VANCOUVER, British Columbia, Nov. 2 /PRNewswire-FirstCall/ -- Falcon Oil &
Gas Ltd. ("Falcon") (TSXV: FO.V) has commenced drilling operations on its deep
gas project in Hungary and moves forward on its coalbed methane project in
Romania.
Hungary
Drilling operations commenced during the last week of October on the Mako
License with the setting of the first string of casing at the Mako-6 well
location. Drilling operations also commenced during the last week of October
on the Tisza License with the setting of the first string of casing at the
Pusztaszer-1 well location.
"We are pleased to announce the beginning of drilling operations in
Hungary," said Marc A. Bruner, President, CEO and Chairman of Falcon. "If
progress on the intermediate depth Pusztaszer well moves quickly, we would
like to move that rig over and spud a third well at the Szekkutas location
during 2005."
Romania
Since the previous operations update in Falcon's September 12 news
release, Falcon has proceeded to enlarge the cored section of the Lupeni
South-1 well in the Jiu Valley Coalbed Methane Concession in Romania and has
now run production casing. The cores have been shipped to the United States
for analyses and the design of the completion and testing operations.
"The gas shows and core information in this coalbed methane prospect were
encouraging enough for us to run casing," stated Marc A. Bruner. "The frac
design is in the final stages and the logistics involved with moving the
necessary men, equipment and materials is underway. We believe our operations
are still on track to have this well completed and tested before the end of
the year. While the Hungarian project has much larger potential, the Romanian
project could also be very important to Falcon."
Falcon Oil & Gas Ltd. is a Canadian corporation, which is in the business
of oil and gas exploration and production. It has operations in Hungary
through its wholly-owned subsidiary TXM Oil and Gas Exploration, and in
Romania through its wholly-owned subsidiary JVX Energy Corporation.
Additional information about Falcon may be obtained on the company website:
http://www.falconoilandgas.com.
Contacts: Falcon Oil & Gas Ltd.
Marc A. Bruner President, CEO and Chairman
Allan D. Laird Director (303) 803-3646
Contacts: CTA Public Relations
Bevo Beaven Vice President/General Manager
(303) 665-4200
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The TSX Venture
Exchange has in no way passed upon the merits of the above-described
transaction and has neither approved nor disapproved the contents of this
press release.
SOURCE Falcon Oil & Gas Ltd.
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Related links:
http://www.falconoilandgas.com
CONTACT:
Marc A. Bruner, President, CEO and Chairman,
or Allan D. Laird, Director, both of Falcon Oil & Gas Ltd.,
+1-303-803-3646; or Bevo Beaven, Vice President/General Manager
of CTA Public Relations, for Falcon Oil & Gas Ltd.,
+1-303-665-4200
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