Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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Message: Falcon Oil & Gas Ltd. announces the filing of its interim financial statements

Previous MD&A:

The Exploration Licenses expire on December 31, 2009, and are not eligible for extension. The Company is currently evaluating: (a) applications for one or more new exploration licenses that would include a portion of the lands currently included in the Exploration
Licenses, and/or (b) an application to extend the boundaries of the Production License to include a portion of the lands currently included in the Exploration Licenses.

Todays MD&A:

The Exploration Licenses expire on December 31, 2009, and are not eligible for extension. However, under the Hungarian laws applicable to oil and gas exploration licenses, the licensee has the first priority in obtaining a mining plot covering all or part of the area, but is not guaranteed that it will receive a mining plot. The process requires the filing of a “Closing Report” within six months from the expiration of the license, and filing an application for the mining plot within the second six-month period.

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I'm assuming plan plan "A" and plan "B" didn't work, so they are now desperately trying to come up with a plan "C". Perhaps that's why they moving to the Magy.

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