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 consists of 8 middle Bakken wells that have been drilled and 22 Three Forks wells. The Three Forks wells consist of 8 First Bench Three Forks wells, 6 Second Bench Three Forks wells, and 8 Third Bench 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

Frontier Rig 24 has set and cemented the 9-5/8 inch surface casing on the Bootleg 8-14-15TF2H. Presently, the intermediate section of the wellbore is being drilled at depth of 10,397 feet.

Bootleg 8 is the first well in the North Stockyard field to target the Second Bench of the Three Forks. Spacing approval has been received for a total of 22 wells in the Three Forks Formation and therefore will maintain a development drilling program over the forthcoming 2 years within the North Stockyard Field.

The Bootleg 5-14-15TFH frack has been completed. A total of 35 stages were successfully completed with 8.15 million pounds of sand placed. The Bootleg 4-14-15TFH frack is underway and the plan is to fracture stimulate 28 stages with a total of 4.5 million pounds of sand.

A rig is on site repairing the liner on the Matilda Bay 1, but the operation has been temporarily suspended to shut-in the well for the Bootleg 4 and 5 fracks. Following the fracture stimulation the work–over will reconvene.

The Matilda Bay 2 is currently shut-in for the Bootleg 4 and 5 fracks.

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.

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING

Bluff 1-11 (SSN 25%)

Planning has been completed to test the Permian Hartville 9500’ sand. The majority of the joint venture has agreed to the test. Samson has secured a drilling rig for this operation and will contract the rig once the joint venture documentation is completed. The test zone appears from log interpretation to be saturated with gas in a reservoir quality sandstone. Pressure data obtained whilst controlling a gas kick after this zone was drilled suggests the zone may be productive. The motivation to conduct a flow test is to obtain further gas samples and to determine whether the data obtained thus far proves that a trap exists and the extent (if any) of an oil column beneath the gas cap.

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.

The Gladys 1-20 fracture stimulation is currently underway and estimated planned 200,000 pounds of sand will be pumped per stage. Currently 16 stages of the planned 40 stages have been completed. This stimulation design follows the industry trend of “more is better” in terms of the proppant volume placed, and this frack job is expected to comprise a total of 8 million pounds of proppant.

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$0.40 per ADS on Aug 18th, 2014, the Company has a current market capitalization of approximately US$59.31 million (the options have been valued at an exchange rate of 0.9326). 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 Aug 18th, 2014, the Company has a current market capitalization of approximately A$65.17 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.