Falcon Oil & Gas Ltd., an international energy company, engages in the identification, exploration, and development of oil and gas projects, including basin centered gas accumulations (BCGA) and coalbed methane in Central Europe. The company has producing petroleum and natural gas properties located in Canada. It has unevaluated petroleum and natural gas properties in Hungary, Romania and Australia, and has evaluated petroleum and natural gas properties in the United States. Australia The company owns an undivided 50% working interest in an aggregate 7,000,000 acre prospect in four exploration permits (the Permits) in the Beetaloo Basin, Northern Territory, Australia (the Beetaloo Basin Project). Canada The company has working interests ranging from 12.76% to 25% in four producing petroleum and natural gas wells in Alberta, Canada. Romania The company has a farmout agreement with a related entity, on a coalbed methane property in the Jiu Valley of Romania, under which it would earn a 75% interest in the property. United States The company has an undivided 25% working interest in five wells, including the 40-acre tract surrounding each well (collectively, the Five Wells) situated within PetroHunter’s 20,000-acre Buckskin Mesa project (Buckskin Mesa Project) located in the Piceance Basin, Colorado, and to undertake a testing and completion program in respect of the Five Wells. Hungary The company holds two petroleum and natural gas exploration licenses – the Tisza License and the Mako License (collectively, the Licenses). The Licenses give the Company the exclusive right to explore for oil and gas on properties located in south central Hungary near the town of Szolnok. Strategic Partnership with ExxonMobil Corporation The company has a production license, which covers a significant part of the Makó Trough. On April 10, 2008, Falcon and TXM entered into the Production and Development Agreement (PDA) with ExxonMobil under which Falcon and ExxonMobil became joint owners in a specified portion (the Contract Area) of Falcon’s long-term production license. The Contract Area consists of approximately 184,300 acres, or 75% of the company’s 246,000-acre Production License. The Contract Area is owned jointly, with the company owning a 33% undivided working interest and ExxonMobil and MOL each owning a 33.5% undivided working interest. Significant Events On October 27, 2009, Falcon Oil & Gas Ltd. announced that the company has secured a Technical Cooperation Permit (the 'Permit') to evaluate the Karoo Basin in central South Africa. Falcon has up to one year to conduct a technical appraisal of the area covered by the Permit, which would include review of the South African Petroleum Data Base. In November 2009, Falcon Oil & Gas Ltd. had completed a joint gas exploration programme in Hungary's Mako Trough with ExxonMobil and Hungarian oil and gas company MOL.
falcon oil & gas ltd
(FO:TSX Venture Exchange)
Upper Hatch Street
Phone: 353 1 417 1900
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