Falcon Oil & Gas Ltd. - Falcon Provides Update on Transaction with Tamboran

Executive Summary

• The British Columbia Supreme Court issued a Final Order approving Falcon Oil & Gas Ltd.’s proposed transaction with Tamboran Resources Corp., subject to amendments concerning sanctioned shareholders.
• Falcon and Tamboran will negotiate the required plan amendments and seek an extension of the Arrangement Agreement’s outside date to satisfy remaining closing conditions.
• Closing remains contingent on satisfaction or waiver of all conditions in the Arrangement Agreement; further updates will be provided as they become available.

Key Details

• Court Approval: On 26 Mar 2026 the Supreme Court of British Columbia granted a Final Order approving the Transaction, conditional on plan amendments for shareholders under sanctions.
• Opposition: Lamesa Holding S.A., a beneficial shareholder, opposed the order and participated in the hearing.
• Amendment Scope: The required amendments relate to the treatment of Falcon shareholders subject to sanctions; both parties are reviewing their impact.
• Closing Conditions: All existing conditions in the Arrangement Agreement must be satisfied or waived before closing can occur.
• Extension Request: Falcon and Tamboran intend to extend the “outside date” under the Arrangement Agreement to allow additional time for condition satisfaction.
• Next Steps: Ongoing negotiations on plan amendments; monitoring of condition fulfillment; future updates will be issued as material developments arise.

Notable Quotes

(No direct quotes were provided in the release.)