Falcon Oil & Gas Ltd. announces that its subsidiary, Falcon Oil & Gas Australia Ltd (FOGA), has entered into an Agreement with CR Innovations AG (CRIAG) to acquire its 4% Overriding Royalty Interest ("ORRI") relating to its Exploration Permits in the Beetaloo Basin ("the Agreement").
◾ FOGA has made an initial payment to CRIAG of US$999,000 on signing the Agreement
◾ FOGA to make second payment to CRIAG of US$999,000 to acquire the first 3% of the ORRI.
◾ Second payment to be made upon completion of a farm-out deal in Australia
◾ CRIAG has granted FOGA a five year call option to acquire the remaining 1% for US$5,000,000
◾ All ORRI's acquired under the Agreement will be immediately cancelled by FOGA