Falcon Oil & Gas Announces Appointment Of Directors

BUDAPEST, Hungary, Sept. 21 -- Falcon Oil & Gas Ltd. (TSXV Symbol: FO) ("Falcon") announced today that Igor Akhmerov, David E. Fisher, Daryl H. Gilbert, Jan Van Holsbeeck and Prof. Ferenc Horvath have been elected to Falcon's board of directors following their election at Falcon's annual and special meeting of shareholders held on September 18, 2007. The five new directors will join the following four returning directors: Marc Bruner, Stephen Schultz, Carl Stadelhofer and Dr. Gyorgy Szabo. Andrew Calerich did not stand for re-election.

"We are pleased to welcome Igor Akhmerov, David E. Fisher, Daryl H. Gilbert, Jan Van Holsbeeck and Prof. Ferenc Horvath as members of Falcon's board," stated Marc A. Bruner, Falcon's President, Chief Executive Officer and Chairman of the Board. "Their respective experience and expertise will make them valuable contributors to the continued growth of Falcon. As Andrew Calerich did not stand for re-election as a director, I would like to take this opportunity to acknowledge and thank Andrew for his time and commitment to Falcon."

Igor Akhmerov is the founder and chief executive officer of Avelar Energy Group, an international group of energy companies based in Zurich. He has extensive experience in the business and financial aspects of the oil and gas industry. Mr. Akhmerov holds a BA in Economics from the Moscow Institute of Management, an MBA from the Wharton School of Business and an MA from the Lauder Institute of International Relations.

David Fisher currently serves as a director of Terra Industries Inc. ("Terra"), a NYSE listed international producer of nitrogen products, and is the chairman of the audit committee and member of the compensation committee of Terra. Mr. Fisher has over 25 years of experience in the natural resources and extractive industries.

Daryl Gilbert is currently an independent businessman in Calgary, Alberta and serves as a director of several energy related public entities listed on the TSX, TSX-V and NYSE, such as AtltaGas Income Trust, Canetic Resources Trust, MGM Energy Corp. and Nextar Energy Ltd. Mr. Gilbert entered the field of independent consulting in 1979 when he joined the predecessor oil and gas engineering and geological firm which became Gilbert Laustsen Jung Associates Ltd. He became a Principal Officer of the firm in 1988 and was appointed President and Chief Executive Officer in 1994, and served in both capacities until his retirement in early 2005.

Jan Van Holsbeeck is an investment advisor and a director of Plaza Luxembourg S.A., a private research and consulting company. Mr. Van Holsbeeck holds a master's degree in Commerce and Finance from Vlekho Business School (Brussels, Belgium), a master's degree in Corporate Financial Management from Vlekho Business School and one of Financial Analysis from the Belgian Association of Financial Analysts (Brussels, Belgium-EFFAS). Prof. Ferenc Horvath is currently the director of the Institute of Geography and Earth Science, Eotvos Lorand University and a professor and head of the Department of Geophysics.

Prof. Horvath has over 30 years of experience in basin analysis, seismic interpretation, plate tectonic reconstruction and hydrocarbon prospect analysis, and his research group has a leading position in the field of high-resolution seismic profiling, data processing and interpretation.

Additionally, Falcon's shareholders passed, without variation, the resolution approving Falcon's stock option plan, all as more particularly disclosed in Falcon's management information circular dated August 17, 2007.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Oil and Gas Exploration, and in Romania through its wholly-owned subsidiary JVX Energy Corporation.

Further information about Falcon is available at www.falconoilandgas.com .

Contact:
Weber Shandwick Worldwide
Peter Duda / JJ Rissi
+1 (212) 445-8213 / 44 (0) 20 7067 0261

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