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

DENVER, COLORADO--(Marketwire - Aug. 29, 2011) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO) announced that it has filed its interim financial statements for the six month period ended June 30, 2011 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.

Falcon CEO Robert Macaulay has issued a letter to shareholders with updates on Falcon's activities in Australia, Hungary and South Africa. The letter can be accessed from Falcon's website.

Falcon further announces the granting of 150,000 stock options to an individual engaged in Investor Relations for the company. These options have an exercise price of CDN$0.145 and expire June 1, 2016.

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.

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 statements. 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.