Falcon Oil & Gas Provides Update on Foldeak-1 Well Operations In Hungary

DENVER, Nov. 2 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company"), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, announces that the third fracture of the Foldeak-1 well has been completed at a depth of approximately 3,850 meters within the Szolnok Formation of the Hungarian Mako Trough, and that the well has been temporarily plugged and abandoned to allow future access as required.

The well was flowed for a 130 hour period. Initial gas flow rates of 20,000 standard cubic feet (560 cubic meters) per day depleted to 7,000 standard cubic feet (200 cubic meters) per day at the end of the flow period. Initial water flow rates averaged over 3,400 barrels (540 cubic meters) per day going to approximately 300 barrels (50 cubic meters) per day at the end of the flow period. H2S rates averaged 50ppm and CO2 averaged 10%.

This third fracture test completes Production Ventures East Hungary Kft (ExxonMobil), and Hungarian oil and gas firm, MOL's, US$50 million financial obligation under the Initial Work Program, and completes the Initial Work Program itself, under the Production and Development Agreement among Falcon, ExxonMobil, and MOL.