Samson Oil & Gas Operational Advisory

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

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

Samson advises that the Rennerfelt #2-13H well has flowed at 825 BOPD. The flowback on the Rennerfelt #1-13H will start tomorrow.

The infill development plan for North Stockyard is to drill 10 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:

TOTAL COMPANY PRODUCTION

Samson net production for 2014 is as follows:

COMMENTARY

The flow back of the Rennerfelt #2-13H well is in progress and the last measured oil rate of 825 barrels per day.

Production from Sail and Anchor has been re-established and the well is performing as expected.

The fracture simulation treatment of the Rennerfelt 1-13-H is completed and the well will be flowed back over the next few days.

Frontier 24 is drilling the Matilda Bay #2 well and is currently at 11,569 feet. This well is planned to be drilled to total depth of 16,127 feet and then the rig will skid back to the Matilda Bay #1 well to drill the lateral and run the production liner.

Production is lower for March due to the Earl, Sail and Anchor, and Little Creature wells being shut-in for off-set well fracture stimulation operations. In addition, several of the vintage North Stockyard wells were shut in for operational reasons which are expected to be rectified in the near term.

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

* Wells have yet to be elected by Samson and therefore are subject to change.

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 2,547 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 127.35 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.49 per ADS on April 7th, 2014 the Company has a current market capitalization of approximately US$64.96 million (the options have been valued at an exchange rate of 0.9279). Correspondingly, based on the ASX closing price of A$0.026 for ordinary shares and a closing price of A$0.013 for the 2017 options, on April 7th, 2014, the Company has a current market capitalization of approximately A$68.98 million.

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.