FO: Falcon Oil & Gas Ltd. Announces Closing of Beetaloo Basin Transaction

"Denver, Colo. – October 2, 2008 – Falcon Oil & Gas Ltd. (TSXV: FO) (“Falcon” or the “Company”) today announced that the Company has closed the transaction to acquire its previously announced 50% working interest in PetroHunter Energy Corporation's ("PetroHunter") 7 million acre prospect in Northern Territory, Australia (the "Beetaloo Basin"). As consideration for the Beetaloo Basin transaction Falcon issued PetroHunter US$20 million of Falcon securities convertible into common shares of Falcon stock on a one for one basis, in addition to the US $5 million paid by Falcon to PetroHunter on August 25, 2008. The conversion of the convertible securities will result in the issuance of a maximum of 28,888,888 shares of Falcon at a minimum deemed value of $0.72 per share."

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