Falcon Oil & Gas Ltd. announces the filing of its financial statements, MD&A, AIF and Reserves Data

    (TSXV Symbol: FO)

    DENVER, CO, April 30 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) announced
that it has filed its audited financial statements for the year ended December
 31, 2006, the accompanying management's discussion and analysis, the annual
information form for the year ended December 31, 2006 dated April 30, 2007 and
Falcon's Statement of Reserves Data and Other Oil and Gas Information
(National Instrument 51-101 Forms 51-101F1, 51-101F2 and 51-101F3) with the
relevant provincial securities regulators.
    These filings are available for review at www.sedar.com and on Falcon's
website at www.falconoilandgas.com.

    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.

    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: Falcon Oil & Gas Ltd., Marc A. Bruner,
President, Chairman & CEO; Michael K. Lam, Corporate Development North
America, (416) 303-8810; Alexander Hubbard-Ford, Corporate Development Europe,
+44 (0) 79 8448 1541; Canada - Brisco Capital Partners Corp., Graeme Dick,
(403) 313-9663; United Kingdom - 4C-Burvale, Carina Corbett, John
Carrick-Smith, +44 (0) 7559 6710

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Falcon Oil & Gas Ltd.

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