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

(TSXV Symbol: FO)

DENVER, April 30 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) announced that

it has filed its audited financial statements for the year ended December 31,

2008, the accompanying management's discussion and analysis, the annual

information form for the year ended December 31, 2008 dated April 30, 2009 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 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

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: 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