Actually, plenty of things have been going on in Hungary in the last 12 months. Falcon’s team of engineering experts has been working tirelessly to develop the right model for the exploitation of the Makó trough.

Combine that with new management and new capital, Falcon will be back in the field to bring the Makó to production.

Here’s what Falcon President and CEO Robert Macaulay commented:

"I welcome our new shareholders who are bringing strong commitment and tremendous acumen to assist our company in moving forward. I am also grateful to our existing major shareholders who continue to demonstrate their commitment to Falcon by participating in this financing. This is an exciting time for the company, with the focus shifting over the near term towards achieving production tests in some of the high-potential targets on our acreage in Australia and Hungary, while advancing our understanding of our recently applied-for exploration license in South Africa."

*TXM Kft. Falcon’s subsidiary has a 35 year production license that requires Falcon to start production by May 22. 2012. Incidentally MOL also required starting production by January 28. 2014. Providing only a year and a half extra time for MOL.

**Falcon have been producing small amount of oil and gas since May 2007 at Magyarcsanad-1.