2022-07-15 09:49 ET - News Release

Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - RESULTS OF ANNUAL GENERAL & SPECIAL SHAREHOLDERS MEETING

Falcon Oil & Gas Ltd. held its annual general and special shareholders meeting via conference call on Thursday, July 14, 2022. All resolutions considered and voted upon by the shareholders at the meeting, being the election of directors, appointment of auditors and approval of the stock option plan, were approved.

As more particularly described in the management information circular for the meeting, the stock option plan approved at the meeting included amendments that were necessary to comply with changes to TSX Venture Exchange security based compensation policies that were introduced on Nov. 24, 2021. The stock option plan included: (i) amendments to confirm that disinterested shareholder approval is required for any extension to the term of options held by insiders; (ii) amendments to comply with TSX-V limitations regarding the maximum the number of options that may be granted to certain participants; and (iii) certain other amendments of a housekeeping nature.

The full text of each resolution passed at the meeting was included in the management information circular communicated in advance of the meeting to shareholders, which is available on the company's website.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.