DENVER, May 5 /PRNewswire/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it has received a new, updated, independent report from RPS Scotia disclosing an updated resource estimate of the Mako Trough Pannonian Basin Gas Accumulation (the "Mako Trough") within the production license area of Falcon's deep gas exploration project in southeastern Hungary (the "RPS Scotia Report"). The RPS Scotia Report is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"). The RPS Scotia Report on the resource of the Mako Trough describes a probabilistic distribution of the potentially recoverable portion of "Contingent Resources" as defined by the Canadian Oil and Gas Evaluation Handbook and does not represent an estimate of reserves. Based on all available data, RPS Scotia has assigned the following probabilistic estimation of potentially recoverable contingent resources in the Szolnok formation, the Lower Endrod, the Basal Conglomerate and the Synrift Sequence. The RPS Scotia Report measures the Mako Trough in trillions of cubic feet (Tcf) and millions of barrel oil (mmbo): Probability Greater Than P90 (90%) P50 (50%) P10 (10%) Probabilistic estimation of potentially recoverable 25.8 Tcf 43.9 Tcf 68 Tcf contingent resources (1) (2) 42.6 mmbo 97.8 mmbo 202.7 mmbo Notes: (1) The resource estimate has been conducted using the definitions specified by the Canadian Oil and Gas Evaluation Handbook. The Mako Trough resource falls under the "Discovered Resources" classification. The values refer to the probabilistically estimated recoverable fraction of "Contingent Resources" within that classification. Contingent resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from known accumulations but are not currently economic. The economic nature of this resource has not yet been assessed due to the early stage of data gathering for the Mako Trough resource. The recoverable portion of this "Contingent Resource" is contingent upon the demonstration of productive capability of the various zones of interest through well testing and longer term production testing which has not occurred as of the effective date of the report. (2) Estimates are as of March 31st, 2008, the effective date of the RPS Scotia Report. A copy of the RPS Scotia Report is available at http://www.sedar.com/. About The Scotia Group Founded in 1981, The Scotia Group recently joined The RPS Group and is now known as RPS Scotia, Inc. RPS Scotia consists of approximately 20 geoscience and petroleum engineering professionals and has offices in Houston and Dallas. RPS Scotia provides advisory services to the oil and gas industry specializing in technical and economic analysis of projects, properties and companies. In addition to advisory services RPS Scotia provides traditional consulting services including integrated field studies, reserves reporting, geology, geophysics, and reservoir engineering. Clients include banks, financial institutions, the legal community, government agencies, and major and independent international energy organizations including ChevronTexaco, EnCana, Petrobras, Reliance Industries, Repsol Exploration, Pemex Exploracion y Produccion, Woodside Petroleum and the U.S. Department of Energy. The RPS Group has over 164 professionals located worldwide, in the U.S.; Canada, the U.K., Australia, Russia, and Singapore and provides similar and expanded capabilities including sedimentology, environmental services, and geohazards. About Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Exploration and Production, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation. Further information about Falcon is available at http://www.falconoilandgas.com/. Falcon Oil and Gas Ltd. Investor and Public Relations: Alexander Hubbard-Ford +1 303-951-1116 In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company's assessment of its and its subsidiaries' future plans and operations, certain statements included in this press release may constitute forward-looking information or forward looking statements (collectively, "forward-looking statements"). All statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate", "believe", "expect", "estimate" and similar expressions are generally intended to identify forward-looking statements. Similarly, forward-looking statements in this press release include, but are not limited to anticipated developments of the Company's drilling project in Hungary and the timing thereof, the Company's drilling project in Romania and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farmout plans, net cash flows, geographic expansion and plans for seismic surveys. In addition, please note that statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Such statements represent the Company's internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company's filings with Canadian securities administrators at http://www.sedar.com/ before making investment decisions with regard to the Company. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. DATASOURCE: Falcon Oil & Gas Ltd. CONTACT: Alexander Hubbard-Ford of Falcon Oil & Gas Ltd., +1-303-951-1116 Web site: http://www.falconoilandgas.com/

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