Falcon Oil and Gas Ltd.

Well, it is definitely not new news to us, but news in Hungary ;)

Hungarian well of Falcon Oil & Gas Ltd. reaches total depth

http://www.portfolio.hu/en/cikkek.td...

Wednesday, May 6, 2009 08:48:00 AM

Falcon Oil & Gas Ltd. has announced that the Földeák-1 well in Hungary, a part of a work programme with ExxonMobil and MOL, has reached total depth.

The Földeák-1 well is part of the "Initial Work Program" under Falcon's 10 April 2008 Production and Development Agreement, as amended, with ExxonMobil Corporation affiliate Production Ventures East Hungary Kft and Hungarian oil and gas group MOL.

“The primary focus of the Initial Work Program and the Földeák-1 well is to test the Szolnok Formation. A complete thickness of the Szolnok Formation was drilled. The well reached a total depth of 4,421 meters and is currently being evaluated for testing," Falcon said in a press release.

Falcon has discovered a large Basin Centered Gas Accumulation (BCGA) and a potential fractured oil and gas play in the Makó Trough area in south central Hungary. In 2007 the company was awarded a production license covering 245,775 net acres.

2007.05.23 10:43
Falcon Oil & Gas Ltd. receives long-term production license in Hungary

An independent report estimated in March last year potentially recoverable contingent resources at the following for Falcon's interests in the Szolnok formation, the Lower Endrod, the Basal Conglomerate and the Synrift Sequence, measuring in trillions of cubic feet (“Tcf") and millions of barrel oil (“mmbo"):

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is a British Columbia corporation 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, LLC, in Romania through its wholly owned subsidiary JVX Energy Corporation, in Colorado through its wholly owned subsidiary Falcon Oil & Gas USA, Inc., and in Australia through its wholly owned subsidiary Falcon Oil & Gas Australia Pty Ltd.