FOR:  FALCON OIL & GAS LTD.TSX VENTURE SYMBOL:  FOAIM SYMBOL:  FOGISE SYMBOL:  FACDecember 9, 2016Falcon Oil & Gas Ltd. - Holdings in CompanyDUBLIN, IRELAND--(Marketwired - Dec. 9, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC)("Falcon") was notified today that Nicolas Mathys is the beneficial owner of 50,551,600 common shares of Falcon("Shares"), representing 5.49% of Falcon's issued and outstanding Shares.About Falcon Oil & Gas Ltd.Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration anddevelopment of conventional and unconventional oil and gas assets, with the current portfolio focused inAustralia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada andheadquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.FOR FURTHER INFORMATION PLEASE CONTACT:Falcon Oil & Gas Ltd.Philip O'QuigleyCEO+353 1 676 8702+353 87 814 7042ORFalcon Oil & Gas Ltd.Anne FlynnCFO+353 1 676 9162ORDavy (NOMAD & Broker)John Frain / Anthony Farrell+353 1 679 6363