Falcon Oil & Gas Ltd.: Holdings in Falcon

12 July 2017 - Falcon Oil & Gas Ltd. FOFOGFAC)) announces that it has been notified of a transfer between two companies acting in concert whereby Renova Assets Limited (the "Seller") has transferred its entire 157,083,634 common shares of Falcon (the "Shares"), representing 16.89% of Falcon's issued and outstanding Shares, to Lamesa Holdings S.A. (the "Purchaser") for an aggregate consideration of CDN$65,078,745 or CDN$0.4143 per Share. The ultimate beneficial owner of the Purchaser is the same person that is a beneficiary under a certain discretionary trust arrangement (pursuant to which the trustee under such trust arrangement holds a legal interest of 90% of all issued and outstanding capital of the Seller and has complete discretion over management of any trust property and distributions in favour of the trust beneficiaries).

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About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the acquisition, exploration and development of conventional and 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

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.