FO: Falcon Oil & Gas Ltd. Enters Into Agreements To Acquire Assets In Piceance Basin, Colorado And Northern Territory, Australia

"Denver, CO – August 25, 2008 – Falcon Oil & Gas Ltd. (TSXV: FO) (“Falcon” or the “Company”) today announced that an independent committee of the Board of Directors (“Independent Committee”) has approved entering into binding agreements with PetroHunter Energy Corporation (“PetroHunter”) under which Falcon will acquire a 25% working interest in five wells (“Five Wells”) located within PetroHunter’s 20,000 acre Buckskin Mesa project (“Buckskin Mesa Project”) located in the Piceance Basin, Colorado and undertake a completion and testing program in respect of these Five Wells. If testing is successful, Falcon will have an option to acquire a 50% working interest in the Buckskin Mesa Project. Falcon has also entered into agreements to acquire a 50% working interest in PetroHunter’s 7 million acre prospect in Northern Territory, Australia (the “Beetaloo Basin”)."

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