Falcon Oil & Gas Ltd. announces the granting of stock options

    (TSXV Symbol: FO)

    DENVER, June 5 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) announced today
that, under the stock option plan approved at Falcon's annual and special
shareholders meeting held on September 18, 2007, it has granted incentive
stock options to purchase an aggregate of 12,610,000 common shares of Falcon
to a number of recipients, including directors, officers, employees and
consultants. The stock option grants are all subject to regulatory approval.
    Terms of the options include an exercise price of $1.18 per share, a
vesting schedule allowing for 20% of the options to vest immediately with an
additional 20% vesting each subsequent year until the options are fully vested
on June 5, 2012, respectively, and an expiry date of the options of June 5,
    A maximum of 10% of the issued and outstanding shares of Falcon are
reserved for the issuance of the Falcon's stock option plan.

    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 Exploration and Production,
LLC, and in Romania through its wholly-owned subsidiary JVX Energy
Corporation. Further information about Falcon is available at

    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

    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., Investor and Public
Relations: Alexander Hubbard-Ford, (303) 951-1116

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Falcon Oil & Gas Ltd.

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