FO: Falcon Oil & Gas Ltd. Receives Long-Term Production License in Hungary

"Budapest, Hungary – May 22, 2007 – Falcon Oil & Gas Ltd. (TSXV: FO) (“Falcon”) today announced that it has received final written approval from the Hungarian Mining Authority for a long-term production license (known as a “Mining Plot” under Hungarian law) covering all oil and gas in the identified Basin Centered Gas Accumulation (“BCGA”) resource underlying Falcon's two exploration licenses."

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