Falcon Oil & Gas Ltd. announces closing of initial Buckskin Mesa transaction

About this update from Falcon Oil & Gas Ltd.

[{"type":"text","content":"\n\n\n\n(TSXV Symbol: FO)\n\n\nDENVER, Nov. 10 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) today announced\nthat it has closed the transaction entered into in August 2008 to acquire a\n25% working interest in five wells located within PetroHunter Energy\nCorporation's 20,000 acre Buckskin Mesa project in the Piceance Basin,\nColorado. Under the terms of the agreement, Falcon is depositing US$7 million\ninto an escrow account to be used exclusively for a testing and completion\nprogram on the five wells. After evaluating the results obtained from these\ntests, Falcon will determine whether to exercise its option to acquire a 50%\nworking interest (37.5% net revenue interest) in the entire Buckskin Mesa\nProject including the five wells.\n\n\n"We are looking forward to further develop the Buckskin Mesa project\ntogether with PetroHunter," stated Falcon's Chairman and Chief Executive\nOfficer, Marc Bruner. "This is an important step for Falcon to expand its\noperations worldwide as well as to have potential near-term gas production in\none of the most prolific and active gas producing areas in North America."\n\n\nAbout Falcon Oil & Gas Ltd.\n\n\nFalcon Oil & Gas Ltd. is a British Columbia corporation in the business\nof oil and gas exploration and production. It has operations in Hungary\nthrough its wholly owned subsidiary TXM Oil and Gas Exploration, LLC, in\nRomania through its wholly owned subsidiary JVX Energy Corporation and in\nAustralia through its wholly owned subsidiary Falcon Oil & Gas Australia Pty\nLtd. Further information about Falcon is available at www.falconoilandgas.com.\n\n\nIn the interests of providing Company shareholders and potential\ninvestors with information regarding the Company, including the Company's\nassessment of its and its subsidiaries' future plans and operations, certain\nstatements included in this press release may constitute forward-looking\ninformation or forward looking statements (collectively, "forward-looking\nstatements"). All statements contained herein that are not clearly historical\nin nature are forward-looking, and the words "anticipate", "believe",\n"expect", "estimate" and similar expressions are generally intended to\nidentify forward-looking statements. Similarly, forward-looking statements in\...

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