
    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.

    Investor and Public Relations
    Falcon Oil and Gas Ltd:
    Alexander Hubbard-Ford
    +44 (0) 79 8448 1541

    Investor Relations North America:
    Weber Shandwick
    Peter Duda / JJ Rissi
    +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: Alexander Hubbard-Ford of Falcon Oil and Gas
Ltd,  +44 79-8448-1541; or Investor Relations North America, Peter Duda, 
+1-212-445-8213, or JJ Rissi, +1-917-587-7090, both of Weber Shandwick for 
Falcon Oil & Gas Ltd. Web Site: http://www.falconoilandgas.com

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