Falcon Oil & Gas Ltd.

Received a subscription from Sheffield Holdings LP, led by Bryan Sheffield, a private placement through the issue of 62.5 million common shares at a price of CA$0.20 per share. Following the placement, Sheffield will hold a total of roughly 90.4 million common shares of Falcon, representing 8.66% of Falcon’s issued and outstanding common shares. Funds will be added to the company’s cash balance, giving Falcon a strong financial position well ahead of future decisions on the Beetaloo project in Australia, believed by Sheffield to be an emerging as a world class shale gas basin.