Falcon Oil & Gas Ltd. Announces the Granting of Stock Options

Falcon Oil & Gas Ltd. Announces the Granting of Stock Options 
DUBLIN, IRELAND -- (Marketwired) -- 05/01/13 -- Falcon Oil & Gas Ltd.
(TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon") announces that on April
30, 2013 it granted incentive stock options ("Options") to purchase
an aggregate of 9,900,000 common shares of Falcon to a number of
recipients, including directors, officers and employees under the
stock option plan approved at Falcon's annual shareholders meeting
held on September 25, 2012. The Option grants are all subject to
regulatory approval by the TSX Venture Exchange. 
A maximum of 10% of the issued and outstanding shares of Falcon are
reserved for issuance pursuant to Falcon's stock option plan. 
A total of 3,000,000 Options were granted at an exercise price of
$0.215 to Eoin Grindley, Falcon's Chief Financial Officer pursuant to
the terms of his employment contract. 
5,500,000 Options were granted at an exercise price of $0.24 (a 23%
premium to the closing share price on April 30th, 2013) to the
following Falcon directors: 

        Name               Number of            Total number                
                           Options Granted      of Options after            
        John Craven        2,000,000            3,100,000                   
        Igor Akhmerov      2,500,000            2,900,000                   
        Daryl Gilbert      200,000              2,900,000                   
        Gregory Smith      200,000              1,000,000                   
        Joachim Conrad     300,000              1,000,000                   
        David Harris       300,000              300,000                     

The remaining 1,400,000 Options were granted to employees of Falcon
at an exercise price of $0.24. 
The Options all have a vesting schedule allowing for 1/3 of the
Options to vest on the first anniversary of the grant with an
additional 1/3 vesting each subsequent year until the Options are
fully vested on April 30, 2016, and an expiry date of the Options of
April 29, 2018. 
Falcon's closing price on the TSX Venture Exchange on April 30th,
2013 was $0.195. 
After this grant, there are 42,737,000 Options outstanding,
 5.2% of the issued and outstanding common shares of
About Falcon Oil & Gas Ltd. 
Falcon is an international oil & gas company engaged in the
acquisition, exploration and development of conventional and
unconventional oil and gas assets, with the current portfolio spread
between Australia, South Africa and Hungary. Falcon is incorporated
in British Columbia, Canada and headquartered in Dublin, Ireland with
a technical team based in Budapest, Hungary. 
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. 
Falcon Oil and Gas Ltd.
Head Office
+353 1 417 1900 
Falcon Oil and Gas Ltd.
Philip O'Quigley
+353 87 814 7042 
FTI Consulting
Billy Clegg
+44 207 269 7157 
FTI Consulting
Edward Westropp
+44 207 269 7230 
FTI Consulting
Natalia Erikssen
+44 207 269 9348 
John Frain / Anthony Farrell
+353 1 679 6363
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