BUDAPEST, Hungary, September 21 /PRNewswire/ --

Falcon Oil & Gas  Ltd. (TSXV Symbol: FO) ("Falcon") announced today that 
Igor Akhmerov, David E. Fisher, Daryl H. Gilbert, Jan Van Holsbeeck and Prof. 
Ferenc Horvath have been elected to Falcon's board of directors following 
their election at Falcon's annual and special meeting of shareholders held on 
September 18, 2007. The five new directors will join the following four 
returning directors: Marc Bruner, Stephen Schultz, Carl Stadelhofer and Dr. 
Gyorgy Szabo. Andrew Calerich did not stand for re-election.

"We are pleased to welcome Igor Akhmerov, David E. Fisher, Daryl H.
Gilbert, Jan Van Holsbeeck and Prof. Ferenc Horvath as members of Falcon's
board," stated Marc A. Bruner, Falcon's President, Chief Executive Officer 
and Chairman of the Board. "Their respective experience and expertise will
make them valuable contributors to the continued growth of Falcon. As Andrew
Calerich did not stand for re-election as a director, I would like to take
this opportunity to acknowledge and thank Andrew for his time and commitment
to Falcon."

Igor Akhmerov is the founder and chief executive officer of Avelar Energy
Group, an international group of energy companies based in Zurich. He has
extensive experience in the business and financial aspects of the oil and gas
industry. Mr. Akhmerov holds a BA in Economics from the Moscow Institute of
Management, an MBA from the Wharton School of Business and an MA from the 
Lauder Institute of International Relations.

David Fisher currently serves as a director of Terra Industries Inc. 
("Terra"), a NYSE listed international producer of nitrogen products, and is
the chairman of the audit committee and member of the compensation committee
of Terra. Mr. Fisher has over 25 years of experience in the natural resources
and extractive industries.

Daryl Gilbert is currently an independent businessman in Calgary, Alberta
and serves as a director of several energy related public entities listed on
the TSX, TSX-V and NYSE, such as AtltaGas Income Trust, Canetic Resources 
Trust, MGM Energy Corp. and Nextar Energy Ltd. Mr. Gilbert entered the field
of independent consulting in 1979 when he joined the predecessor oil and gas
engineering and geological firm which became Gilbert Laustsen Jung Associates
Ltd. He became a Principal Officer of the firm in 1988 and was appointed 
President and Chief Executive Officer in 1994, and served in both capacities
until his retirement in early 2005.

Jan Van Holsbeeck is an investment advisor and a director of Plaza 
Luxembourg S.A., a private research and consulting company. Mr. Van Holsbeeck
holds a master's degree in Commerce and Finance from Vlekho Business School
(Brussels, Belgium), a master's degree in Corporate Financial Management from
Vlekho Business School and one of Financial Analysis from the Belgian 
Association of Financial Analysts (Brussels, Belgium-EFFAS).

Prof. Ferenc Horvath is currently the director of the Institute of 
Geography and Earth Science, Eotvos Lorand University and a professor and 
head of the Department of Geophysics. Prof. Horvath has over 30 years of 
experience in basin analysis, seismic interpretation, plate tectonic 
reconstruction and hydrocarbon prospect analysis, and his research group has 
a leading position in the field of high-resolution seismic profiling, data 
processing and interpretation.

Additionally, Falcon's shareholders passed, without variation, the 
resolution approving Falcon's stock option plan, all as more particularly 
disclosed in Falcon's management information circular dated August 17, 2007.

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 Oil and Gas Exploration, and
in Romania through its wholly-owned subsidiary JVX Energy Corporation.

Further information about Falcon is available at www.falconoilandgas.com

Contact:
    Weber Shandwick Worldwide
    Peter Duda / JJ Rissi
    +1-212-445-8213 / +44-0-20-7067-0261



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or accuracy of this release.

Web site: http;//www.falconoilandgas.com