Samson Oil & Gas Operational Advisory

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

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:

#The Avg. Daily rate is an average of the last week’s production or the average after the well was put back into production.

BO: Barrels of oil
BOE: Barrels of oil equivalent (gas converted at its heating value)
BOPD: Barrels of oil per day
MCF: Thousand cubic feet
BOEPD: Barrels of oil equivalent per day

NA: Not available
APD: Application for Permit to Drill
IP Rate: Gross first 24 hour oil rate
Current rate BOPD: Barrels of Oil per Day
Cum to Date: Cumulative gross BO

Both Sail and Anchor 4-13-14HBK and Blackdog 3-13-14H remain shut in until the completion of the Bootleg 6/7/8 wells. Upon completion of the Bootleg 6/7/8 wells, the Blackdog 3-13-14H lateral section will be cleaned out.

Bootleg 8-14-15 TFH drilled the 6 inch lateral to 18,430 feet. The 4-1/2 inch production liner has been set and cemented at 18,268 feet. Frontier 24 will move to the North pad and drill the Ironbank wells 4 & 5 in the Three Forks.

Bootleg 5-14-15TFH frack has been completed and 23 plugs (out of 34) have been drilled out with a coiled tubing unit. The well was turned to production as of Tuesday Sept 2nd.

Bootleg 4-14-15TFH frack has been completed and 14 plugs (out of 28) have been drilled out with a coiled tubing unit. The coiled tubing unit was rigged down in anticipation of Frontier Rig 24 arrival on location to drill Ironbank 4 & 5 wells. The well was turned to production as of Tuesday Sept 2nd.

The drill out of the remaining plugs on the Bootleg 4 & 5 wells will take place with a work over rig after Frontier Rig 24 is released from the pad.

Bootleg 6, 7, and 8 will be fracked following removal of Frontier Rig 24 from the south pad.

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.

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.

Gladys 1-20H has drilled out to frac plug #37 (of 39). The coiled tubing drill out operation was limited by the coils ability to enter the wellbore, unlike jointed pipe no additional weight can be applied in the vertical part of the coil. The operation therefore left 2 of the 39 plugs in the lateral un-drilled. These plugs are equipped to flow without being completely removed; the restriction to the flow back will be minimal.

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$0.39 per ADS on Sept 2nd, 2014, the Company has a current market capitalization of approximately US$57.88 million (the options have been valued at an exchange rate of 0.9239). Correspondingly, based on the ASX closing price of A$0.021 for ordinary shares and a closing price of A$0.012 for the 2017 options, on Sept 2nd, 2014, the Company has a current market capitalization of approximately A$62.33 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.