Falcon Oil & Gas Ltd. Announces the Filing of Its Financial Statements, MD&A,
AIF and Reserves Data


<p><span class="xn-location">DENVER</span>, <span class="xn-chron">May 3</span> /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it has filed its audited financial statements for the year ended <span class="xn-chron">December 31, 2009</span>, the accompanying management's discussion and analysis, the annual information form for the year ended <span class="xn-chron">December 31, 2009</span> dated <span class="xn-chron">April 30, 2010</span> 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.</p>
<p>These filings are available for review at <a href="http://www.sedar.com">www.sedar.com</a> and on Falcon's website at <a href="http://www.falconoilandgas.com">www.falconoilandgas.com</a>.</p>

    About Falcon Oil & Gas Ltd.

<p>Falcon Oil and Gas Ltd. is an international oil and gas exploration and production company, headquartered in <span class="xn-location">Denver</span>, Colorado, incorporated in British Columbia, <span class="xn-location">Canada</span>, 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 <span class="xn-location">Australia</span>, <span class="xn-location">Hungary</span>, and <span class="xn-location">South Africa</span>.  The company is focused on discovering, acquiring, and maturing a globally diversified portfolio of drilling opportunities with a goal of maximizing shareholder value through strategic relationships.  Additional information concerning Falcon Oil and Gas is available at <a href="http://www.falconoilandgas.com">www.falconoilandgas.com</a>. Investor inquiries may be directed to <a href="mailto:investor@falconoilandgas.com">investor@falconoilandgas.com</a></p>
<p>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.</p>
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    Deane Bruner                            Al Palombo
    Falcon Oil & Gas Ltd.                   Cameron Associates
    Corporate Communications                Investor Relations
    (303) 893-1800                          (212) 554-5488
    investor@falconoilandgas.com            al@cameronassoc.com


For further information: For further information: Deane Bruner, Falcon Oil & Gas Ltd., Corporate Communications, +1-303-893-1800, investor@falconoilandgas.com; or Al Palombo, Cameron Associates, Investor Relations, +1-212-554-5488, al@cameronassoc.com Web Site: http://www.falconoilandgas.com

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