FALCON OIL & GAS LTD. ANNOUNCES NEW DIRECTOR

	    VANCOUVER, Dec. 16 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon")
announces today that Igor Akhmerov has been elected to Falcon's Board of
Directors at Falcon's annual and special meeting of shareholders held on
December 14, 2010. The appointment of Mr. Akhmerov is subject to TSX Venture
Exchange approval.
	    Mr. Akhmerov, previously a member of the board from September 18, 2007 to
May 29, 2008 joins the following seven returning directors: JoAchim Conrad,
John Craven, Daryl H. Gilbert, Thomas G. Harris, Robert C. Macaulay, Gregory
Smith and Dr. Gyvrgy Szabs.
	    "We are pleased to welcome Igor Akhmerov back to Falcon's board," stated
Dr. Gyvrgy Szabs, Chairman of the Board. "His experience and expertise brings
a valuable global perspective to Falcon's expanding international presence."
	    At the shareholders meeting Falcon's shareholders, among other things,
appointed KPMG LLP, Certified Public Accountants, as the auditors of Falcon,
and passed, without variation, a resolution approving Falcon's stock option
plan, all as more particularly disclosed in Falcon's management information
circular dated November 11, 2010.
	    About Falcon Oil & Gas Ltd.
	    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 unconventional and
conventional oil and gas exploration and production and holds interests in
prospective properties in Australia, Hungary, and South Africa.  The company
is focused on discovering, acquiring, and maturing a globally diversified
portfolio 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  
	    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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