Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FILING OF INTERIM FINANCIAL STATEMENTS

Falcon Oil & Gas Ltd. has filed its interim financial statements for the three and nine months ended Sept. 30, 2024, and the accompanying management's discussion and analysis (MD&A). All dollar amounts in this news release are in U.S. dollars, except as otherwise indicated.

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three and nine months ended Sept. 30, 2024, which are available on SEDAR+ and on Falcon's website.

2024 financial highlights and other financial updates:

• Debt free with cash of $10-million at Sept. 30, 2024 (Dec. 31, 2023: $8-million);
• Continued focus on cost management and the efficient operation of the portfolio.

About Falcon Oil & Gas Ltd.

Falcon Oil 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 is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.

We seek Safe Harbor.