Samson Oil & Gas Operational Advisory

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

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

Samson’s 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:

TOTAL COMPANY PRODUCTION

Samson net production for 2014 is as follows:

COMMENTARY

Frontier Rig 24 has completed running the production liner in the Matilda Bay #1 well. Hydraulic fracture stimulation operations are planned to start on both Matilda Bay wells on May 9th.

Frontier Rig 24 is currently being moved to the Three Forks North Pad to begin drilling the Bootleg 4-14-15TFH well, 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 2,837 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$0.38 per ADS on April 21st, 2014 the Company has a current market capitalization of approximately US$56.48 million (the options have been valued at an exchange rate of 0.9365). Correspondingly, based on the ASX closing price of A$0.022 for ordinary shares and a closing price of A$0.013 for the 2017 options, on April 21st, 2014, the Company has a current market capitalization of approximately A$65.17 million.

SAMSON OIL & GAS LIMITED

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.