Lamesa Acquires Shares of Falcon Oil & Gas Ltd.

PANAMA, REPUBLIC OF PANAMA--(Marketwired - July 11, 2017) - Lamesa Holding S.A. ("Lamesa Holding") announced today that it has acquired beneficial ownership of 157,083,634 common shares (the "Shares") in the capital of Falcon Oil & Gas Ltd. ("Falcon") from Renova Assets Ltd. ("Renova"), a company acting in concert with Lamesa Holding. Lamesa Holding and Renova effected the transaction pursuant to a share sale and purchase agreement dated July 11, 2017, pursuant to which Renova is transferring the Shares to Lamesa for aggregate consideration of CAD$65,078,745.3 or CAD$0,41 per Share.

Immediately after giving effect to the Share transfer, Lamesa Holding holds beneficial ownership and control of an aggregate of 157,083,634 Shares, representing approximately 16.92% of the issued and outstanding common shares of Falcon as publicly disclosed by the Issuer as of July 11, 2017. Shares of Falcon are listed on the TSX Venture Exchange.

Lamesa Holding intends to hold the Shares referred to above for investment purposes, and Lamesa Holding, and/or one or more of its subsidiaries or affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of the Issuer whether in the open market, by privately negotiated agreement or otherwise.

Lamesa Holding having its resident agent's office at PH ARIFA, 9 and 10 Floor, West Boulevard, Santa Maria Business District, Panama, Republic of Panama. For a copy of the early warning report filed on SEDAR, please contact Ms. Oksana Vasilieva at +357 24 692 900 or by O.Vasilieva@ream.com.cy.

The issuance of this news release is not an admission that an entity named herein owns or controls any securities described herein or is a joint actor with another named entity.