FO: Falcon Oil & Gas Ltd. Announces Completion of First Phase of Operations and Provides Operational and Financial Update

"Budapest, Hungary – August 29, 2007– Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company") today announced the completion of its first phase of operations in the Makó Trough, and provided updates on the Company’s operational activities and financial position. The Company also filed its second quarter financial information and accompanying management discussion and analysis (MD&A) with the Canadian Securities Administrators."

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