Falcon Oil & Gas Ltd. - Director Purchase of Common Shares of Falcon

Falcon Oil & Gas Ltd.(“Falcon”, “Company”)

Director Purchase of Common Shares of Falcon

14 December 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that a director has purchased 100,000 common shares in Falcon.

Details of the respective purchases are included in the table below:

Name	Number ofCommon Shares purchased	Total number of Common Shares held after purchase	Percentage of issued share capital held after the purchase
Gregory Smith – Non - Executive Director	100,000	1,020,000	0.10%

Ends.CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee	[phone]

About Falcon Oil & Gas Ltd.Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Director / PDMR Shareholding

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gregory Smith
2	Reason for notification
a)	Position/Status	Non - Executive Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Common shares in the CompanyAIM: FOG TSXV: FO
b)	Nature of the transaction	Purchase of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		CAD$0.11	Purchase an aggregate of 14,000 common shares in the Company
		CAD$0.11	Purchase an aggregate of 86,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	100,000 common sharesCAD$11,000
e)	Date of the transaction	12 December 2022, 13 December 2022
f)	Place of the transaction	TSXV