Falcon Oil & Gas Ltd. Announces Its Intention To Complete Its Mako- 4, Mako-6 And Mako-7 Wells

BUDAPEST, Hungary – November 29, 2007 – Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon"or the "Company") today announced it has filed its third quarter financial results for the period ended September 30, 2007 with the Canadian Securities Administrators. The financial statements and accompanying management discussion and analysis (MD&A) are available on www.sedar.com.

Operational Update

On November 21, 2007, Falcon Oil and Gas submitted its Technical Operating Plan (the “Testing Program”) to the Hungarian Mining Bureau. The Testing Program will focus on the center of Falcon’s basin centered gas play with the completion of the existing Makó-4, Makó-6 and Makó-7 wells. Falcon expects the Testing Program to commence in the second quarter of 2008 and to continue into early 2009, with exact timing to be determined by delivery schedules for long lead time items.

Financing Update

On November 22, 2007, Falcon announced a public offering underwritten by a group led by Orion Securities Inc. and including Evergreen Capital Partners Inc., agreeing to purchase 100 million Common Shares at a price of CDN$0.40 per share for aggregate gross proceeds of CDN$40 million. Falcon intends to apply the proceeds from the financing to fund the Testing Program and to provide working capital. Closing of the offering is expected to occur on or about December 11, 2007 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the TSX Venture Exchange.

Strategic Partner Update

Falcon announced previously an initiative to identify potential strategic partners who can add value in respect of the development of its oil and gas properties in Hungary and/or in developing infrastructure and markets for the gas produced from those properties.

Since that time, a number of parties have executed confidentiality agreements and are in the process of completing a detailed review of this opportunity to enter into an agreement with Falcon. Falcon’s Board of Directors will carefully consider the terms of proposals when received from these potential strategic partners, as compared to Falcon's standalone development plan, and will make a determination as to the best course of action for the Company and its shareholders. The Company will provide further updates as appropriate.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation. Further information about Falcon is available at www.falconoilandgas.com.

Investor and Public Relations:
Falcon Oil and Gas Ltd
Alexander Hubbard-Ford
+44 (0) 79 8448 1541

Investor Relations North America:
Weber Shandwick
Peter Duda / JJ Rissi
+1 (212) 445-8213 / +1 (917) 587-7090

Investor Relations Europe:
4C-Burvale
Carina Corbett
+ 44 (0)20 7559 6715

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company’s assessment of its and its subsidiaries’ future plans and operations, certain statements included in this press release may constitute forward-looking information or forward looking statements (collectively, “forward-looking statements”). All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “expect”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Similarly, forward-looking statements in this press release include, but are not limited to anticipated developments of the Company’s drilling project in Hungary and the timing thereof, the Company’s drilling project in Romania and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farmout plans, net cash flows, geographic expansion and plans for seismic surveys. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Such statements represent the Company’s internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company’s filings with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

###