Falcon Oil & Gas Ltd. Appoints Seasoned Oil and Gas Veteran, Dr. Gyorgy Szabo, as Board Chairman

DENVER, Sep. 24, 2009 (Canada NewsWire via COMTEX News Network) --

President and Chief Executive Officer, Marc A. Bruner, to Focus and Lead Company on all Strategic Fronts

Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company"), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, today announced that its Board of Directors has agreed to accept the recommendation of Marc A. Bruner, President and Chief Executive Officer of Falcon, to appoint Dr. Gyorgy Szabo as Chairman of the Company's Board.

In recommending this change, Mr. Bruner stated, "It is with great pleasure that we make this announcement. Given the Company's increased involvement as operator of the Beetaloo Basin Project in Australia, the gaining momentum of our Hungarian operations, and the strategic initiatives being undertaken with our advisors, Bank of America Merrill Lynch, BMO Capital Markets, and Moyes & Co., my efforts in my continuing roles as Director, President, and Chief Executive Officer, will focus on the successful execution of our business plan surrounding these projects. Dr. Szabo's input as Board Chairman will be a tremendous asset for our organization as we move forward."

Dr. Szabo, a Director of Falcon since 2006, is a widely recognized authority in the Hungarian and international petroleum industry. In addition to being a university professor, Dr. Szabo has overseen the design and implementation of the deepest HP-HT well ever drilled in Hungary. In 1991 he was in charge of successful fire control and well abandonment operations by Hungarian teams in Kuwait. He was instrumental in the privatization and the strategy related to the capitalization and structure of Hungary's former National Oil Corporation (presently MOL), as well as the landmark listing of the company on domestic and international securities exchanges in 1995. Dr. Szabo graduated from Miskolc University and received a degree in petroleum engineering in 1963. He received his Ph.D. in 1975.

In accepting his appointment, Dr. Szabo commented, "This is an exciting time for Falcon at almost every level and I am pleased to be given this important role with the Company. I hope to carry on where Marc left off in this position as we all work together to deliver results to our shareholders."

Additional Corporate Governance Changes:

Effective immediately, the Board has also accepted Mr. Bruner's recommendations to reconstitute its committees and create a new Corporate Governance Committee. The mandate of the Corporate Governance Committee will be to develop and monitor the Company's approach to matters of governance, bring increased efficiency and effectiveness to the Board's operation, and support its interactions and relationship with management.

The committees will be constituted as follows:

Audit Committee
David E. Fisher (Chair), Janos Csak, Carl Stadelhofer

Nomination & Compensation Committee
Prof. Ferenc Horvath (Chair), Stephen Schultz, Carl Stadelhofer

Resource & Reserve Committee
Daryl Gilbert (Chair), Dr. Szabo, Marc A. Bruner

Corporate Governance Committee
Janos Csak (Chair), Stephen Schultz, Joachim Conrad


Source: Stockhouse.com