I lost a lot of money chasing Petro Frontier, which owns 13.1 million acres in the Georgina Basin (Australia). The end result was the oil and gas play in Australia was too spotty and too difficult to make it a viable play. That's been known about much of Australia's reserves for quite some time. I don't have much fiath in Falcon Oil's Australian reserves, as I would imagine it to be similar to PFC. I was buying in from 25 cents to 30 cents...it dropped to 4 cents once StatOil left the picture (currently at 8 cents only because they have 10 million cash). You may want to read the following before getting too excited about Falcon Oil:

Background on PFC: PetroFrontier Corp is a TSX-V listed, junior oil & gas exploration company that has been exploring for oil and gas in Australia’s Southern Georgina Basin. Early operations were conducted by PetroFrontier, until September 30, 2013 when Statoil assumed operatorship and committed to carry PetroFrontier for up to $ 175 million in exploration activities. Although the presence of both oil & gas were postulated and subsequently proven, severely restricted reservoir permeability has rendered the play uneconomic. PetroFrontier is currently focused on minimizing overhead expenditures and is actively seeking new business development opportunities for its cash reserves of approximately $ 10 million.