Falcon Completes Beetaloo Seismic Acquisition

Falcon Oil & Gas Ltd. has acquired seismic data by Hess Australia (Beetaloo) Pty Ltd. on Exploration Permits 76, 98 and 117 held by Falcon's 73% subsidiary, Falcon Oil & Gas Australia Ltd., in the Beetaloo Basin of the Northern Territory, Australia.

Over the two field seasons of 2011 and 2012 Hess acquired 3,490 km (2,169 miles) of 2D seismic data at an estimated cost of C $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:

• EP76 - 327 line-km (203 line-miles) of 2D seismic data.
• EP98 - 1,852 line-km (1,151 line-miles) of 2D seismic data.
• EP117 - 1,311 line-km (815 line-miles) of 2D seismic data.

The information collected is now being processed by Hess.

Following completion of the seismic program, Hess may elect to drill and evaluate five wells to earn a 62.5% equity stake in the license area covered by the three permits but excluding the 100,000 acres around the Shenandoah well. Hess has until the June 30 to make this election.

Falcon is a Toronto-listed and Dublin-headquartered company focused on unconventional oil and gas E&P assets in Australia, South Africa and Hungary.