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Table B: Hungary - Contingent Resources Summary for "Deep Mako Trough"
---------------------------------------------------------------------------- RPS Report January 2013(1) RPS Report March 2008---------------------------------------------------------------------------- Gross Volumes at 2C level Gross Volumes at 2C level----------------------------------------------------------------------------Gas (TCF) 35.27 43.94----------------------------------------------------------------------------Oil (MMBO) 76.71 97.80----------------------------------------------------------------------------
Table C: Hungary - Prospective Resources Summary for Mako Trough - Algyo Formation
---------------------------------------------------------------------------- RPS Report January 2013(1) RPS Report March 2008---------------------------------------------------------------------------- Gross Best Estimate (P50)----------------------------------------------------------------------------Gas (BCF) 568 N/A----------------------------------------------------------------------------
Philip O'Quigley, CEO of Falcon commented:
"The recent work completed by RPS Energy resulting in a substantial increase in the potential recoverable volumes in our acreage in the Beetaloo Basin augurs well for the future prospectivity of the Beetaloo Basin as well as confirming the substantial un-risked potential resources of the Algyo Play, now the target of a drilling campaign due to start by the end of March 2013."
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. (TSX VENTURE: FO) is an international oil and gas company focused on exploration and production in Australia, South Africa and Hungary. Falcon's strategy is to acquire, explore and develop large acreage positions of unconventional and conventional oil and gas resources in major underexplored basins located in politically and economically stable countries, with a high regional demand for energy and existing infrastructure. The Company's distinctive approach is to seek endorsement of its acreage and support for its exploration efforts in partnerships with established international oil & gas companies. Falcon's assets are represented by interests in almost 15 million acres in areas allowing rapid delivery of oil and gas to market.
In Australia, Falcon Australia holds 100% interest in four exploration permits covering 7 million acres in the Beetaloo Basin, Northern Territory. Falcon's JV agreement with Hess covers significant seismic acquisition and an option to drill five wells. In South Africa, Falcon holds 100% interest in a Technical Cooperation Permit covering 7.4 million acres in the Karoo Basin. Falcon has signed a Cooperation agreement with Chevron to seek unconventional exploration opportunities in the Karoo Basin, onshore South Africa. The Karoo Basin is large (236,000 mi2), extending across nearly two-thirds of the country, with the southern portion (70,800 mi2) of the basin potentially favourable for shale gas. A significant portion of Falcon's TCP is located within the prospective area, along the southern boundary. Falcon's acreage in Hungary is adjacent to the giant Algyo Field and is transected by existing gas pipelines offering near-term access to local markets.
