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Falcon Oil & Gas Ltd. Comments on Recent Trading Activity

TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- Falcon Oil & Gas Ltd. (TSX VENTURE:FO), ("Falcon" or the "Company"), the international oil and gas exploration and production company focused on unconventional and conventional oil and gas exploration and producing assets in Hungary, Australia and South Africa, notes some irregular trading activity of its common shares that took place on November 15, 2012.

The trades in question ranged in price between $0.11 and $0.115, as compared to the closing price of $0.215 on November 14, 2012. The Company has brought the trades in question to the attention of the Investment Industry Regulatory Organization of Canada ("IIROC"), and has been advised by IIROC that normal procedures will be followed in response to the Company's concerns.

Falcon wishes to confirm that management of the Company is unaware of any specific reason, other than general market conditions, for the recent significant decrease in the Company's share price. In particular, there have been no corporate developments or events to support this unusual activity.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international oil and gas exploration and production company, listed on the TSX Venture Exchange in Toronto under the symbol FO.V. It is headquartered in Dublin, Ireland, and has an office in Budapest, Hungary.

The Company is focused on unconventional and conventional oil and gas exploration and production, and holds producing assets in three major underexplored basins in Australia, Hungary, and South Africa.

For further information about Falcon Oil & Gas Ltd., please visit www.falconoilandgas.com.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statement. Falcon assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at www.sedar.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.

Contacts:
Falcon Oil & Gas Ltd.
Philip O'Quigley
Chief Executive Officer
+353 (1) 417 1900 or +353(87) 814 7042
www.falconoilandgas.com

FTI Consulting, London and Toronto
Billy Clegg/Edward Westropp
+44 207 837 3113

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