Samson Oil & Gas Operational Advisory

Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

The infill development plan for North Stockyard is to drill 8 middle Bakken wells and 8 Three Forks wells. For ease of reference, the current status of each well is set out below with separate tables for each drill pad:

COMMENTARY

Frontier Rig 24 is currently drilling the lateral section of the wellbore at 16,801 feet MD in the Three Forks on the Bootleg 6-14-15TFH. The rig will then be moved to the north pad and begin drilling the two Ironbank wells.

Fracture stimulation on the Bootleg 4 and 5 will commence next week.

A rig is on site repairing the liner on the Matilda Bay 1. Following this work over the fracture stimulation program will begin once the Bootleg 6-14-15TFH is drilled.

Samson’s working interest and its net revenue interest for the North Stockyard Project is set out in the following table:

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING

Bluff 1-11 (SSN 25%)

Samson will be holding a JV partner meeting this week to discuss Samson’s intent to test the Permian Hartville 9500’ sand target zone after an additional petrophysical analysis was conducted by an outside consulting expert. This analysis confirms that the target zone shows “gas effect” on the logs and tested the gas cap, or the structurally highest point of the trap, which may contain an oil leg beneath it.

RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

Gladys 1-20H (SSN 23%)

The Gladys 1-20 H well has been drilled by Continental Resources to a total depth of 19,994 feet. The well is a 1,280 acre lateral (approximately 10,000 feet) in the middle member of the Bakken Formation.

The 4-1/2 inch liner has been run with 39 packers and set at 19,828 feet. The rig was released on July 29^th. A frac date is still awaited.

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,837 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 141.85 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.40 per ADS on Aug 4th, 2014, the Company has a current market capitalization of approximately US$59.33 million (the options have been valued at an exchange rate of 0.9294). Correspondingly, based on the ASX closing price of A$0.021 for ordinary shares and a closing price of A$0.012 for the 2017 options, on Aug 4th, 2014, the Company has a current market capitalization of approximately A$62.33 million.

SAMSON OIL & GAS LIMITED

TERRY BARR
Managing Director

Statements made in this press release that are not historical facts may be forward-looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward-looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company’s report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.