Landmark, a Halliburton Company, Reviews Falcon Natural Gas Corp. Prospect in Texas

Business Wire, June 29, 2004

HOUSTON -- Falcon Natural Gas Corp. (OTCBB:FNGC) ("Falcon") announced today that it has received an independent evaluation of its East Bob West Prospect in Southern Texas from Landmark Graphics Corporation, a wholly owned business unit of Halliburton.

The report issued in June 2004 confirms the considerable potential of the prospect, with potential recoverable reserves of up to 528 billion cubic feet.

The scope of the report was to re-work the available seismic, geological and petrophysical data along with a review of the analogous production from the adjacent Bob West and Lopeno fields. The conclusion of this work is that the prospect is located in a sand rich environment within the growth fault trend and fault system that traps at the major producing fields of Bob West and Lopeno.

With this information it was determined that the most probable recoverable reserves for the structure would be 106 billion cubic feet with a 10% probability of 528 BCF of Natural Gas value should all reservoir parameters be favorable. This range covers the reserves determined by the previous independent study work performed by Don W. Frazier, Inc. which gave an estimate of 200 BCF.

Landmark geophysicists, weighing all the risk parameters, gave a probability of 1 in 5 of a successful well, a probability that is considered very good in the industry for an exploration well.

Landmark assessed the cost of drilling and obtaining initial reservoir data to prove the presence of gas to be $3.94 million and an extensive program of testing and stimulation could run to $6.2 million. These figures are in line with Falcon's original estimates. A full text of the report is available for download at www.falcongas.com.

"We are very pleased with the Landmark report which confirms the potential that had been identified previously for the prospect. The range of possible reserves is very exciting and is in line with the values previously determined by other professionals. We look forward to drilling our first well this year and hope to prove up some significant reserves," said Alan Aitchison, Falcon's President & CEO.

Landmark Warranty

The report was based on the available data and Landmark cannot and does not in anyway guarantee results. All interpretation and all recommendations or reservoir descriptions based on such interpretations are opinions based on inferences, from measurements, empirical relationships and assumptions. These inferences and assumptions are not fallible and may differ with respect to other competent specialists. Landmark cannot and does not warranty the accuracy, correctness or completeness of the report. Falcon assumes the full responsibility for any and all decisions taken as a result of the report commissioned from Landmark.

About Landmark, A Halliburton Company -- www.lgc.com

Landmark, a Halliburton company, is the leading supplier of services and software for the upstream oil and gas industry. The company's solutions span exploration, production, drilling, business decision analysis and data management, in addition to a broad range of consulting services that enable customers to optimize their technical, business and decision processes. Since 1984, when Landmark introduced the first commercial workstation for 3-D seismic interpretation, the company has grown from a small start-up to the leading provider of software and services for the upstream oil and gas industry. During the past 20 plus years, Landmark has helped its customers around the world to lower their finding, lifting and production costs, significantly reduce cycle times; and boost productivity and profitability. By integrating the data and applications needed to find, develop, and produce hydrocarbons, Landmark continues to facilitate greater teamwork across multiple disciplines throughout the industry.

About Falcon Natural Gas Corp.

Falcon is a Houston-based natural gas exploration company. The company is engaged in the acquisition and exploration of commercial prospects in the Gulf Coast region of Southern Texas. Falcon's President & CEO, Alan Aitchison, has in excess of 15 years of blue chip oil services and consulting experience with major firms such as Schlumberger (NYSE:SLB), BP-British Petroleum (NYSE:BP) and Petrobras (NYSE:PBR). He brings management know how and the vital technical expertise needed to explore the potential prospects that Falcon has acquired and bring them in production.

For more information, visit www.falcongas.com.

Safe Harbor for Forward-Looking Statements: This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. The Company needs to raise substantial additional financing in order to complete its exploratory drilling of the East Bob West Prospect. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in oil & gas exploration, the availability of needed personnel and equipment for future exploration and development, fluctuations in gas prices, and general economic conditions.