Falcon Oil & Gas Ltd. enters into a non-binding letter of intent to acquire an additional 25% working interest in the Beetaloo Basin Project

    (TSXV Symbol: FO)

    DENVER, CO, April 27 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon"
or the "Company") announces that it has entered into a non-binding letter of
intent (the "LOI") with PetroHunter Energy Corporation ("PetroHunter") which
stipulates that Falcon will acquire (the "Acquisition") an additional
undivided 25% working interest in PetroHunter's four exploration permits
covering seven million acres in the Beetaloo Basin of the Northern Territory,
Australia (the "Beetaloo Basin Project"). The Acquisition will bring Falcon's
total working interest in the Beetaloo Basin Project to 75%.
    Under the terms of the LOI, the principal consideration being paid by
Falcon for the Acquisition is the forgiveness of the $5 million due under a
loan previously made to PetroHunter in October 2008. The LOI also stipulates
that, on closing of the Acquisition, Falcon will become operator of the
Beetaloo Basin Project, and that PetroHunter and Falcon will enter into an
escrow agreement which will govern the release of all remaining shares of the
Company previously issued to PetroHunter.
    The closing of the Acquisition is subject to the execution of definitive
agreements, the fulfillment of certain closing conditions, as well as the
receipt of all required regulatory approvals. Closing of the Acquisition is
expected to occur on or about May 25, 2009.
    Marc A. Bruner, the Chairman, CEO and President of Falcon, continues to
be a significant shareholder of PetroHunter. The negotiation and entering into
of the non-binding letter of intent and the definitive agreements continue to
be governed by a committee of the independent directors of Falcon.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd. is a British Columbia corporation 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, in
Romania through its wholly owned subsidiary JVX Energy Corporation, in
Colorado through its wholly owned subsidiary Falcon Oil & Gas USA, Inc., and
in Australia through its wholly owned subsidiary Falcon Oil & Gas Australia
Pty Ltd. Further information about Falcon is available at

    About PetroHunter Energy Corporation

    PetroHunter Energy Corporation, through the operations of its
wholly-owned subsidiaries, PetroHunter Operating Company and Sweetpea
Corporation Pty Ltd., is a global oil and gas exploration and production
company with primary assets consisting of various oil and gas leases and
related interests, including approximately 20,000 net mineral acres in
Colorado and an undivided 50% working interest in four Exploration Permits in
the Northern Territory, Australia, consisting of approximately 7,000,000 net
acres. For more information please visit www.petrohunterenergy.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: Investor Relations, Falcon Oil & Gas Ltd: North
America: Brad Long, Toll Free (888) 541-3624, Direct (360) 332-9821,
blong@falconoilandgas.com; Europe: Alexander Hubbard-Ford, Phone + 44 (0) 20
79351543, Mobile + 44 (0) 7984481541; investor@falconoilandgas.com; Falcon Oil
& Gas Ltd., Marc Bruner, CEO, 1875 Lawrence Street, Suite 1400, Denver,
Colorado, 80202, USA, Phone (303) 893-1800, Fax (303) 572-8927

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Falcon Oil & Gas Ltd.

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