Falcon Oil & Gas Ltd. is a global energy company that is focused on acquiring, exploring and developing properties where we believe significant commercial reservoirs of oil and natural gas exist. http://www.falconoilandgas.com/
Our expertise includes some of the world’s top oil and gas experts with several decades of highly successful unconventional and conventional natural gas drilling, development and production in North America. We are the first North American company to bring unconventional drilling and extraction technologies (developed in the tight gas sands of the U.S. Rocky Mountain region) to Europe.
Our global operations are focused in countries characterized by stable political leadership, a healthy, growing economy, a high regional demand for energy and an existing pipeline infrastructure that permits rapid delivery of oil and gas to market.
Our offices are in Denver, Colorado, Vancouver, British Columbia, and Budapest, Hungary. Shares of our company trade on the Toronto TSX Venture Exchange under the trading symbol ‘FO’. On US OTC they trade as FOLGF.PK. MOST SIGNIFICANT RECENT PRESS RELEASE:
Thursday April 10th, 2008 Falcon Oil & Gas Ltd. announced that it and its wholly owned subsidiary, TXM Exploration and Production LLC, have entered into a Production and Development Agreement with Exxon Mobil Corporation affiliate Esso Exploration International Limited (ExxonMobil)
under which Falcon and ExxonMobil will become joint owners in a specified portion (the "Contract Area") of Falcon's long-term production license (the "Production License") in the Mako Trough, Hungary. ExxonMobil will operate the Contract Area. Latest Press Release: Falcon Oil & Gas Ltd. Receives an Updated Independent Resource Assessment From RPS Scotia for Its Mako Trough Deep Gas Project in Hungary
Monday May 5, 11:05 am ET
DENVER, May 5 /PRNewswire/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it has received a new, updated, independent report from RPS Scotia disclosing an updated resource estimate of the Mako Trough Pannonian Basin Gas Accumulation (the "Mako Trough") within the production license area of Falcon's deep gas exploration project in southeastern Hungary (the "RPS Scotia Report").
The RPS Scotia Report is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101").
The RPS Scotia Report on the resource of the Mako Trough describes a probabilistic distribution of the potentially recoverable portion of "Contingent Resources" as defined by the Canadian Oil and Gas Evaluation Handbook and does not represent an estimate of reserves.
Based on all available data, RPS Scotia has assigned the following probabilistic estimation of potentially recoverable contingent resources in the Szolnok formation, the Lower Endrod, the Basal Conglomerate and the Synrift Sequence. The RPS Scotia Report measures the Mako Trough in trillions of cubic feet (Tcf) and millions of barrel oil (mmbo):
Probability Greater Than
P90 (90%) P50 (50%) P10 (10%)
of potentially recoverable 25.8 Tcf 43.9 Tcf 68 Tcf
contingent resources (1) (2) 42.6 mmbo 97.8 mmbo 202.7 mmbo
(1) The resource estimate has been conducted using the definitions
specified by the Canadian Oil and Gas Evaluation Handbook. The Mako
Trough resource falls under the "Discovered Resources" classification.
The values refer to the probabilistically estimated recoverable
fraction of "Contingent Resources" within that classification.
Contingent resources are those quantities of oil and gas estimated on
a given date to be potentially recoverable from known accumulations
but are not currently economic. The economic nature of this resource
has not yet been assessed due to the early stage of data gathering for
the Mako Trough resource. The recoverable portion of this "Contingent
Resource" is contingent upon the demonstration of productive
capability of the various zones of interest through well testing and
longer term production testing which has not occurred as of the
effective date of the report.
(2) Estimates are as of March 31st, 2008, the effective date of the RPS
A copy of the RPS Scotia Report is available at http://www.sedar.com
About The Scotia Group
Founded in 1981, The Scotia Group recently joined The RPS Group and is now known as RPS Scotia, Inc. RPS Scotia consists of approximately 20 geoscience and petroleum engineering professionals and has offices in Houston and Dallas. RPS Scotia provides advisory services to the oil and gas industry specializing in technical and economic analysis of projects, properties and companies. In addition to advisory services RPS Scotia provides traditional consulting services including integrated field studies, reserves reporting, geology, geophysics, and reservoir engineering. Clients include banks, financial institutions, the legal community, government agencies, and major and independent international energy organizations including ChevronTexaco, EnCana, Petrobras, Reliance Industries, Repsol Exploration, Pemex Exploracion y Produccion, Woodside Petroleum and the U.S. Department of Energy. The RPS Group has over 164 professionals located worldwide, in the U.S.; Canada, the U.K., Australia, Russia, and Singapore and provides similar and expanded capabilities including sedimentology, environmental services, and geohazards.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Exploration and Production, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation. Further information about Falcon is available at http://www.falconoilandgas.com
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