Falcon Oil & Gas Ltd. says that an independent study by RPS Energy has substantially increased Play level Prospective Resources in the Beetaloo exploration permits in Northern Australia held by Falcon's 73% subsidiary, Falcon Oil & Gas Australia Limited (Falcon Australia) as well as providing an update on the Contingent Resources in the Mako Trough, Hungary.

The Company recently engaged RPS Energy to carry out an updated independent evaluation of and produce a Competent Person's Report ("CPR") on the potential hydrocarbon resources pertaining to Falcon Australia's acreage interests in the Beetaloo Basin, Australia and the Mako Trough in Hungary as at 1 January 2013.

A summary of the resource updates are set out in the tables below with the most significant point to note being the substantial increase in the Play level Prospective Resource in the Beetaloo Basin.

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