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Falcon Oil & Gas Ltd.-Submission of interim financial statements

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FALCON OIL & GAS LTD.

(“”Falcon).

Submission of interim financial statements

May 19, 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) submits three-month interim financial statements ending March 31, 2022 and accompanying management discussions and analysis. Announced that (“MD & A“).

The following should be read in conjunction with the full unaudited, unreviewed interim financial statements for the three months ended March 31, 2022 and the accompanying MD & A available in Canada’s Electronic Document Analysis and Search System. I have(“Cedar”) At www.sedar.com and the Falcon website at www.falconoilandgas.com.

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Q1 2022 financial highlights

  • Strong financial position, no debt in cash of US $ 8.3 million as of March 31, 2022 (December 31, 2021: US $ 8.9 million).
  • We will continue to focus on strict cost control and efficient portfolio management.

Contact details:

Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’quigley, CEO +353 87 814 7042
Ann Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee +44 131 220 9771

Interim Summary Consolidated Income Statement and Comprehensive Loss
(Unaudited)

3 months have ended
March 31 2022
$ ‘000
3 months have ended
March 31, 2021
$ ‘000
Revenue
Oil and gas revenue – – 2
– – 2
Expenses
Exploration and valuation costs (40) (40)
General and administrative expenses (608) (1,031)
Exchange loss (45) (155)
(693) (1,226)
Operational results Activities (693) (1,224)
Financial income 3 1
Financial expenses (60) (67)
Net financial expenses (57) (66)
Loss during the period and comprehensive loss (750) (1,290)
Losses and comprehensive losses due to:
Company stockholders (750) (1,289)
Non-controlling interest – – (1)
Loss during the period and comprehensive loss (750) (1,290)
Loss per share attributable to shareholders of the company:
Basic and diluted ($ 0.001) ($ 0.001)

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Interim Summary Consolidated Financial Statement
(Unaudited)

March 31
2022
$ ‘000
December 31
2021
$ ‘000
assets
Non-current assets
Exploration and Valuation Assets 40,237 40,197
Tangible fixed assets 11 11 13
Accounts receivable and other accounts receivable twenty three twenty two
Limited cash 2,200 2,239
42,471 42,471
current assets
Cash and cash equivalents 8,301 8,894
Accounts receivable and other accounts receivable 162 74 74
8,463 8,968
Total assets 50,934 51,439
Shareholders’ equity and liabilities
Equity Attribution To owner Parent’s
Stock capital 392,170 392,170
Surplus contribution 46,390 46,254
deficit (400,616) (399,866)
37,944 38,558
Non-control
interest
698 698
Total capital 38,642 39,256
liabilities
Non-Current
liabilities
Decommissioning provisions 11,834 11,775
11,834 11,775
Current Liabilities
Accounts payable and accrued expenses 458 408
458 408
total liabilities 12,292 12,183
Equity and total debt 50,934 51,439

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Interim Summary Consolidated Cash Flow Statement
(Unaudited)

3 months ended on March 31st
2022
$ ‘000
2021
$ ‘000
Cash flow from operating activities
Net loss for the period (750) (1,290)
Adjustment:
Stock-based compensation 136 136 565
Depreciation 2 1
Net financial expenses 57 57 66 66
Impact of exchange rates on operating activities 45 45 155
Transfer of Canadian Labor Profit – – (28)
Changes in non-cash working capital:
Increase in accounts receivable and other accounts receivable (89) (43)
Increased accounts payable and accrued expenses 30 twenty four
Pure cash used for sales activities (569) (550)
Cash flow from investing activities
Interest received 3 1
Exploration and Valuation Assets (29) – –
Pure cash (use) / generated by investment activities (26) 1
Change of cash and cash equivalents (595) (549)
Effect of exchange rates on cash and cash equivalents 2 (Five)
Cash and cash equivalents at the beginning of the period 8,894 11,036
Cash and cash equivalents at the end of the period 8,301 10,482

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All dollar amounts in this document are in US dollars “$” unless otherwise stated.

About Falcon Oil & Gas Ltd.

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

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

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

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Certain information in this press release may constitute information about the future outlook. This information is based on current expectations that are affected by significant risks and uncertainties that are difficult to predict.
Actual results may differ materially from those proposed in the forward-looking statements. Why Falcon may update forward-looking statements or may differ from the actual results reflected in the forward-looking statements, except as required by securities law applicable to Falcon. We do not undertake any obligation to renew. Additional information identifying risks and uncertainties is included in Falcon’s filings with Canadian regulatory agencies. This submission is available at www.sedar.com.

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Falcon Oil & Gas Ltd.-Submission of interim financial statements

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