Samson Oil & Gas Operational Advisory

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

TOTAL COMPANY PRODUCTION

Samson net production for 2014 is as follows:

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

The work over rig has been released on the Billabong well and the wellbore is now free of drill pipe and the running tool assembly. A portion of Samson’s interest in the well has been offered to Slawson in accordance with our previous sale agreement, whereby Slawson can acquire 50% of Samson’s equity in the well after a successful workover. Samson’s equity in the well has increased to 57% (from 50%) because of one party’s non consent to the ongoing workover expense. Slawson’s purchase decision has yet to be communicated to Samson; however the well bore is now ready for pre fracture treatment preparations.

Over the weekend Frontier 24 moved to the Three Forks South pad where it will batch drill two Three Forks wells (Bootleg 6 and 7) before returning to the Three Forks North pad to drill the Ironbank 4-14-13TFH the Ironbank 5-14-13 TFH.

Currently Frontier Rig 24 is running 9 5/8 inch surface casing on the Bootleg 7-14-15TFH well at a depth of 2,400 feet. The rig will then skid to Bootleg 6-14-15TFH well to drill the surface hole.

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

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

Bluff 1-11

Over the weekend the open hole logging operations recorded log data from intermediate casing at 7,300 feet (MD) down to 8,850 feet (MD). Having reviewed the open hole logs recorded yesterday, a cement plug is preparing to be placed in the lower part of the open hole from 8,850 to 8,350 feet. This section of the hole does not exhibit any reservoir quality rocks.

However an initial evaluation of the logs suggests that the Permian target from 7738 feet to 7756 feet has excellent porosity development of around 19% which is encouraging, however the zone is accompanied by low resistivity which suggests that the zone is water saturated. Prior to abandoning this zone, independent log analysis is being performed, to confirm this preliminary conclusion.

In any event, as previously reported, log pay was determined in the both the Dakota and Morrison Formations, in the intermediate hole. Using a 60% water saturation as a cut-off to determine oil productive zones, 23.5 feet of log pay is indicated in the Dakota (from 6,393 to 6,485 feet) and 3.5 feet in the Morrison (from 6,605 to 6,625 fee). These log pay zones have been cased and a completion testing program will be designed to determine the productivity of the zones using a completion rig.

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$0.45 per ADS on June 23rd, 2014 the Company has a current market capitalization of approximately US$66.43 million (the options have been valued at an exchange rate of 0.9439). Correspondingly, based on the ASX closing price of A$0.022 for ordinary shares and a closing price of A$0.012 for the 2017 options, on June 23rd, 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.