Attention Business And Energy Editors

Falcon Oil & Gas Ltd. Announces the Filing of Its Interim Financial Statements and Accompanying MD&A

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	    DENVER, Aug. 27 /PRNewswire-FirstCall/ -- Falcon Oil & Gas Ltd. (TSXV:
FO) announced that it has filed its interim financial statements for the
period ended June 30, 2009 and the accompanying management's discussion and
analysis.

	    These filings are available at www.sedar.com and on Falcon's website at
www.falconoilandgas.com.
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	    About Falcon Oil & Gas Ltd.

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	    Falcon Oil & Gas Ltd. is an international oil and gas exploration and
production company, headquartered in Denver, Colorado, incorporated in British
Columbia, Canada, and trading on the TSX Venture Exchange under the symbol
"FO."  The Company specializes in the business of conventional and
unconventional oil and gas exploration and production and holds interests in
prospective properties in Hungary and Australia.  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 & Gas
Ltd. is available at www.falconoilandgas.com. Investor inquiries may be
directed to investor@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 various drilling projects 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, or successfully engaging a partner in
any of the Company's endeavours. 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.

	    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.
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	    /For further information: Marc A. Bruner, Chairman, President & Chief
Executive Officer of Falcon Oil & Gas Ltd., +1-303-893-1800,
investor@falconoilandgas.com; or Investor Relations, Al Palombo of Cameron
Associates, +1-212-554-5488, al@cameronassoc.com, for Falcon Oil & Gas Ltd.
Web Site: http://www.falconoilandgas.com/