SHEFFIELD HOLDINGS, LP FILES EARLY WARNING REPORT

AUSTIN, Texas, Oct. 3, 2025 /CNW/ -- This news release is issued by Sheffield Holdings, LP ("Sheffield") pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") and National Instrument 62-104 – Take-Over Bids and Issuer Bids with respect to the disposition of common shares ("Common Shares") of Falcon Oil & Gas Ltd. (the "Company"). The head office of the Company is located at 68 Merrion Square South, Dublin 2, Ireland. The Common Shares are listed on the TSX Venture Exchange and AIM.

Sheffield Holdings, LP ("Sheffield") is an investment partnership with a head office at Suite 1900, 300 Colorado Street, Austin, TX, USA 78701.  

The requirement to file this news release was triggered on October 2, 2025 when Sheffield, a limited partnership owned and controlled by Bryan Sheffield, disposed of 4,000,000 Common Shares of the Company through the facilities of the TSX Venture Exchange, at an average price of CAD$0.1925 per Common Share, for aggregate consideration equal to CAD$769,830. The disposition of these Common Shares settled on October 2, 2025.

Since the last report filed on May 22, 2024 (the "Prior Report") to and including trades settled on October 3, 2025, Sheffield sold an aggregate of 6,731,000 Common Shares through the TSX Venture Exchange, resulting in a decrease of 0.61% of the Company's 1,109,141,512 issued and outstanding Common Shares (as reported in the Company's Interim Condensed Consolidated Financial Statements as at and for the three and six months ended 30 June 2025 and 2024).  Of the 6,731,000 Common Shares sold, 731,000 Common Shares were sold and settled on October 3, 2025, being the date of this news release.

As of the date of the Prior Report, Sheffield held 116,386,398 Common Shares of the Company, representing 10.49% of the currently issued and outstanding Common Shares of the Company. As at the date hereof, Sheffield holds 109,655,398 Common Shares of the Company, representing 9.89% of the currently issued and outstanding Common Shares of the Company.

The disposition of Common Shares of the Company was a rebalancing of the Sheffield's portfolio investments. Sheffield may dispose of additional securities of the Company by private transaction or in the open market from time to time in accordance with its investment strategy. 

For further information please refer to the early warning report, a copy of which is available under the Company's profile on the SEDAR+ website at www.sedarplus.com.

SOURCE SHEFFIELD HOLDINGS, LP

Jennifer Sinski, [email protected]