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2022-05-19 02:00 ET - News Release

FALCON OIL & GAS LTD.

("Falcon")

Filing of Interim Financial Statements

19 May 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three months ended 31 March 2022 and the accompanying Management's Discussion and Analysis ("MD&A").

The following should be read in conjunction with the complete unaudited unreviewed Interim Financial Statements and the accompanying MD&A for the three months ended 31 March 2022, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Falcon's website at www.falconoilandgas.com.

Q1 2022 Financial Highlights

• Strong financial position, debt free with cash of US$8.3 million at 31 March 2022 (31 December 2021: US$8.9 million).
• Continued focus on strict cost management and efficient operation of the portfolio.

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