Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FALCON ANNOUNCES PLANNED SHARE CONSOLIDATION AND NAME CHANGE TO PURSUE U.S. LISTING

Falcon Oil & Gas Ltd. plans to change its corporate name to Beetaloo Resources Corp. and to consolidate its share capital on the basis of one postconsolidation common share for up to 250 preconsolidation common shares. The name change and consolidation are subject to shareholder approval being obtained at a special meeting of shareholders to be held on Oct. 29, 2024, and all necessary regulatory approvals, including the approval of the TSX Venture Exchange and the AIM (Alternative Investment Market).

The company wishes to proceed with the consolidation in order to pursue a listing on a U.S. stock exchange during the first half of 2025, which is expected to expand awareness of the company among U.S.-based investors and potentially provide the company with additional sources of capital. In conjunction with the consolidation, the company plans to complete the name change in order to align the company's name with its strategic focus on appraisal and development activities in the Beetaloo subbasin in Northern Territory, Australia.

The company currently has 1,109,141,512 issued and outstanding common shares. In the event that the consolidation is completed, for example on a 1:250 basis, the company would have approximately 4,436,566 common shares outstanding following the consolidation. In addition, the exercise price and number of common shares issuable upon the exercise of any convertible securities would be proportionally adjusted upon the implementation of the consolidation. Subject to obtaining all necessary approvals, the consolidation would occur at a time and exchange ratio to be determined by the board of directors of the company.

Further details regarding the consolidation and name change will be provided at a later date.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.

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