FOG Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd.(“Falcon” or the “Company”)

Board Changes

03 May 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to confirm the appointment of Tom Layman as a Non-Executive Director and to the Board of the Company (the “Board”). Anne Flynn, Falcon’s Chief Financial Officer, has also been appointed to the Board. In conjunction with these appointments, Daryl Gilbert and JoAchim Conrad have retired as Non-Executive Directors from the Board. All of these changes take place with immediate effect.

Tom Layman is a certified petroleum geologist with over 40 years’ experience in the oil and gas industry. Mr Layman has significant knowledge of unconventional resources, having worked on over 4,000 horizontal and vertical shale and unconventional wells across multiple US onshore basins on exploration and development projects.

Mr Layman currently acts as a geoscience consultant, having previously been Senior VP of Geoscience at Parsley Energy, where he held an executive leadership role directing exploration and development of geoscience activities. Before he joined Parsley Energy, Tom was VP of Exploration Southern Division at Chesapeake Energy, where he worked for over seven years and was responsible for exploration and development activities across the company’s asset portfolio. Prior to this, Tom was a Geoscience Manager at Burlington Resources and a Geologist at Exxon. Tom has been a member of the American Association of Petroleum Geologists (AAPG) for 38 years and currently serves on the Geology Foundation Advisory Council at the University of Texas at Austin.

Anne Flynn was appointed as Falcon’s Chief Financial Officer in 2016, having joined the Company in 2014 as Group Financial Controller with responsibility for the Group’s Dublin, Hungarian, Australian and South African finance and commercial functions. Ms Flynn joined the Company from Adobe Systems Inc. where she held a managerial role. Anne qualified as a Chartered Accountant during her time at PwC, where she spent six years in PwC’s Dublin and New York offices.

Joe Nally, Chairman of Falcon, said:

“On behalf of the Board of Falcon I would like to thank both Daryl and JoAchim for their valuable contribution to the development of the Company over the last 14 years and we wish them well for the future.

I am delighted to welcome Tom and Anne to the Board. Tom brings over 40 years of deep industry experience, particularly in unconventional resources, and the Board looks forward to benefitting from this knowledge as the Company enters Stage 3 work programme in the Beetaloo Sub-basin. Anne has been with Falcon since 2014 and has been an invaluable member of the team in the role of CFO. Her knowledge of Falcon and its activities will be of great value at what is an exciting time for the Company.”

Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Thomas Layman and Anne Flynn.

Full name: Thomas (Tom) Bruce Layman (age 64 years)

Full name: Anne Flynn (age 38 years)

At the date of this announcement, Anne Flynn holds 200,000 ordinary shares in the capital of the Company.

Save as disclosed above there are no additional disclosures to be made in accordance with AIM Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

Ends.

CONTACT DETAILS:

About Falcon Oil & Gas Ltd.Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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