Samson Oil & Gas Monthly Operational Advisory

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

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development drilling of North Stockyard continues with the immediate fracking of 3 Three Fork wells (Bootleg 6, 7 and 8). Drilling operations of the easterly Three Forks wells (Ironbank 4 and 5) have progressed according to plan. During the fracking operations, the field was shut in to protect the existing well bores. This shut in period is expected to be lifted late in November following the completion of the immediate fracking program.

The current status of each well is set out below with separate tables for each drill pad:

#The Avg. Daily rate is an average of the last week’s production or the average after the well was put back into production.
BO: Barrels of oil
BOE: Barrels of oil equivalent (gas converted at its heating value)
BOPD: Barrels of oil per day
MCF: Thousand cubic feet
BOEPD: Barrels of oil equivalent per day

NA: Not available
APD: Application for Permit to Drill
IP Rate: Gross first 24 hour oil rate
Current rate BOPD: Barrels of Oil per Day
Cum to Date: Cumulative gross BO

Bootleg 6 and 8 fracks have been completed. Both frack jobs were 25 stages, 3.5 million pound treatments. The Bootleg 7 frack job is underway.

The Billabong 2-13-14HBK well is presently scheduled to be fracked in November and the frack will consist of 35 stages.

Frontier Rig 24 is currently on the TF north pad and has drilled and completed the Ironbank 4-14-13TFH in the Three Forks formation. The rig is drilling Ironbank 5-14-13TFH where it has set the production casing at 11,655 feet and is currently drilling the lateral portion of the wellbore at 11,733 feet.

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

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.

Since the Glady’s 1-20H was turned onto production September 7^th, the well has produced an average of 414 BOPD.

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
Bluff 1-11 (SSN 25%)

True Drilling Rig #26 is currently rigging up on the Bluff 1-11 well to drill out the temporary cement plug and set a liner across the Permian 9,500 sand. This will then enable a flow test to be undertaken after the True Drilling Rig #26 is moved off location. This test is aimed at establishing a flow rate and will also enable a detailed gas analysis to be undertaken. The test may also include a shut-in period which can be used to establish whether a gas-oil contact exists below the intersection of the Permian 9,500 sand.

TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:

Production has decreased since July due to new and vintage wells in North Stockyard being shut in for the frack program. These wells will be put back on production as the offset fracks are completed. The lost production is expected to be made up once these wells are restored to production due to the additional fracturing resulting from the new well fracks. Importantly once production is restored 4 new wells will come on line along with the flush production from the vintage wells.

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$0.25 per ADS on Oct 10th, 2014, the Company has a current market capitalization of approximately US$37.88 million (the options have been valued at an exchange rate of 0.8772). Correspondingly, based on the ASX closing price of A$0.016 for ordinary shares and a closing price of A$0.012 for the 2017 options, on Oct 10th, 2014, the Company has a current market capitalization of approximately A$48.15 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.