Beetaloo Basin Seismic Acquisition Completed on Exploration Permits 76, 98 and 117

TORONTO, ON - January 21, 2013 - Falcon Oil & Gas Ltd. (TSXV: FO.V) ("Falcon" or the "Company"), a Toronto listed and Dublin headquartered company focused on unconventional oil and gas exploration and production assets in Australia, South Africa and Hungary, is pleased to announce the completion of the acquisition of seismic data by Hess Australia (Beetaloo) Pty Ltd ("Hess") on Exploration Permits 76, 98 and 117 held by Falcon's 73% subsidiary, Falcon Oil & Gas Australia Limited ("Falcon Australia") in the Beetaloo Basin of the Northern Territory, Australia.
Over the two field seasons of 2011 and 2012 Hess acquired 3,490 km of 2D seismic data at an estimated cost of $55 million. The regulator, the Northern Territory Department of Mines and Energy, has determined that the acquired seismic satisfies the work commitments for the three permits owned by Falcon Australia. Details of the work completed over the last two field seasons are as follows: