Samson Oil & Gas Operational Advisory

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

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

As previously advised the sale of the Rennerfelt #1-13H and Rennerfelt #2-13H wells has been completed providing capital to participate in the more profitable Matilda Bay wells.

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 sale of the two Rennerfeldt wells has been completed netting Samson a total of $200,000 which will be used to help fund the remaining wells in the North Stockyard project.

Frontier rig 24 has completed drilling the Matilda Bay #1 and #2 wells. The production liner has been run in the Matilda Bay #2 well and the production liner is presently being run in the Matilda Bay #1 well. It is anticipated that these two wells will be fracture stimulated in May or June depending on equipment availability.

After drilling the Matilda Bay #1 well, Frontier rig 24 will move to the Three Forks North Pad to begin batch drilling the first of four Three Forks wells. The four Three Forks wells are the Ironbank 4-14 and 5-14 wells and the Bootleg 4-14 and 5-14 wells. These wells are all similar in design and will have lateral lengths between 7,211 and 7,405 feet long as shown in the table above. The current plan is to then move to the Three Forks South Pad to begin drilling the final four Three Forks wells.

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$0.46 per ADS on April 14th, 2014 the Company has a current market capitalization of approximately US$61.17 million (the options have been valued at an exchange rate of 0.9392). Correspondingly, based on the ASX closing price of A$0.025 for ordinary shares and a closing price of A$0.013 for the 2017 options, on April 14th, 2014, the Company has a current market capitalization of approximately A$66.43 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.