Pusztaszer-1 Bottoms at 3,900 Meters; Production Casing Will Be Run BUDAPEST, Hungary, Feb. 16 /PRNewswire/ -- Falcon Oil & Gas Ltd. (TSXV: FO) provided an update of its Pusztaszer-1 well in the Mako Trough in southeastern Hungary. TXM Oil and Gas Exploration Ltd. (TXM), Falcon's wholly owned subsidiary, has announced that the Pusztaszer-1 exploratory well has reached a measured depth of 3900 meters, bottoming in basement rocks of Paleozoic age. A full suite of electric logs has been run from a measured depth of 2843 meters to the Total Depth of 3900 meters. Selected sample intervals for pressure measurements and fluid recovery were identified and a Modular Formation Dynamics Tester (MDT) tool was also run in the borehole. Preliminary evaluation of the logs has led TXM to the conclusion that 5 ~ inch production casing will be run in the well. Prior to setting the production casing, TXM will complete the logging program with a Vertical Seismic Profile (VSP) tool to help the Company understand time to depth conversions within the basin. The TXM engineering team will now prepare stimulation and testing programs that will be conducted at a later date utilizing a fit-for-purpose rig. The Pusztaszer well is one of two wells being concurrently drilled by TXM in the Mako Trough of southeastern Hungary. 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 Oil & Gas Ltd. is available at http://www.falconoilandgas.com/. Contacts: Falcon Oil & Gas Ltd. Marc A. Bruner President, CEO and Chairman Allan D. Laird Director (303) 803-3646 United States CTA Public Relations Bevo Beaven Vice President/General Manager (303) 665-4200 United Kingdom 4C Burvale Carina Corbett, John Carrick Smith Directors 020-7907 4760 / 4761 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the above-described transaction and has neither approved nor disapproved the contents of this press release. DATASOURCE: Falcon Oil & Gas Ltd. CONTACT: Marc A. Bruner, President, CEO and Chairman, or Allan D. Laird, Director, both of Falcon Oil & Gas Ltd., +1-303-803-3646; or United States, Bevo Beaven, Vice President/General Manager of CTA Public Relations, +1-303-665-4200; or United Kingdom, Carina Corbett, 020-7907 4760, or John Carrick Smith, 020-7907 4761, both Directors of 4C Burvale, all for Falcon Oil & Gas Ltd. Web site: http://www.falconoilandgas.com/

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